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Accident Insurance: Should you have it?

Accident Insurance: Should you have it?

While most of us take steps to sail through life without any serious health issues, there are some things that are out of our control. Healthy eating, regular exercise and being careful not to take too many risks can guard us in many ways, but sometimes, unexpected things can happen. Accidents can occur anytime and anywhere, and when serious, they can have hugely detrimental effects on both yourself and your family.

For example, in 2013, NSW alone recorded 40,978 road crashes, which resulted in 22,042 casualties.1

No matter how well you look after yourself, no matter how little risks you take, an accident can strike when you least expect it. You may feel you’re in control of yourself, but it’s important to remember that others might not act as cautiously as you. We all know that person who has a tendency to be late therefore drives a little faster, and we all remember being kids and thinking nothing of leaving toy cars on the stairs and spilt milk on the tiles!

While you cannot protect yourself from accidents completely, what you can do is protect yourself from the financial burden that can stem from an accident - such as medical costs, rehabilitation costs and loss of earnings, if you’re still working.

Accident Insurance provides compensation in the event of injuries, disability or death caused solely by violent, accidental or external events. Several types of policies are available, and it’s designed to help you enjoy your current lifestyle no matter what happens.

Some of the benefits of Accident Insurance include:

Help for recovery

Unexpected medical costs can be an added stress that you certainly don’t need when you’ve suffered an injury. With Accident Insurance, you’ll receive cash to help you with treatment costs and other expenses. A cash policy can give you the peace of mind that you’ll be able to afford the costs associated with your injury and get the care you need to get yourself back on your feet faster.

Maintain your independence and lifestyle

With Accident Insurance, you could also receive weekly cash benefits to assist you during your recovery, which can be used for everyday expenses, domestic help, or transportation - it's up to you. Having access to cash can help you maintain your independence.

Cash for beneficiaries

If your Accident Insurance covers Accidental Death, like the Seniors Security Cash Plan, it will pay beneficiaries a predetermined amount in the event of accidental loss of life. This gives you peace of mind that they will be able to afford your ongoing expenses like car and mortgage repayments, everyday household bills or your credit card.

Shopping for personal accident insurance

As a senior, no one understands you better than the team at the Australian Seniors Insurance Agency. That’s why we’ve constructed three affordable plans to best suit the senior lifestyle. Our Accident Insurance range includes the Seniors Accident Cash Plan, Seniors Security Cash Plan and Seniors Prestige Protection. These products are specifically designed for Australian residents over the age of 50, whether you are working, a pensioner or a self-funded retiree.

When choosing what works for you, look at:

  • The cost of the cover to ensure it fits in with your budget
  • The level of coverage to ensure it’s adequate for your needs
  • What you are covered for and how to make a claim
  • What exclusions and restrictions might be in place

An important thing to remember is that Accident Insurance is not the same as Life Insurance or even Accidental Death Insurance. In both these cases, most insurance providers will only pay out in the event of death, whereas with Accident Cover, you receive benefits to help you get back on your feet following injury. It’s also different to Income Protection Insurance, which often only covers people up to the age of 65 years.

In a nutshell, Accident Insurance is one of the most affordable ways to insure against accidents that may cause financial hardship. Covering accidents only, policies can be cheaper than other policies with more coverage, such as the policy types mentioned. Yet despite the low price, accident cover offers invaluable peace of mind.


  1. Road Traffic Crashes in New South WalesTransport.nsw.gov.au


This is general information only. Consider the PDS available at seniors.com.au to ensure the product is right for you. Australian Seniors Accident Insurance products are issued by ACE Insurance Limited ABN 23 001 642 020.