Personal accident and illness insurance
Personal accident and illness quotes from licensed Australian brokers
If you are self employed, workers compensation usually does not cover you. This is the cover that keeps money coming in when you cannot work.
- Licensed Australian brokers
- Free to use
- No obligation
Most self employed people are not workers of their own business, which means the state workers compensation scheme does not cover them. So the person the business depends on entirely is often the only one with no protection if they break an ankle or need surgery. Personal accident and illness cover pays a weekly benefit while you are unable to work, along with lump sums for serious injuries. For a sole trader or contractor it is usually the single most important policy they hold. CoverMy is free to use.
What the cover usually provides
Policies are built around a weekly benefit, expressed as a percentage of your income up to a maximum, with lump sum benefits for defined serious injuries. The variables that matter are the waiting period, the benefit period and whether illness is included alongside accident.
- A weekly benefit while you are unable to work, commonly up to eighty five percent of income
- Lump sum capital benefits for defined injuries such as loss of a limb or sight
- Accident only, or accident and illness, which costs more and covers far more
- A choice of waiting period, typically from seven to thirty days
- A benefit period, often one, two or five years
- Cover twenty four hours a day, not just while working, on most policies
Waiting period and benefit period
These two settings drive both the premium and how useful the policy is. The waiting period is how long you are off work before benefits start, and a longer wait means a lower premium. Choose it against how many weeks of expenses you could genuinely cover from savings. The benefit period is how long payments continue, and this is where people under buy. A two week injury is annoying. A back injury that keeps you off site for eighteen months is what ends businesses, and a benefit period of only twelve months stops well short of it.
Accident only is cheaper for a reason
Accident only cover responds to injury. It does not respond to illness, and illness is what actually stops most people working. Cancer, cardiac events, back and joint problems and mental health conditions all sit outside an accident only policy. It costs less because it covers less. If the budget is tight, it is better than nothing, but understand what you are leaving out before choosing it. Your broker can quote both so the difference in premium is visible against the difference in cover.
How this sits against other cover
Personal accident and illness is a general insurance product, usually written for twelve months at a time and renewable, which makes it different from life insurance income protection where the terms are locked in for the long term. It also differs from trauma and total and permanent disability cover, which pay lump sums on defined medical events. Which combination suits depends on your circumstances and often on advice from a financial adviser as well as a general broker. For business owners it frequently sits alongside a business pack and public liability.
How it works
- 1
Tell us about your occupation and income
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
Do I need this if I am a sole trader?
In most states a sole trader cannot be covered by the workers compensation scheme for their own injuries, so there is usually nothing replacing your income if you cannot work. For anyone whose business stops when they stop, this is generally the most important cover they can hold. Rules differ by state, so confirm the position where you operate.
What does personal accident and illness insurance cost?
It depends on your occupation, age, the benefit amount, the waiting period and the benefit period, and on whether you include illness. Higher risk occupations cost more. Extending the benefit period is usually better value than people expect. A broker can quote several structures so you can see the trade offs.
What is the difference between accident only and accident and illness?
Accident only responds to injury. Accident and illness also responds to sickness, which is what stops most people working. Accident only is cheaper because it covers considerably less. If you can afford the illness section, it is generally where the value sits.
How is this different from income protection?
Income protection through a life insurer is typically a long term contract with terms locked in for years. Personal accident and illness is general insurance, usually annually renewable. They can overlap and they suit different situations. A general broker can arrange the second, and a financial adviser can advise on the first.
Am I covered outside work hours?
Most policies cover you twenty four hours a day, including sport and travel, though some higher risk activities are excluded or need to be declared. If you ride motorcycles, dive, ski or play contact sport, mention it at the quote stage rather than after a claim.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get personal accident and illness quotes
Tell us about your occupation and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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