The Plan B for when you're not eligible for Plan A — the next best thing to reduce your risks

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.

What to do when you don't qualify for comprehensive insurance cover?

For many people, a surprise major medical bill or the sudden loss of their income is understandably overwhelming.

• Most people simply protect themselves and their families with comprehensive Income Protection and Disability Insurances.
• But if you don't qualify for this type of comprehensive insurance cover, the next best option may be Accident Only Insurances.

No one's immune from life-changing accidents that can remove their earning capacity and destabilize the financial security of their family.

Why use Accident Only Insurances?

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.

• Accident Only Insurance cover as the name suggests pays a benefit in the event of an accident occurring and you needing to claim.
• Accident Only Insurance cover can be a helpful part of your protection strategy when you simply don't yet qualify for comprehensive insurance coverage but still need some level of cover to reduce your risks.

What types of Accident Only insurances are available?

The three main types of accident only covers available are:

• Accident Total & Permanent Disability (ATPD) - pays a lump sum benefit if you are totally and permanently disabled as a result of an accident. There are different types of cover from any occupation or the higher grade own occupation category of claim, and even special definitions to help protect your non-working partner too.
• Accident Income Protection (AIP) - pays up to 75% of your income per month (and can reimburse your employer’s super contributions too) if you’re working and totally or partially disabled as a result of an accident.
• Accidental Death (AD) - pay a lump sum of money if you died from an unexpected and unintentional accident.

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.

When you may need an Accident Only Insurance option

There are times when you may not be eligible for a comprehensive life insurance policy, but you still need protection.

This could be for:

• Temporary reasons - while you recover from an existing injury or complete planned surgery or therapies, or
• Ongoing reasons - due to a previous or permanent health issue or even your type of occupation.

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.

Who this is especially relevant for?

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 living with:

• a complex medical history - like leukemia
• a very recent medical procedure where the long-term outcomes are not yet known - like very recent gastric banding, very recent mental health support, and organ transplant recipients
• difficult to manage medical conditions - where the risk of ongoing management makes them commercially uninsurable - like Dysplastic Nevus Syndrome where a person can have so many moles on their skin, that the risk of missing one during a routine examination for melanoma is overly high
• family genetic conditions where the statically increased risks make them not commercially viable for comprehensive insurance cover
• high-risk occupations - like Crane Drivers, Tree Loppers, High Voltage Linesmen and frontline Emergency Services Workers
• self employed occupations with very long hours who don't qualify for comprehensive insurance cover or
• who want to minimise their out of pocket expenses in the event of a workplace accident occurring

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.

Are you living with a hidden complex health condition?

It's time for a fresh look at living with a multiple sclerosis (MS) diagnosis and getting your life insurance and income protection sorted.

MS affects approximately 2,5 million people worldwide, but when you live with multiple sclerosis (MS), it may already feel tough to relate to people who don’t have the condition. As people with an often hidden condition, they face challenges because of their disability but if they're also identifying as LGBTQIA+ the 'double whammy' of feeling like a “minority within a minority” can feel like more discrimination.