personal-accident

Who is Strategic Insurance Services Ltd?
We operate as a traditional broker and are a Broker at Lloyd’s. We also act as a managing general agent and have been providing niche insurance products since 1997. We are authorised and regulated in the UK by the Financial Conduct Authority (FCA) and have considerable experience in the provision of individual and corporate products as well as of the design of bespoke solutions.

•Who can buy cover?
Cover can be provided to individuals for loss of income or to protect against mortgage/loan payments. Corporate entities can protect against loss of revenue or for the payment of salaries to those unable to perform their employment functions.

•Who will the beneficiary be in the event of a claim?
The nominated beneficiary or the individual’s estate will receive the benefit of any claim made under the policy. Benefits payable would be tax free. Should the benefit be purchased by an employer or other body, then they would be the beneficiary, and are free to choose whether the benefit is paid to the individual employee/member or whether it goes to covering their loss of income or if it will be used to fund the cost of recruitment and funding of a replacement.

•What is meant by the term “Key man”?
A term used to refer to any employee that fulfils a vital role in a company’s operations. Some examples of which are Chairman, CEO and Director. The subject of a key-man policy can provide both tangible (e.g. sales) and intangible (e.g. product developments) financial benefits to the company and if they are unable to perform their duties it results in a financial loss.

•How does it work?
The product is designed to provide financial compensation to protect an individual or a company should you or an employee sustain a bodily injury following an accident or as a result of the insured person suffering an illness. The compensation can be in the form of a lump sum benefit or split into monthly or weekly benefits depending on the coverage purchased.

•What benefits are available?

  • Accidental Death (lump sum benefit) – Provides cover in the event of death following an accident.
  • Permanent Disability (lump sum benefit) – This can either mean the permanent physical loss of a body part or permanent restriction in movement. Cover is detailed in the form of a scale for example; some are limited and will provide only for the complete loss of one or more limbs or the sight of one or both eyes. Other scales provide a far broader scope, offering percentages of the Capital Benefit as compensation.
  • Permanent Total Disability (lump sum benefit) – Should an individual be unable to work again in their stated (usual) occupation, the policy will provide a lump sum benefit usually up to 10 times annual income.
  • Temporary Total Disability (weekly/monthly benefit) – Indemnifies an individual should they be totally unable to perform the duties of their occupation after a waiting (excess) period as a result of an accident or illness. This provides a weekly/ monthly benefit equivalent to the individual’s salary (after tax) for period of up to 104 weeks/24 months.

What is the maximum policy term?
Cover can be provided for a minimum of 1 year and a maximum of 10 years. The annual premium agreed at the inception of the policy is fixed for the duration.

How much cover can be bought?
The sum assured is generally linked to a person’s income and can be available up to ten times depending on their age. Cover can also be purchased to insure an individual’s liabilities such as a mortgage or personal loans. For corporate policies the sums insured are usually linked to a justifiable financial loss for a company in the event of an individual’s death.

Capital Benefits (Accidental Death/Permanent Disability/Permanent Total Disability) are usually capped to ten (10) times an individual’s annual salary or a sum equivalent to the remaining earnings potential if a person is within ten years of retirement.

Weekly/monthly benefits are usually limited to an individual’s net earnings whereas corporate policies can provide cover for us to 100% of a contracted salary.

•What are the main exclusions?

Losses attributable to;

  • Nuclear reaction, nuclear radiation or radioactive contamination;
  • Suicide, attempted suicide or intentional self-injury;
  • Mental illness or emotional or behavioral conditions;
  • Deliberate exposure to exceptional danger (except in an attempt to save human life), or the Insured Person’s own criminal act;
  • Alcohol or drugs;
  • Pregnancy, childbirth, miscarriage or abortion unless such Permanent Total Disablement is caused by a medical complication;
  • The death arising from Illness;
  • Taking part in naval, military or air force service or operations;
  • The Insured Person committing or attempting to commit a criminal act;
  • A Pre-existing Condition for which treatment has been received in the last thirty consecutive months;
  • Nuclear/Chemical/Biological Terrorism Exclusion;
  • War, Terrorism and Mass Destruction;

•How do I apply for cover?
Who is buying the cover, the term and the sum assured required, will influence the extent of the information insurers will require to assess the risk. The requirement may be as simple as a proposal form, but could also require a full medical assessment including blood and urine analysis.

•How do I make a claim?
The nominated beneficiary or a representative of the estate should contact the Intermediary through whom the contract was affected. Or they may contact the Claims Manager of the insurer in writing, the details of whom will be provided in the policy wording. Simply contact us or your intermediary and complete the claim form provided. The claim will then be managed by the appointed claims administrator (we work with a number depending on the territory) who will make any applicable benefit payments.