Personal Accident Insurance is designed to pay a lump sum if you suffer an accident.
Critical Illness Insurance, meanwhile, will pay a lump sum if you are diagnosed with a critical illness. Naturally, this 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 pay the whole lump sum if your illness is severe enough to meet the criteria; however, most insurers 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.
Critical Illness Cover is generally more comprehensive than Personal Accident Plans given that they can also pay out for various illnesses in addition to accidents, such as types of cancer, heart attacks and strokes.
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