An annual contract which pays benefits if the insured suffers an accident or is unable to work for a long period. The policy will pay a specified lump sum in the event of a number of conditions due to accident such as death, disability or loss of limbs. It will also pay a specified income if the insured cannot work due to illness. The benefit will be payable after a short deferred period, but will only continue for a maximum period of 1 or 2 years.

Cover can be taken out by groups or individuals. Groups often take out a policy for a specified type of accident cover e.g. by a sports club, or even for a particular event e.g. a rally or tournament.

Cover is cheaper than for PHI, but the policy is renewable each year and therefore may be cancelled by the insurer if claims are too frequent. Also the level of income benefit is not related to actual income normally received.

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