Life Cover and Accidents

Life cover can help to relieve the financial consequences for those who are left behind. The death of a loved one is likely to be stressful enough without having to worry about making ends meet. Bills still need to be paid, mouths have to be fed and those unforeseen costs just keep on rolling in. If someone dies following an accident then the financial impact can be brutally sudden.

There are many things that that can be done to minimise the chances of an accident happening:

> Car drivers can ensure that their vehicles are well maintained, they can wear seat belts, follow speed limits and take a rest when fatigued.

> Hazards can be removed from homes and gardens and homeowners can make sure that their electric and gas appliances are safe and that they have working fire alarms and gas detectors.

> Workers can wear the proper safety equipment, take necessary breaks and make sure they receive training to use specialist machinery and vehicles.

Unfortunately, no matter how many precautions a person may take, accidents will still happen and are an unavoidable part of everyday life.

Latest Department of Transport figures[1] tell us that in 2009 there were 2,222 fatalities on Britain's roads, that's an average of just over 6 people dying every single day. And that was a relatively ‘good' year - statistics for the 10 year period 1999-2008 show an average death toll of 3,229 a year or nearly 9 people a day. These figures relate to drivers, passengers, motorcyclists, pedal cyclists and pedestrians.

The road traffic death figures are truly shocking but an even greater number die in accidents in and around the home. The Royal Society for the Prevention of Accidents estimates that there are over 4,000 home accident deaths a year[2]. Causes of accidental death in the home include falling, fire, electrocution and carbon monoxide poisoning.

Accidents in the workplace can also be fatal. Government statistics[3] show that, in the 12 months ending 31 March 2010, 152 workers were killed at work in the UK.

Of course accidents are not just restricted to our roads, homes or workplaces. People also die from accidents while on holiday, when taking part in sports and pastimes and sometimes even when they are out shopping or socialising. In fact, it's difficult to think of an everyday situation where a fatal accident could not occur.

It may be impossible to totally eliminate the chances of a fatal accident happening but it is possible for someone to make suitable financial provisions for those who would be left behind. One of the simplest ways to achieve this is through life cover. A life cover policy will pay out a cash lump sum on death or on the earlier diagnosis of a terminal illness. An individual can choose the amount of life cover they need, how long they want the cover to last and whether to have a policy on a single life or joint life basis. The amount of cover may be level, throughout the policy term, or decreasing (a cheaper alternative, ideal for sitting alongside a repayment mortgage).

There is lots of, easy to access, online information about the different types of life cover available. It's also very straightforward to check how much life cover costs and also to make an online application for the cover. Many providers will offer the option of telephone support for anyone who needs help completing their online application for life cover.

Source: [1] - privatehealth.co.uk/news/november-2010/60-percent-no-life-critical-income-protection-33315/ and dft.gov.uk/adobepdf/162469/221412/221549/227755/rrcgb2009.pdf

Source: [2] - hse.gov.uk/statistics/overall/hssh0910.pdf

Source: [3] - rospa.com/news/releases/detail/default.aspx?id=907