Personal accident insurance, or personal injury insurance, pays out a lump sum to you or your family if you suffer from a serious injury or death as the result of an accident. The money can protect you against loss of income if you’re recovering and out of work, or it can give your family financial security if you’re no longer there to provide for them.
Like most insurance policies, you pay a monthly premium to your insurance provider and if you make a claim, your beneficiaries will either be paid a lump sum or monthly payments to supplement missed income.
Most policies will cover you against the following accidents and injuries:
Common exclusions include:
Personal accident insurance policies also won’t cover you for other reasons you’re unable to work such as sickness or mental health as these will normally be covered by health insurance policies.
Whilst personal accident insurance isn’t a necessity, you might want to consider taking out a policy if you work in an environment where serious accidents are likely to occur. Also, if you’re self-employed, personal accident insurance would cover you against loss of earnings if you’re unable to work as a result of a serious accident or injury.
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