What Personal Accident Insurance?

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
3 replies 1.3K views
lipolipo Forumite
21 Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
I would like to take out a personal accident insurance. I am a young, active person, like doing DIY as well - just perfect for the odd injury, which may cause health problems for life.
Would anyone suggest an approach to hunting one of those insurances down?
Also, I am just about to get a life cover as I will be buying a property soon. can those 2 be taken out together to save the cost?
Thank you

Replies

  • dunstonhdunstonh Forumite
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    what sort of accident policy are you after? Income protection or Personal accident protection (be wary if that is what you are after)?

    Would anyone suggest an approach to hunting one of those insurances down?

    Know what you want and understand that all these plans are different and there are budget, standard and comprehensive plans and each has pros and cons. There is no standardisation so dont go by premium alone.
    Also, I am just about to get a life cover as I will be buying a property soon. can those 2 be taken out together to save the cost?

    Some providers can offer multiple segments but its not usual for the best life assurance provider to be the best income protection provider.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • lipolipo Forumite
    21 Posts
    Thanks for a speedy reply.
    I would definitely prefer a personal accident cover - am not sure about the premiums and such. All I know that I don't want to pay more than £15 per month.
    lipo
  • dunstonhdunstonh Forumite
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    I wont be able to help I'm afraid. I refuse to recommend personal accident plans as they are a waste of money in my opinion. Cash Cows is how they tend to be referred to. Plus the claims record has never been good.

    For example, there was a staff member a few years back that used to sell these (they are general insurance and anyone could sell them then). She had one herself and suffered an accident that caused the loss of use of one of her fingers. That was a £5,000 payout. However, the doctors were able to take a tendon (i believe that is what it was) from one of her toes and put that in her hand to allow the finger to work to about 75% at the expense of loss of use of her toe. The insurance company payout for loss of toe was £3,000. However, they refused to pay out anything as the finger was repaired by more than the amount needed to claim and the loss of use of the toe was "self inflicted".

    And that was how they treated someone that had sold hundreds of these plans previously and earned them money. That isnt an isolated incident either.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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