Demystifying the cover - what does that mean?
||This benefit is payable if the 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 the 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 the 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 they 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.
|Temporary Total Disablement (TTD)
||This is a weekly benefit, payable when the 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.
Policy limits are based on the annual salary but aside from this, the policy can be tailored for the individual's needs. They may require a safety net, a specific amount to bridge the gap between statutory sick pay (SSP) and their usual take home pay, or enough to cover monthly outgoings.
Weekly benefits are limited to 75% of their weekly wage and death and capital benefits have a maximum limit of 5 time's annual salary.
Temporary Total Disability limits
The temporary total disability benefits (TTD) for accident is payable up to 104 weeks and illness to 52 weeks maximum. The client can tailor the benefit period.
Most insurance policies have an excess period and people typically know and understand how this works and how it's applied, our Personal Accident and illness policies have deferment periods. A deferment does not 'use up' the benefits period at all (i.e. just delays the start of the payments).
Deferment period Example
A 14 day deferment period in a 52 week benefit period
It's quite usual for personal accident cover to operate with different effective or operative times.
The most common is ''24 hour cover'' which means cover is in force all of the time. Typically personal accident policies do not cover clients while they participate in hazardous sports/activities but we can offer this additional cover as an option.
Alternatively, the client might want cover only whilst they are working or to include commuting to and from work. Premium savings are available by restricting the operative time.