Accidents change everything.
They can suddenly wipe out your ability to earn an income, endanger your family's stability and alter your confidence for the future.
It's not uncommon for accidents to become the start of unexpected financial stress that can change your way of life. They can push you into more debt to pay for unexpected medical procedures, drain your cashflow and can even force you to sell off investments or assets to cover debts, at the worst possible time.
The last thing on anybody's mind should be money and returning to work.
For many people, a surprise major medical bill or the sudden loss of their income is understandably overwhelming.
No one's immune from life-changing accidents that can remove their earning capacity and destabilize the financial security of their family.
Accident Only Insurances are the next level of personal insurance policy designed to protect against the financial impact of an unexpected accident - whether that involves a Long term Disability, Loss of Income, or even an unexpected Death, as defined in the policy.
There are times when you may not be eligible for a comprehensive life insurance policy, but you still need protection.
This could be for:
There are different grades of Accident Only Insurance cover, all with varying levels of medical assessment and they can become a practical alternative if your current health or occupation makes getting comprehensive cover unavailable.
Meet Ramesh. He's positive, energetic and living with a genetic kidney disease. An experienced software coder, he relies upon his ability to type code and to use design software tools.
As a teenager, Ramesh found out he had inherited Polycystic Kidney Disease and later he received a successful kidney transplant from a sibling.
As part of his healthy (and some would say overactive) lifestyle he's now become a keen cyclist later in life. He's part of a social bike club that does long rides on weekends and he finds it helps him clear his head and unplug from his online work life.
During a recent club group ride, a car failed to stop at a red light and collided with three of the lead bikes, knocking Ramesh off his bike into the gravel on the roadside, breaking both his wrists and three fingers.
There is a lot of rehabilitation ahead and doctors are not sure if he'll recover full use of his wrists and hands. It's early days in recovery yet, and Ramesh is undergoing extensive hand and wrist rehabilitation.
Lots of questions about his future race through his mind daily - but financial security is not one of them.
His Accident Only Income Protection now pays him a monthly income which means he can still pay the mortgage and meet family living expenses.
If he does face the possibility of a long-term disability, Ramesh's Accident Only Total & Permanent Disability cover will pay him $2,000,000 in a lump sum if doesn't recover the full use of his wrists and hands and he has to adjust to living with a permanent disability unable to return to work in his current job.
Many people for very different reasons simply do not qualify (or don't yet qualify) for a comprehensive insurance policy to protect themselves or their families, but still need an insurance alternative.
This is especially relevant for people with:
Whatever the reason, an Accident Only Insurance policy can be the next best thing (when you don’t qualify for the best thing) and you can still protect yourself from the financial effects of accidental death, disability or loss of income an accident can create.
There are three main types of accident only covers usually available:
Pro Tip: Only a small number of insurers offer this type of specialist cover. Like all specialist insurance cover, this is not suitable for a DIY approach or a simplified online comparison service. Get professional advice from the risk insurance specialists at Unusual Risks Insured.
Take a look at some quick questions people ask about Accident Only protection insurance.
What is it?
Simply put, insurance to protect you from the unexpected.
Accident Only Insurance policies can form part of a strategy when you don't qualify for a comprehensive insurance cover and you still need some level of cover to reduce your financial risks. Accident Only insurance cover as the name suggests pays a benefit in the event of an accident occurring, as defined in the policy.How does this type of insurance help you?
Accident Only insurances are different to the comprehensive cover that also protects against death, disability and illness due to medical conditions such as cancer, heart disease and stroke.
If you don't qualify for comprehensive insurance cover, an accident only policy may be the next best thing.
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