TL;DR
Personal accident cover - key points
Extend Finance offers standalone personal accident cover, separate from life insurance, critical illness cover and income protection.
It may pay specified benefits for covered accidental injuries or events. It can be considered for certain jobs or hobbies, or when conventional cover is unavailable after medical underwriting, but acceptance and occupational or activity exclusions must be checked.
It does not automatically replace income protection or cover every treatment expense. Compare the benefits and limits with your existing policies and savings.
Extend Finance offers standalone personal accident cover. It is a separate protection product from life insurance, critical illness cover and income protection, and can be considered alongside those policies.
Personal accident cover may pay a cash benefit for specified accidental injuries, disability or death. The event must meet the policy definition and any eligibility conditions. An accident or hospital visit alone does not guarantee a payment.
What does this accident insurance cover?
Benefits are usually specified in a table of benefits rather than reimbursing every medical bill. Some policies include particular hospital or expense benefits, subject to limits and exclusions. Check which benefits are included in the policy you are considering.
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 cover may be considered as additional protection for certain occupations, hobbies or activities, or when conventional protection is unavailable following medical underwriting. That does not mean every health condition, job or activity will be accepted. The insurer’s eligibility rules, exclusions and the selected policy determine whether it can cover your circumstances.
A valid cash benefit can help with extra expenses after an accident. Compare it with sick pay and existing cover; it may not replace your income or cover all treatment costs. Points to consider include:
- the agreed start date and any waiting periods
- help with out-of-pocket expenses
- who receives each benefit under the policy
What should I check before buying?
Ask for a quote and the policy documents, including the table of benefits. Compare the premium with the benefits, limits and exclusions, rather than choosing on price alone.
- Check the age and residency requirements and whether your work, sports and other activities are covered.
- Check the exact injury definitions, the amount payable for each covered event and any limits on multiple claims.
- Confirm when cover starts, whether any waiting periods apply and when cover ends.
- Ask how to claim, what evidence is required and whether a claim must be reported within a specified time.
What protection do I need?
Consider your work, workplace benefits, family finances and savings. If you need ongoing income when illness or injury prevents you from working, compare income protection as well; it covers a different need.
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.
All insurance consultations and advice from Extend Finance are free of charge and without obligation. We will discuss your financial and work circumstances, existing cover and needs, then explain whether personal accident cover is worth considering. If you arrange a policy, we receive commission from the insurer; you pay the policy premium, not an advice fee to us. Any application is assessed against the insurer’s eligibility rules and the selected policy’s terms.
Frequently asked questions
Can I consider accident cover after a medical underwriting rejection?
Yes, it may be worth considering, but a rejection for another type of protection does not mean an accident policy will accept you. We need to check the insurer’s criteria, your work and activities, and the proposed policy’s exclusions and benefits.
Does personal accident cover replace income protection?
No. Personal accident cover pays benefits for accidental injuries or events specified in the policy. Income protection can replace part of your earnings through regular payments if illness or injury prevents you from working, subject to its terms and any waiting period. Compare the two if your main concern is paying household bills during time off work.
Does the payout depend on income?
Many accident policies pay an amount set for the covered injury and the level of cover selected, rather than a percentage of your earnings. Check the benefit table and any limits where several injuries arise from one accident. A payment may therefore differ from the wages you lose or the expenses you incur; any income-related benefit must be assessed under its own rules.
Is every injury covered?
No. The injury must fall within a benefit listed in the policy and meet its definition; needing treatment or time off work is not enough on its own. Check restrictions relating to your occupation, sports and other activities, as well as any exclusions for existing conditions or particular causes of injury. For example, cover for a specified fracture does not mean every sprain or minor injury qualifies.