Is Personal Accident Insurance the same as Accident, Sickness & Unemployment Cover (ASU)?
Yes it is the same. However, you can just be covered for accidents and sickness without unemployment / redundancy. This will help to lower your premiums but you don’t have the safety of being covered against being made redundant or unemployed.
Can I claim whilst I am receiving sick pay from my employer?
Yes you can make a claim on your Personal Accident Insurance quote whilst you are receiving sick pay from your employer.
However, when you take out a policy you will agree a deferred payment date from when the policy will start to pay out (30 days for example). It is then at this referal date that you will start to receive your payments.
Will I have to pay income tax on my payments.
No you will not have to pay income tax on your payments should you make a claim.
How long can I claim for?
Dependent upon your insurance provider, the maximum amount of time you are allowed to claim for on your Personal Accident Insurance is 1-2 years.
What is the maximum amount I can claim
At the time of writing, the maximum monthly payment you can be covered for is £1500.
Is Personal Accident Insurance the same as Income Protection Insurance?
No it is not. Whilst they are both similar the main differences are that you can be insured for a larger amount with income insurance and it will pay out for up to 10 years.
The underwritting process for income insurance is a little more complicated and the insurance provider may ask your GP to provide them with a medical report.