What Is Personal Accident Insurance?

Did you know that around 6,000 people die in accidents in the home each year?* How about the fact that each year, 23.4 million Brits are forced to go to accident and emergency departments to seek treatment?**. It’s a tough pill to swallow but even if you’re fit and healthy, accidents happen all the time. Personal Accident Insurance can help should you end up in a serious accident.


Now, we know that you’re probably too busy taking care of yourself and your loved ones to spend hours trying to make sense of complicated policy details - that’s why we want to help you make an informed decision. 


Since we’re all about straightforward and uncomplicated life insurance, we want to clear up any confusion regarding policy details. Now, let’s answer some common questions about Personal Accident Insurance.  


So, what is Personal Accident Insurance exactly? 


Personal Accident Insurance helps to financially protect you and your family if you die as a result of an accidental death or suffer an accidental serious injury. You choose a benefit amount and pay a monthly premium. If you suffer a serious injury or are fatally injured, you or your family will receive a cash lump sum. 


An accidental serious injury means blindness, deafness or total and permanent loss of use of two limbs.  Accidental death means death occurring as a direct result of an accident, where death occurs within 90 days of an accident.


Why is this kind of policy important?


The money your family receives from a Personal Accident Insurance payout can help cover medical bills, outstanding debt, utility bills, living costs or funeral expenses. In a nutshell, it can be used to help protect you and your family. 


How does Personal Accident Insurance work?


To get started with securing Personal Accident Insurance, you’ll choose a benefit amount. The benefit amount is the lump sum payment your family receives in the event of your death or serious injury as a result of an accident. The benefit amount you choose will determine how much you pay each month in premiums. 


Once your policy is active and you pay your monthly premiums, you’re covered if you die or are seriously injured in the event of an accident. This money can be used to help you during a period of recovery if you’re seriously injured or help to financially protect your family if you pass away as a result of an accident. 


How much cover can you get with personal accident insurance? 


You can choose cover ranging from £30,000 up to £500,000 as long as you’re a UK resident aged 18 to 69.


How much does Personal Accident Cover cost?


This will depend on the benefit amount you choose. You can secure cover for just £7.67 a month (that’s 25p a day) for £50,000 of benefit amount based on an individual policy, terms and conditions apply. 


Am I eligible? Will I be accepted?


One of the best things about Smart Personal Accident Insurance is that it’s guaranteed acceptance. This means you will be accepted as long as you are a UK resident and you’re aged 18 and 69. There are no medical or health-related questions whatsoever meaning it’s a super straightforward process from start to finish. 


You will be covered until the policy anniversary following your 74th birthday, after which point, the policy will come to an end and you will no longer be covered under this policy.


How long do I have to wait to be covered? 


You’re fully covered immediately from your policy start date.


Am I covered while abroad? 


Yes, once you’re cover kicks in you’re covered from anywhere in the world, 24/7. This is under the condition that you continue to pay your premiums from a UK bank account.


Are there any optional extras? 


You can add optional Children’s Cover to your policy if you wish. This cover helps take care of costs associated with medical expenses and school tuition should your child suffer a serious injury or illness, which results in permanent irreversible symptoms. The benefit amount is also paid if the child dies as a result of an accident. 

 

What’s the difference between Life Insurance and Personal Accident Insurance? 


As you now know, with Personal Accident Insurance, the benefit amount is paid in the event of accidental death or serious injury as a result of an accident. At Smart, we offer Personal Accident Insurance and standard Life Insurance Policies. But, you might be wondering what exactly the difference is between Personal Accident Insurance and other forms of Life Insurance.

It’s simple: with a Life Insurance policy like our Family Life or Guaranteed policies, you’re not just covered against accidental death. Instead, the policy pays out if you die by any cause. Whereas Personal Accident Insurance only covers you for death or serious injury as the result of an accident.


We offer immediate cover against death by any cause with our Family Life Insurance policy, except if death is the result of self-inflicted injury in the first 12 months. You also have the option of adding Accidental Death Cover to this policy. With our Guaranteed policy, you’re covered for accidental death from day 1 and death by any cause after 12  months.


Are there any benefits with personal accident insurance? 


We offer 10% Smart Cashback® following your 12th successful monthly payment. This means you’ll get 10% off your first year’s premiums back once you have paid 12 successful monthly payments. All Smart policyholders also receive a free legal Will Kit worth up to £100.


Things to consider


You should be aware that there is no cash-in value at any time and inflation may reduce the value of your benefit amount over time.


Make a Smart decision...


Want to protect yourself in the event of a serious accident? Smart can help you do just that, get started online by requesting your free quote today.


*Source: Taken from the Royal Society for the Prevention of Accidents, November  2019

** Source: Taken from the NHS, Hospital Accident and Emergency Activity, 2016-17