Accident Protection Insurance - Is it worth it?

DaveTheHedgehog

Hello,

My wife was called by Yorkshire Building Society and signed up to Accident Protection Insurance from Avon Insurance.

this pays out a set amount if you lose a limb, sight, fingers, hearing etc.

I'm very wary of being called on the phone.

We already have life assurance which I know will not pay out in the event of an accident.

My question is if this type of insurance really neccesary? It's about £9 a month and seems quite expensive for me.

My wife stays at home and looks after the children, so there is no income to protect.

We have savings so an extra £3000 if you lost an eye or something, wouldn't really change our financial situation.

If you have an accident, what you really want is your health back and not money anyway.

I'd be interested in other peoples views.

jackieblack

My husband took out Accident protection Insurance via a rep who visited his workplace about 12 years ago. At the time I thought it was probably a bit unnecessary, but as it was only £2 a month (covered him only), wasn't that bothered.

A couple of years late, he amputated the thumb on his left had (he's left-handed) in the chain of his motorbike and ended up having 3 months (unpaid) off work after doctors attempted a partial reconstruction. At the time I wasn't working either, and we weren't entitled to any help from the benefits system. Luckily my Mum and Dad were able to help us a bit.

Although it took a few months to sort out (we needed to wait until the healing process was complete in order to determine what function of the hand he would have in the long term) the policy paid out about £4000 which enabled us to repay my Mum & Dad and pay off the overdraft.

We've since increased the policy to cover myself and our daughter as well. I sometimes wonder whether it's worth it but although my husband has changed his job, he works in an industry where accidents are not uncommon, but still doesn't get paid if off work sick.

I guess whether it's worth having depends on your personal circumstances, but it gives us peace of mind.

dacouch

There are contact details for free cover through Avon for a set period for a basic amount of cover.

Here is the link for it.

http://forums.moneysavingexpert.com/showthread.html?p=20571517&highlight=free+accident#post20571517

I would suggest buying this type of cover because someone has rung and tried to sell it to you is not the best way of buying protection insurance. If you have not already done so it would be an idea to speak to an independant financial adviser and ask them for recommendations. Their service is normally free (They get a commission from the Insurer) and they will look at your indivudual circumstances eg mortgage commitments and kids etc. They can then recommend what policies will give you protection that is suited to your personal needs. Obviously you are not obliged to take cover out with them.

dunstonh

Cash cows to the sellers and insurance companies. Banks love this type of insurance.

Personally, I wouldnt touch it unless its the last resort as there are far better options available.