Home > Life Insurance > Personal Accident Insurance

Personal Accident Insurance

By: Jack Claridge - Updated: 2 Mar 2014 | comments*Discuss
 
The Will Expert Thewillexpert

What is Personal Accident Insurance?

Personal Accident Insurance is a type of insurance that is paid out upon the premium-payer being involved in an accident that prevents him or her from engaging in active employment. This insurance is also used as a means to supplement an individual's income if their accident leaves them with injuries serious enough to prevent them from working for a lengthy period of time. Such insurance policies cover mortgage repayments, loss of earnings and other financial hardships incurred by being unable to work.

Who does Personal Accident Insurance apply to?

Personal Accident Insurance applies to any individual over the age of 18 who is in full time employment - be it salaried by a company or self-employment. Personal Accident Insurance (PAI) is available to anyone who wishes to take out such a policy and there is no age limit other than the policy holder must be 18 or over.

Where can you get Personal Accident Insurance?

You can sign up for a Personal Accident Insurance policy through your bank or building society, existing Insurance company - most companies offering an individual Life Assurance may also offer Personal Accident Insurance (PAI) as standard - or by consulting a financial advisor who will help you pick the best policy.

Claiming against a Personal Accident Insurance Policy

If you have a Personal Accident Insurance (PAI) policy and you need to make a claim against it you should doing so if you are injured severely; enough for your injuries to prevent you from returning to work. These injuries can include any of the following:

  • Broken leg
  • Broken arm
  • Spinal injuries
  • Head injuries
  • Major Burns
  • Injuries resulting from a car accident

The aforementioned list is not exhaustive but it should go some way to giving you some idea as to what can be claimed for if you are a holder of a Personal Accident Insurance (PAI) policy. If you do need to make a claim against your policy you must supply the Insurance company with copies of medical reports, police reports (if necessary and dependent on the nature of the injuries sustained) and also a detailed list of any medical expenses incurred. You should also provide the Insurance Company with a list of those expenses which need to be met during your period of recuperation such as mortgage, bank charges, Hire Purchase fees etc.

Personal Accident Insurance and your Will

It is possible - should you wish to do so - to leave instructions in your Last Will and Testament as to how your Personal Accident Insurance (PAI) should be paid if the accident you have suffered results in your death. As soon as you take out a Personal Accident plan you should adjust your will accordingly to reflect this so that in the event of untimely death there are instructions in place. You also specify on your Personal Accident plan that in the event of your death the executor of your estate will be responsible for the overseeing of any insurance claims should any be made.

What Personal Accident Insurance does not cover?

Personal Accident Insurance (PAI) plans do not cover terminal illness and/or death by misadventure. Death by misadventure can be categorised by any event undertaken by the person injured or dead which was deemed dangerous to begin with. This can include any number of so-called extreme sports or other activity where an expert has suggested you do not take part.

When taking out a Personal Accident Insurance (PAI) plan you should consult with your solicitor - if you have one - or your financial advisor and ask about how to best go about making the necessary arrangements for incorporating insurance payments into your Last Will and Testament. Your solicitor - or financial advisor - will be able to help you clarify any questions you have so it is well worth taking the time to consult with them before making any hasty decisions.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • TheWillExpert
    Re: How Legally Binding is a Will?
    John - Your Question:Is the validity of a will only governed by the signatures of witnesses, or has it to be registered…
    8 August 2018
  • John
    Re: How Legally Binding is a Will?
    Is the validity of a will only governed by the signatures of witnesses, or has it to be registered somewhere ie Solicitors ???…
    7 August 2018
  • TheWillExpert
    Re: Life Estates
    AB - Your Question:My husband and I married later in life- he sold his house at a very generous price to his daughter to enable her to get on the prope
    24 July 2018
  • Tanya
    Re: Life Estates
    My parents have a lifetime tenancy and thereafter their inheritors. They are getting older and the property has quite a lot of stairs. Is there a way…
    21 July 2018
  • Scarramouche
    Re: Debt After Death
    My mother died 2 years ago intestate. and a solicitor was used to deal with the estate thereafter. This was completed about a year ago after her…
    15 July 2018
  • TheWillExpert
    Re: How Legally Binding is a Will?
    Dave - Your Question:Hi.My grandfather recently passed away and left to his grandchildren an amount "equal to the tax free…
    5 July 2018
  • TheWillExpert
    Re: Keeping Your Will Up-to-Date
    H - Your Question:I made a Will over 25 years ago and received a letter from another firm saying that the original company no…
    5 July 2018
  • Dave
    Re: How Legally Binding is a Will?
    Hi. My grandfather recently passed away and left to his grandchildren an amount "equal to the tax free allowance at the year of…
    2 July 2018
  • TheWillExpert
    Re: Preparing Your Will in Scotland
    Emma - Your Question:My fiance's dad (future father in law) asked me to witness his will for him. I know that my fiance's…
    29 June 2018
  • Emma
    Re: Preparing Your Will in Scotland
    My fiance's dad (future father in law) asked me to witness his will for him. I know that my fiance's entitlement would be…
    28 June 2018
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the TheWillExpert website. Please read our Disclaimer.