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Accident cover
Accident cover is a lump sum benefit that pays out if the life insured dies or loses the use of
specified limbs or organs as a result of accident or injury. No medical underwriting is required to
take out this benefit. Clients that can no longer qualify for death or disability benefits because of ill
health will still be able to take out accident benefits.
Accident benefits are paid out as soon as the condition is confirmed. Unlike impairment benefits,
the assessor doesn’t have to wait until the claimant has recovered as far as possible after having
undergone optimal treatment.
The benefit will only be paid out if the claim arises from an injury or accident. For instance, a claim
for blindness will not be admitted if it can be traced back to hereditary or disease factors.
Typical accident benefits would include: Accidental death, total loss of hearing or vision,
amputations, loss of use of arm or leg, multiple rib fractures.
The contract would specify a percentage of the cover amount for each listed benefit. For instance,
loss of vision in one eye could qualify for 60% of the cover amount, while loss of vision in both eyes
could qualify for a 100% claim.