TL;DR
Personal accident cover - key points
Personal accident cover may pay after a specified injury or permanent disability.
It can complement wider protection, especially where an accident would quickly affect household finances.
There are situations and events that we cannot foresee. Having an insurance policy will not protect you against the accident itself, but it can ensure that you get financial support when you need it most. If you have an accident, go to the hospital or are permanently incapacitated, you will receive money to spend on treatment and recovery.
What does this accident insurance cover?
Personal Accident Insurance helps cover medical and other additional costs that may arise as a result of an accident. This includes hospital stay and treatment, and medical tests and examinations, and other expenses you may face such as accommodation and transport.
The maximum amount of compensation you can receive depends on the type of injury you have suffered and the chosen package.
Is it worth taking out such a policy?
Personal Accident Insurance can be a good choice for anyone who wants to protect themselves and be prepared for the unexpected. However, it is most useful for those working in areas where accidents are more likely to occur – for example, heavy industry, agriculture, construction sites, etc.
If an accident results in medical expenses that are not covered by your current workplace insurance, personal accident cover will act as a rainy day fund and help in a new, difficult situation. The main advantages of having accident cover are:
- immediate protection
- help with out-of-pocket expenses
- benefits are paid directly to you
What protection do I need?
When deciding on insurance there are many factors to consider such as the nature of the work, existing insurance in the workplace, your current family and financial situation, the amount of savings you have accumulated.
As there are many types of this insurance on the market, we believe that a good solution is to consult an experienced insurance advisor. After getting acquainted with your situation, the advisor will suggest whether it is beneficial for you and, if so, which policy to choose.
We encourage you to take advantage of free consultations with our insurance advisors at Extend Finance, who will help you choose the right policy. During the first consultation, we will get to know your financial and professional situation, and if we’ll recommend a suitable insurance policy.
Frequently asked questions
Does personal accident cover replace income protection?
No. Income protection usually protects income, while personal accident cover relates to specific injuries.
Does the payout depend on income?
Benefits are usually listed in the policy schedule, but details depend on the insurer.
Is every injury covered?
No. Policy terms, definitions and exclusions apply.