Personal Accident/Sickness Insurance
Can provide compensation in the event of disablement or death due to:
Accident & Specified Illnesses
Accident & All Sickness (excluding exclusions)
Accident & Sickness in Specified Circumstances
Many employers buy such policies to both fill the gap on PHI waiting periods and to make sure that accidents are compensated, whether or not the employer is legally liable due to negligence. Personal Accident and Sickness cover is also often included as an additional benefit in other policies such as holiday and travel insurances, motor insurances covering sporting activities.
Policies can be on an individual or group basis with the benefits of lump sums and short term income benefits generally payable for no more than two years.
Benefits are scaled and would depend upon disablement being temporary or permanent and would in most policies be restricted to the total payable under the fatality benefit.
The definition can vary between policies and again great care must be taken when choosing a policy for example one policy may state that the limb must be severed yet another may include the total and permanent loss of use of the limb.
Exclusions would include:
Pre Existing Medical Conditions
Drug or Alcohol Abuse
Self Inflicted Injury
In some cases Age, Claims History and even Medical Evidence may result in exclusions or restrictions in cover provided. Premiums would be calculated upon Age, Sex and Occupation. Policies would normally be written on an annual basis although short term policies can be arranged if required although these policies are generally more expensive.
Medical Expenses Insurance
Designed to cover the costs of medical treatment and hospitalisation. Depending on the plan chosen, treatment can be carried out at a number of privately run establishments or be extended to include a number of NHS hospitals.
Benefits would include:
Specialist treatments such as radiotherapy, nursing at home, private ambulance, emergency NHS treatment and cash payments for hospital stays
The premiums would depend upon which level of cover was required and if the policy was extended to include family members. Age, Sex and Health would also be factors for consideration. As with any policy there are restrictions and exclusions and would include Aids, Pre Existing or Chronic Conditions.
Most policies can now be extended to include Dental Plans, Counselling Services and Alternative Therapies. Policy excesses or contributions can be arranged to suit your own needs and will often result in a reduction in premium. Employers often fund such policies as a benefit to staff and to make sure that key personnel are not left unable to work through lack of capacity under the NHS.
Critical Illness Insurance
Provides a lump sum on diagnosis of major illness or disease rather than death. Policies initially covered the following diseases:
Coronary Artery Disease
However, increased competition has meant that most policies now also cover Kidney Failure, Major Organ Transplant, Alzheimer’s, Parkinson’s, Motor Neurone Disease, Total Permanent Disablement, Blindness and/or Deafness, Multiple Sclerosis, Paralysis and Terminal Illnesses in addition to other conditions. Cover can be obtained on a standalone basis or added to a variety of life policies. Cover can be offered up to retirement age or on a ‘whole life’ basis and benefit levels can be arranged as required.
Exclusions would include:
Self Inflicted Injury/Illness
Pre Existing Conditions
Premiums would depend upon levels required and factors including Age, Medical History etc. Depending upon your own circumstances you may wish to consider a group policy or ‘Key Person’ policy as it is also known.