Evaluate personal accident and sickness insurance

No one likes having accidents nor falling ill, one of the most irritating effects is the potential loss of income, that is why it is important to have insurance. This insurance is generally linked to mortgages and pays out if you are unable to work because of an illness or an accident. While it is true that buying personal accident and injury insurance might be a relatively simple matter, selecting the right policy is a veritable mine field.

How likely are you to need such a policy?

Your health, gender and age are all going to affect the premiums you will have to pay. In some cases severe or chronic illnesses can mean you don't get insured at all. However, no insurer is allowed to discriminate against you on any but the clearest medical grounds

All insurers offer accident and sickness cover and selecting the right one will take careful discernment. Here are some points to consider:

• Assess how much you are willing to pay. Remember this is not a simple cost equation; you must balance it alongside the amount of cover you want to buy
• Draw up a short-list of say five insurers and ask them for documentation before you talk business with them. If necessary, take this material along to your financial adviser and discuss it
• Having decided how much you want to pay and how much cover you want, consider the claims procedures. Are dozens of forms required? What is the average delay involved in settling claims? Are there ways of ensuring that you can be dealt with more quickly if required?
• Consider the service standards as you would with any other supplier. Does the provider have any quality marks? Are these recent? What about fundamentals such as speed in answering the phone, writing letters or finding the relevant files?
• Make sure you are up front and candid about any medical conditions you may suffer from. English courts have a tradition of siding with the insurer if there is any doubt over providing relevant information, so make sure you are clear