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Q regarding group accident policy

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  • 17-05-2011 6:48pm
    #1
    derossi
    Closed Accounts Posts: 231 ✭✭


    I am part of a group accident policy at work. I currently deal with the policy and ensure it is up to date and paid on time etc.

    The question i have is with regard to the policy itself. There is currently 11 people insured under the policy and it is active for over 30 years. The company who we are insured under do not sell the type of policy anymore and it's obvious they are trying to get us to end it.

    Through the years they have been decreasing the benefits but increasing the premium. Currently it is around the 1300 euro per year. There have been two claims within that period. Neither were for a significant amount. Currently if one of the named are killed at work we get 10000 euro. Amounts for breaking a leg, arm etc. and loss of limb are less than that. There is also a figure of 110 euro per week which lasts for one year if we get injured.

    Just when I am thinking does the 110 affect sick pay with the social?

    The main question being, is the policy worth it?

    Bearing in mind the death in service benefit was around the 70-80k mark at one stage, with good payments for other injuries or loss of limb etc.

    The policy is up for renewal soon and I believe it's time to make a decision on its worth.


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    #2
    derossi
    Closed Accounts Posts: 231 ✭✭derossi


    Just to make it a bit clearer. For the premium we are paying at the minute is 10k a lot if one of us is unfortunate?

    Personally i dont think it is worth paying that much for the benefits but hoping for an answer from someone who has knowledge in this area or even to be pointed in the direction of somewhere i can find out! cheers!!


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