Accidental Death Insurance
Accidental Death Insurance Explained
Why do I need Accidental Death insurance?
Accidental death insurance is a simple and effective insurance paying a lump sum in the event of an accident. Around 3% of all deaths occurring in Australia each year are due to an accident and the unfortunate truth is it can happen to any of us at anytime. Accidents occur everyday in the home, roads and at work.
An accidental death is one explained by violent, external and by visible means. This essentially means any type of obvious accidental death such as a car accident, falling off a ladder, slipping and hitting your head, drowning, dying in a house fire to murder or manslaughter.
Accidental death insurance is particularly attractive if you work within the building, electrical or pluming industries, and also if you drive a vehicle/truck for a living or spend a high amount of time on the road. It’s also attractive to those who enjoy extreme sports as a past time and many parents consider the insurance for their children once they learn to drive.
How do I apply for Accidental Death Insurance?
Accidental Death Insurance is one of the easiest insurances to apply for. The product is guaranteed acceptance with most insurers, generally covering between the ages of 18 and 80. Some insurers may apply a higher premium to those over 50 who are more susceptible to accidents however a lot of insurers will apply a flat premium for all ages. Many Australian banks also offer the product to their customer base, and you may have even received direct mail marketing material from your financial institution offering you the product.
There are several reliable and reputable insurance providers that offer this product with similar application processes. You can simply pick up the phone and with a 10 minute conversation you will be supplied with a quote and policy. There are generally no medical questions or costly visits to the doctor, simply agree on coverage and premium amounts and you can purchase a policy over the phone. Expect to pay premium amount of approximately $10 – 15 per month for each 100k amount of cover.