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Personal Accident Insurance

If you get injured, personal accident insurance can help to ease your financial stress. But there are more comprehensive plans, such as income protection insurance, that'll also cover you if you get sick.

Standalone personal accident insurance Cover for a range of injuries
Compare income protection insurance policies Comprehensive cover for sickness and injuries

What you need to know

  • Personal accident is designed to pay you if you are injured and unable to work.
  • There are a few different types of personal accident insurance. Most income protection policies offer this cover as an add-on, but HCF offers it as standalone cover.
  • It has similarities to income protection insurance but it only covers you for accidental injuries – not if you get sick or injured.

What is personal accident insurance?

Personal accident insurance, sometimes called personal injury insurance, is an insurance policy that pays you a financial benefit if you're injured in an accident.

It's designed to ease some of the financial stress that can occur after a serious accident – for example, because you're temporarily unable to work or face expensive medical bills.

How does personal accident insurance work?

You pay a monthly fee and, in exchange, your insurance company promises to pay a financial benefit if you ever suffer a serious injury.

If you buy standalone personal accident insurance, you'll likely get the financial benefit as a lump-sum payment upon injury. For example, you may receive $3,000 if you break your arm.

However, if you buy personal accident insurance as part of a wider income protection policy, you'll receive a monthly payment that is designed to replace a portion of your typical income while you're unable to work. Learn about the differences between personal accident cover and income protection.

When you buy your policy, you also set a waiting period and a benefit period.


Waiting period

This is how long you have to wait after your injury before you can begin claiming. For example, you might set a waiting period as short as seven days or as long as two months.

life insurance icon

Benefit period

This is the length of time you can claim the benefit for. Usually, the maximum length you can claim monthly benefits is either two years or five years, depending on the insurer.

Finder survey: Do Australians of different ages think life insurance is worth it?

Response75+ yrs65-74 yrs55-64 yrs45-54 yrs35-44 yrs25-34 yrs18-24 yrs
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

What does personal accident insurance cover?

Standalone personal accident insurance typically covers a specific list of injuries, including the following:

  • Fractures
  • Dislocations
  • Loss of limbs
  • Burns
  • Some illness
  • Loss of sight

If you buy personal accident insurance as part of a wider income protection package, you may also be covered for illnesses that put you out of work, such as the following:

  • Cancer
  • Paralysis
  • Stroke
  • Demensia
  • Heart attack

Remember, specific benefits will vary between insurers, so be sure to read the product disclosure statement (PDS) carefully before buying personal accident insurance.

Personal accident insurance standalone policy

BrandBenefit AmountBenefit PeriodWaiting PeriodAgePrice
Picture not described

Accidental injury insurance

Flip Active

Up to $50,000Differs based on level of coverNone18-65$25 per week

Get quote

Picture not described

Accidental injury insurance

Flip Kids

Up to $50,000Differs based on level of coverNone5-17$25 per week

Get quote

HCF Life Insurance Logo

Life Insurance

Personal Accident Insurance

$25,000 or $50,000Differs based on level of coverNone55–74$6.30 per weekMore info

Price is based on a 55 year old individual with $50,000 coverage.

Compare income protection insurance - Cover for sickness and injuries

Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Minimum Entry Age Sum Insured
TAL Accelerated Protection Income Protection
Up to 70%
Up to
Age 65
$1,305 million
Get up to 70% of your income covered with flexible short and long term benefit periods.
AAMI Income Protection
Up to 75%
Up to
5 years
$222 million
Save up to 10% on premiums every year for the life of the policy on AAMI Income Protection. Offer ends 30 Sept 2024. T&Cs apply.
ahm Income Protection
Up to 70%
Up to
5 years
Data not available
Get 10% off your first year of ahm Income Protection when you apply by 31 July 2024. T&Cs apply.
Medibank Income Protection
Up to 70%
Up to
5 years
Data not available
Save 10% on your first year of Medibank Life Insurance when you apply by 31 July 2024. T&Cs apply.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Types of personal accident insurance

There are several types of personal accident insurance. You can buy cover as a standalone product or as part of a larger income protection package. If you buy personal injury insurance as part of a wider policy, you may also receive a financial benefit for illness rather than just for injury.

The table below shows the four types of personal accident insurance, what's typically covered under each policy and the type of payment you'd receive if you ever had to claim.

Type of coverWhat's covered?Payout type
Standalone personal accident insuranceSpecific injuries due to accidents – e.g. fractures, burns and dislocations.Lump sum
TPD insuranceInjuries and illnesses that leave you totally and permanently disabled.Lump sum
Accident-only income protectionInjuries that put you out of work temporarily.Monthly income replacement
Income protectionInjuries and illnesses that put you out of work temporarily.Monthly income replacement

Personal accident insurance vs income protection

Personal accident insurance usually (though not always) pays you a lump sum if you're ever seriously injured. You might break your arm and be able to return to work the next day, but you'd still get your benefit.

Income protection insurance pays you a monthly benefit if you're ever too sick or injured to work. For example, if you were diagnosed with cancer and had to take three months off, you'd be able to claim a portion of your typical income as your benefit.

Personal accident

Personal Accident
  • Only covers accidental injuries
  • Usually comes with a maximum benefit period of 5 years
  • Can be cancelled by your insurer

Income protection

Income Protection
  • Covers you for most injuries and illnesses
  • Can pay you until you turn 65
  • Can't be cancelled and will typically continue to renew so long as you keep paying

Personal accident insurance vs income protection.

Speak to an insurance specialist to help you find personalised cover

What affects the cost of personal accident insurance?

If you buy standalone personal accident insurance, you'll typically pay a set price depending on your age. For example, you may pay $20 per month up until the age of 65. After that, your premiums may increase at a steady rate for every subsequent year.

However, if you buy an income protection policy that includes cover for illness as well as injury, your premiums will be calculated taking a range of different factors into consideration, including the following:

  • Your age
  • Your overall health
  • Waiting periods
  • Your income
  • Benefit amount

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James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

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James has written 258 Finder guides across topics including:
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Editor, Insurance & Innovations

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

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Gary Ross has written 730 Finder guides across topics including:
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