Summary:
This is the second of two associated articles about Accident insurance cover and other interrelated types of personal cover. If you find this article helpful you may like to read Health Insurance Dont Break The Bank.
Check up to see whether your employer supplies accident cover for you? Quite a few companies do without the employee realising or remembering. Subsequently if you need this form of insurance cover, it is well worth checking it out. Also remember that accident insurance may be combined with your life cover.
If you do already have life insurance cover and have the funds to top up your insurances, then it may be better to contemplate a fairly small extra premium to purchase something like an income payment protection cover, which would mean that you’d receive a monthly income whilst off work or even until retirement.
Income protection policies have be put together to supply you with an amount of money each month, whilst you are not able to work as the result of an illness or accident. They’re designed to pay out until you reach retirement age. There are other alternative insurances which come under the name of Accident and Sickness Insurance, that will pay out for a set period and some of these also contain cover for unemployment.
The FSA keep a careful eye on the way in which the public purchase general insurance covers and have said ”There is a chance that clients buying protection insurance may not comprehend the limitations.” If you want to find the cheapect critical illness insurance, take a look online.
Plus, it was emphasized that they were uneasey about the low amount of claims on these policies which could be the effect of expensive pricing and a lack of competition. In another Financial Standards Agency review, this one based on “cold calling” selling procedures, the regulator was critical of the extremely poor sales standards for various policies and cautioned that the benefits of accident insurance were “from time to time overstated”.
The low rate of claims, talked about above, indicates the amount of money settled in claims, against that received in premiums is by and large low. For that reason, it’s doubtful that pure accident cover would profit you very much. It would appear to be much better then, to use an insurance product that includes disability or death insurance within a really all-inclusive life cover.
Not everyone realizes that many of the ordinary credit cards, such as Virgin Money, Egg, Natwest,Halifax All In One, Capital One and Barclay card to name a few, offer “travel accident” cover of up to £150,000, that insures you for death or accident which occurs while in transit which is paid for using their card.
When you have some time to spare, it’s a good idea to sit down and sort out just what you have in the way of insurance policies. As is apparent, some, in fact a lot of, types of insurance cover have various benefits and it may be a good time see just what cover you do have and make sure that recent changes in your life haven’t changed your insurance cover requirements.
You’ll get all the aid you need by going on-line and finding an independent financial advisor, you can weigh up your own needs, verify any doubts you have concerning present insurance covers and generally explore a very broad market to find just the right policy for you and your family.