Answered by Samantha Haffenden - Angear
Critical illness vs Personal Accident insurance
To start with, Drewberry would usually recommend critical illness insurance over personal accident insurance. The main reason being, Personal Accident Insurance is an inferior insurance product in comparison that covers you for major injuries specified in the policy documents, usually loss of limbs, major fracture injuries and other scenarios such as loss of sight to both eyes, loss of speech or loss of hearing. For which you would receive a small lump sum generally capped at £5,000 to £20,000.
Why Drewberry usually recommends Critical Illness cover
The main reason Drewberry would usually always recommend critical illness cover is because there are many comprehensive plans on the market which allow you to choose the conditions for which you want to be covered, some plans can cover over 170 illnesses and disabilities (personal accident plans often only cover serious injuries) and also pay out on a proportionate basis giving you the peace of mind that you will definitely get a payout relating to the seriousness of your injury.
Critical illness plans are medically underwritten at the point of inception so you know exactly what you are covered for from the outset. The sum assured can be a lot higher than the personal accident cover as it is up to you the amount you want to be covered. For example you may want to ensure the amount outstanding on your mortgage is covered.
Frequently Asked Critical Illness Insurance Questions
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