What is personal accident insurance?
Personal accident insurance provides financial protection in the event of accidental death, permanent disablement or temporary total disability arising from an unexpected accident. Its key distinction from life insurance is this: personal accident covers only events caused by an accident; risks arising from illness, natural death or chronic conditions fall outside the scope of this policy.
Personal accident insurance serves as a fundamental safety net — particularly for occupational groups with limited social security coverage or those exposed to physical risk, such as the self-employed, construction workers and those in the transport sector.
Should it be taken alongside life insurance? Yes. The two policies complement each other. Life insurance covers death from both accident and illness, while personal accident insurance targets accident risk alone at a lower premium. Taking both together provides the most comprehensive individual coverage.
Coverage
Core benefits
Accidental death
In the event of death caused by an accident, the insured sum is paid to the named beneficiary (typically spouse or children).
Permanent (total) disablement
Loss of limb or permanent total disability following an accident — the full insured sum is payable.
Partial permanent disablement
Where a limb or function is partially lost, compensation is determined according to the applicable disablement scale.
Optional additional benefits
Medical expenses
Hospital, surgical and rehabilitation costs arising from an accident.
Temporary total disability
A daily benefit payable for a defined period where the insured is unable to work during recovery.
Road traffic accident extension
A limit increase for accidents occurring while travelling in a motor vehicle — offered as an optional benefit on some policies.
Accident only: Personal accident insurance does not cover death or disablement arising from illness. A life insurance policy is required for that risk. We recommend evaluating both together.
Occupational class: Premiums are determined by occupational class. For higher-risk occupations, premiums will be higher and the underwriting assessment may differ. As an independent broker, we compare suitable insurers and rates on your behalf.
Exclusions
Important: The following situations are excluded from standard policy coverage. Always read your policy special conditions carefully.
- Illness or natural death — these are covered under life insurance
- Intentional self-injury or attempted suicide
- War or acts of terrorism (in some policies)
- Accidents occurring under the influence of alcohol or drugs
- Hazardous sports (unless additional cover has been purchased)
- Accidents occurring outside the occupational category declared in the policy
Who is it for?
- Self-employed and sole traders: Essential cover for those with limited entitlement to SGK workplace accident compensation.
- Construction, transport and agricultural workers: Occupational groups with a high degree of physical risk exposure.
- Vehicle owners and long-distance drivers: Additional protection against the risk of road traffic accidents.
- Sports enthusiasts and active lifestyle individuals: Outdoor sports, motor sports and high levels of physical activity.
Frequently asked questions
Request a personal accident quote
Share your occupation, daily activities, sports and travel risks, and your target cover amount. Neolife will compare accidental death and permanent disablement benefits, together with any optional medical expenses and temporary disability extensions. Illness-related risks will be assessed separately under life insurance.