Dying from an accident is something no one wants to plan for, but what would happen to your family's financial security if the worst was to happen?
What is Accidental Death insurance?
Accidental Death insurance pays a one-off payment if you die due to an accident and your death occurs within 180 days of the accident.
- A one-off payment when you die due to an accident
- If we have paid a one-off payment of $100,000 or more, we’ll reimburse the person you have nominated up to $5,000 for the cost of a financial plan from a qualified adviser
How does it work?You can apply for Accidental Death insurance to cover you for $25,000 or more. Special terms may apply for cover over $15 million. Your financial adviser can help you work out the right amount for you.
You can choose to pay your premiums as:
- Stepped – as you get older, your insurance premium will vary each year and your benefits will remain the same
- Level – your insurance premium does not go up by age-related increases and your benefits will remain the same
Regardless of whether you choose stepped or level premiums, when you renew your insurance each year your premiums may vary due to rate increases, Consumer Price Index (CPI) increases, policy fee increases or if you add additional insurances to your policy.
Accidental Death insurance is available both inside and outside super.
Do you need Accidental Death insurance?
You may want to consider Accidental Death insurance if you:
- have a partner, family or dependants
- have a mortgage or any other personal debt
- have a business or are self-employed.