Demystifying the cover - what does that mean?
||This benefit is payable if an insured person dies as a result of accidental bodily injury due to an insured event.
|Permanent Total Disablement (PTD)
||This is payable following a severe accident that prevents an insured person from ever returning to their pre-accident usual job. (PTD usual). Sometimes the PTD is limited to the person not being able to do any job. (PTD Any)
|Loss of limb, sight, speech or hearing
||These effectively describe themselves. A benefit would become payable if an insured person should suffer an accident and lose an arm or permanently lose the use of an arm, for example. Similarly, the benefit would be payable should a person suffer an accident and lose their sight, their speech or their hearing. Collectively permanent total disablement (PTD), loss of limbs, sight etc are often referred to as 'capital' or 'caps' benefits as they result in the payment of a one off lump or capital sum.
|Permanent Partial Disablement
||In addition to the death and caps benefits, some clients might want even more specific cover for the loss of fingers and toes. These are commonly called Permanent Partial Disability or 'Continental Scale' benefits. The 'continental scale' is quite standard and will indicate a percentage of the total compensation sum payable for the loss of a specific part of the body.
|Temporary Total Disablement (TTD)
||This is a weekly benefit, payable when an insured person becomes unable to follow their usual occupation as a result of injury. TTD benefits are also available, as an extension of cover, for absence from work because of illness. Payments are normally made for a maximum benefit period of one or two years, and cover is often arranged under group policies for shorter benefit periods possibly 6, 9 or 12 months. Often these dovetail the personal accident and illness insurance with permanent health insurance arrangements.
|Temporary Partial Disablement (TPD)
||This benefit would become payable when an insured person's injury does not completely prevent them from carrying out their usual occupation. The amount of benefit is usually a maximum of 40% of the TTD benefit. TTD is available for both accident and illness, but it is not common practice to offer cover for temporary partial disablement (TPD) as a result of illness. Quotations may be available depending upon the nature of the business and the level of benefit requested.
Policy limits are typically selected by the business to reflect the potential cost to replace an employee, compensate the individual or their dependants or to cover their weekly salary costs.
Benefits under a business policy can be related to salary, for example 4 x salary for death and Permanent Total Disablement (PTD) or a proportion of weekly pay for Temporary Total Disablement (TTD). A policy can also cover set amounts.
Ageas also offers business travel cover as an extension to our group personal accident product. It is also available as a stand-alone cover. For more information, contact our team on 0370 241 6182 or email us: firstname.lastname@example.org (Or see our Business Travel Toolkit)
Any one person limit
Normally, insurers will set a limit of maximum compensation for any one person during the period of insurance. Usually this is set at the level of the highest paid individual covered under the policy.
Aggregate policy limit
Insurers may also limit their exposure to certain accumulation exposures such as the number of insured people travelling on one aircraft or at one location. This is called the aggregate limit
Temporary Total Disability limits
The temporary total disability benefits (TTD) for both accident and illness are payable for the duration of any absence from the workplace. These can be payable for any number of weeks selected by the client. They are usually limited to a maximum of 52 weeks for illness and 104 weeks for accident events.
Deferment and excess periods
Like any other type of insurance, it is usual for an excess to apply. In the case of personal accident this is a deferment or excess period against the TTD and TPD benefits.
The deferment or excess period is the number of days at the start of any period of temporary disability where no benefit is payable.
What is the difference between a deferment period and an excess period?
A deferment does not 'use up' the benefit period at all. It just delays the start of the payments. An excess period is deducted from the benefit period.
Deferment or excess periods often vary according to occupation, age or for participation in certain sports or pastimes. Customers can choose a longer deferment period in return for premium reductions.
Persons to be insured
The insured business can decide who they want to buy cover for. It may be every employee or specific groups or even selected key individuals. They can also select different benefits, different benefit amounts, different deferment periods and operative times of cover to apply to the different groups of insured persons. For example:
||Death and capital benefits
||Temporary (weekly) benefits
||4 times annual salary
||100% of gross weekly salary
|Managers and office employees
||3 times annual salary
||75% of gross weekly salary
||Occupational and commuting
||4 times annual salary
||75% of gross weekly salary
||Occupational accidents only
||2 times annual salary
||50% of gross weekly salary