The latest injury statistics are a stark reminder that accidents can happen anywhere, but are less likely to happen at work, making it important to hold comprehensive life insurance including Income Protection.
Income Protection can offer superior coverage to Workers Compensation because it is designed to pay a benefit even if the sickness or injury happens at work, the home or elsewhere (subject to policy details and cover type).
Workers compensation is governed by individual states and territories. In NSW, for Workers Compensation to be payable, there must be a real and substantial connection between employment and the accident or incident which related to the injury.
Under the narrow terms applied to Workers Compensation policies, many Australians may face financial disaster if they reply on Workers Compensation alone for protection, given the majority of accidents and injuries occur in the person’s home or during their leisure time.
In 2021/2022, 3.5% of Australia’s working population (approximately 497,300 people) suffered work-related injury or illness and only 31% of those (approximately 150,000 people) received workers’ compensation, according to the Australian Bureau of Statistics’ (ABS) Work-related injuries report.
By contrast, of the 8.8 million Australians presented to emergency departments in 2022-23, more than half related to injuries that occurred in the home, based on data from the Australian Institute of Health and Welfare (AIHW).
The most common injuries involved DIY injuries and patients were predominantly men between the ages of 55 and 74.
Income Protection also offers protection should the insured person be unable to work due to an illness.
The statistics are a stark reminder that accidents and injuries can happen anywhere, at any time, making it critically important to hold comprehensive Life insurance including Income Protection insurance.
– The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.