Personal accident insurance – Who can benefit?

As with all types of insurance, personal accident insurance fulfils a specific purpose, and that is to provide for you and your family in the event that you suffer an accident. Most people can benefit from personal accident insurance in some shape or form, but before we look at who can benefit most, let’s first examine what exactly it is.

What is personal accident insurance?

Personal accident insurance is designed to cover you in the event that you have an accident. The nature of this accident could have temporary consequences or it could have more permanent implications. Either way, your personal accident insurance can be tailored to protect you from a full range of eventualities. Basic personal accident insurance will provide you with a payout for:

  • Permanent sight loss in one or both eyes
  • Total permanent hearing loss
  • Permanent loss of speech
  • Permanent total disablement
  • Loss of one or more limbs
  • Death

You can adapt your policy to determine the amount of financial payout you receive should any of the above occur, and this in turn will affect the price of your policy. In the case of death, the payout shall be made to your next of kin. Additional add-ons to your policy can include:

  • Weekly payouts to cover you for permanent disablement – This can greatly improve your quality of life in the event that you are rendered permanently disabled and are unable to work.
  • Sickness cover – If you do not suffer from an accident but are instead taken sick for a period of time, you can receive regular payouts which will help you support yourself and your family during this time.

Could you benefit from personal accident insurance?

The people who stand to benefit most from personal accident insurance are clearly those who are at greatest risk of injury due to their occupation or another aspect of their lives. For example –

Construction workers – Carrying out hard manual labour in a potentially hazardous environment substantially increases the risk of work-related injuries. Because the work itself is dependent on physical capability, fitness and strength, any injury is also more likely to keep you out of work for longer or even prevent you from returning to your job permanently.

Agricultural workers – Similarly, agricultural workers are reliant on physical fitness to do their job. They are also often surrounded by potentially dangerous machinery and vehicles which may be involved in an accident.

Taxi/ bus/ van/ lorry drivers – Anyone who drives for a living has a higher chance of being injured in an accident than someone who spends their days behind a desk or counter. Although such drivers are often highly experienced, the fact that they spend a good part of most days on the road significantly increases the chance that they may be involved in a road traffic accident. That’s why taxi drivers would also need personal accident insurance.

Aside from these specific occupations though, those who have a family or other dependents will also benefit substantially from a personal accident insurance policy which will help them to support those that depend on them during tough times.

It’s also not just at work that you can suffer an accident that results in injuries. If you partake in amateur sports or physical leisure activities like horse riding, there’s an increased chance that you could be injured. This can subsequently have an impact on your ability to work, therefore having a personal accident insurance policy in place is a wise investment in your future.

If you’d like to find out more personal accident insurance or discuss your needs with an experienced advisor, please don’t hesitate to get in touch with Park Insurance.