Answered by Sam Barr-Worsfold
The difference between Personal Accident and Critical Illness insurance
Personal accident insurance is designed to pay a lump sum if you suffer an accident whereas critical illness insurance will pay a lump sum if you are diagnosed with a critical illness condition, which also includes the potential results of a serious accident, such as the loss of a limb or loss of sight.
The amount payable on personal accident insurance will usually be determined by the type of accident or severity of the injury. Critical illness insurance plans will often pay the whole lump sum if your illness is severe enough to meet the criteria, however, some insurers now will pay a proportionate benefit if your illness is less severe.
Generally speaking, personal accident plans are popular amongst people who participate in hazardous sports or pastimes whereas critical illness insurance is often taken for the purposes of paying off a mortgage debt.
Our verdict on the most comprehensive cover between the two
Critical illness plans are generally more comprehensive than personal accident plans given that they can also payout for various illnesses in addition to accidents, such as types of cancer, heart attacks and strokes.
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Frequently Asked Critical Illness Insurance Questions
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