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Is Accident Insurance Worth the Investment?

George Pettit

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 5 votes

Accidental deaths and serious injuries happen to Australians every day and some of these people do not have accident insurance. They are now struggling with what is sometimes hundreds of thousands of dollars worth of medical debt from emergency services, lengthy or multiple hospital stays, surgeries, rehabilitation services or, worse yet, funeral expenses.

Unfortunately, our world is full of accident possibilities around every corner. According to a statistical report commissioned by the Government of South Australia, in 2008 there were almost 9000 people injured and 99 people killed as a result of motor vehicle accidents in South Australia alone. Those numbers can’t be ignored. What about other unforeseen accidents like falling off the roof whilst fixing the tiles, falling down the stairs or being injured at work? Human beings are mortal and therefore subject to injury and death and that can change lives very quickly for the worse. Besides death, injuries that can occur as a result of accidents are: quadriplegia, paraplegia, hemiplegia, blindness, deafness or even a loss of limb or limbs.

Speaking about death and injury are not pleasant and can make some people quite uncomfortable, however, if you don’t address the realities of life, you won’t be prepared when the unpredictable does happen. Who will take care of your spouse or your children if you are injured? What if your spouse or partner is injured or passes on and you can’t pay the bills because you didn’t have accident insurance? These possibilities require very careful consideration.

A good accident insurance policy or accidental death insurance policy will financially cover those accidents that you can’t predict and aren’t prepared for. It will cover serious injuries from accidents such as quadriplegia or loss of limbs. For as little as $3 a week, you can get coverage for yourself and your spouse or partner if you are between the ages of 18 and 69 and an Australian resident. Just think of the relief you will feel when you receive $50,000, $100,000 or even $500,000 after an accident, depending on the coverage amount you select.

There are several risks to be aware of when purchasing accident insurance and serious injury cover which include:

1) Not choosing the right insurance product or not selecting the right level of coverage, which might cause you or your loved ones to suffer further financially even though you tried to do the right thing.

2) Not understanding the terms and conditions of a new policy when replacing an existing policy and as a result not having the level of cover you need.

3) Canceling your policy 30 days after purchasing it and not getting a refund unless you paid over 30 days in advance.

These risks can be reduced if you research insurance products thoroughly before buying and properly assess your coverage needs in advance.

Accident insurance is a very small investment considering that you could face large debts and financial ruin should you or your loved one have a serious accident. What is your peace of mind and financial security worth to you and your family?


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