Other AIG personal accident insurance

[ATC110]

Is it worth having personal accident insurance (PAI)?

I believe in being one's own insurer but I've recently become aware of a (heavily marketed) AIG PAI policy.

Personal Accident Plan | Accident Insurance | AIG Ireland

With the Personal Accident Plan, AIG offers benefits to help you if you have been injured as a result of an accident with cash paid directly to you. Simple.

www.aig.ie

If self-employed, is it worth having this type of policy? They are not entitled to claim Illness Benefit in the event of being unable to work.

The monthly premium is €5.95 or €9.50 for double benefits.

The reviews on Trustpilot are generally poor.

 

[Dave Vanian]

Have a look at the list of events covered. They're all thankfully rare occurrences. As the name suggests, the policy only covers accidental injuries. Although dearer, Income Protection would be a far more comprehensive cover. Unlike the very limited list of covered events on the Personal Accident Plan, Income Protection covers you for ANY illness or injury that renders you unable to do your job. Infinitely more comprehensive. Doesn't need to be an accidental injury although they would be covered. Could be an illness. Any illness. Any injury. And Income Protection premiums qualify in full for tax relief at your highest tax rate. But as I say - dearer.