The Benefits of Personal Accident Insurance

Many people believe that they are lucky to not be in an accident. Accidents can happen at any time, and often when people least expect them. Did you know that in the UK, 2.7 million people visit emergency rooms and hospitals each year to seek treatment for an accident at home? Did you know that nearly 4,000 people are killed each year in home accidents*?

You may not be able return to work quickly if you are unfortunate enough to sustain serious injuries in an accident. Your income may be affected if you are forced to take a long leave of absence. Personal accident plans may offer lump sum cash payments that are tax-free and can help you financially in the event of an unexpected loss.

Numerous insurers offer standalone policies for personal accident insurance. However, motor and travel policies often include limited personal injury coverage. A standalone policy has many benefits. Cash payments are often larger and there are usually fewer restrictions. If you have travel insurance, then the accident must have happened while you were traveling.

Most personal accident plans provide coverage for injuries that result from accidents. This includes permanent disability. This includes, but isn’t limited to, quadriplegia and paraplegia as well as total and permanent loss or use of one or more limbs, and complete and irreversible sight loss in one or both of the eyes. Some plans provide coverage for dislocations, fractures, and burns.

Some plans also offer cash benefits for hospitalisation if you are required to be in the hospital following an accident. Cash payments may be used to replace lost income or to pay for a vacation to help you recuperate from an accident.

Many accident plans include an accidental death benefit that provides a large cash lump sum to your estate in case of death due to an accident. Plans only offering accidental deaths benefits are also available. Plans will often have different levels of coverage and the amount that is paid may vary. Different plans pay differently depending on what happened (e.g. Accidental death due to a road traffic accident This cover provides cash payments to help with unexpected financial burdens such as loss of income, funeral expenses, and even the possible impact on the income of your loved ones during a time when you are grieving.

Insurers targeting specific groups with different versions of personal accident plans have played an important role in the personal injury market. One insurer offers affordable coverage for injuries and fractures resulting from accidents. This is because slips and trips are more common in those aged 60+. This coverage is especially useful for those who are in this age group. The cash payment can be particularly helpful if the accident results in a severe restriction of mobility. The best part is that the same insurer offers both a cash payment and private treatment for hip fractures. There are often long waiting lists in hospitals for these types of injuries.

Personal accident plans usually cover children, but they often only get a fraction of the adult benefit (e.g. Half of the adult benefit is available to children. If you have any questions, some personal accident plans offer telephone support lines. The standalone plans come at a relatively low cost starting at around PS5 per month for a single policy.

It is not difficult to see that any person can become a victim of an accident, and the financial consequences could be severe. There are affordable personal accident plans that can provide real security, whether you opt for a comprehensive plan or accidental death coverage.