Although still relatively unknown, life accident insurance is a very reassuring protection for the whole family. This provident contract allows the insured victim of, for example, a domestic accident or an assault, to be compensated by the insurer, if the event results in permanent disability or worse, death.
Today, it is possible to cover yourself against a large number of accidents which you could be victims of in your daily life, and this from around ten euros per month.
What is the point of subscribing to life accident insurance? What risks are covered? How does compensation in the event of an accident work? How to find the best contract?
What is life accident insurance?
Life Accident Guarantee (or “GAV”) insurance is a provident contract. In return for the payment of a contribution, the insured will receive from the insurer, if he is one day victim of an accident of daily life resulting in permanent incapacity, compensation intended to compensate for the damage suffered. In the event of death, his family will be compensated.
Life Accident Guarantee Insurance works in addition to Social Security and mutual health insurance, which is limited to covering medical / hospital expenses following the accident, without participating financially in the physical consequences that may result.
Life accident insurance is intended to cover many risks of daily life: domestic accidents (the most numerous), medical error … The exact extent of the protection will depend on the form taken out.
Any type of accident can, a priori, give the right to compensation from the life accident guarantee insurance, from the moment that permanent physical after-effects persist after the event, even if the insured is injured alone, for example when cooking or gardening.
In the event of partial permanent disability (PPI) or death, the insurer will calculate the compensation to which the insured victim of the covered accident will be entitled. The various losses retained will depend, again, on the contract taken out (physical, moral, pleasure, aesthetic damage, etc.). “Good” life accident insurance will compensate for many losses.
As the cover is customizable, the guarantees may apply to the member alone or to their entire family: spouse, partner, peaceful partner, children and more generally any dependent belonging to the household .
When to subscribe to a life accident guarantee?
By definition, an accident is unexpected and unpredictable. So, do not wait until you are over a certain age to subscribe to life accident insurance, especially since this provident product can cover, depending on the formula chosen, your whole family.
In the absence of life accident insurance, you will have to bear alone the financial consequences of a partial permanent incapacity following a possible accident, so cover yourself as quickly as possible!
Overall, know that you will be able to sign such a contract until at least 65 years old, if the policy you are targeting is “GAV labeled” (label created between insurers and intended to ensure a minimum level of protection common to all contracts).
In fact, the subscription is generally open up to 70/75 years, according to insurance companies. For example, the limit is 76 years for formulas published by La Banque Postale.
Some insurers may use the age of the subscriber to calculate the price of their life accident cover plans.
Coverage can be extended to your whole family, which is particularly interesting if you have minor children, more often subject to the risks of daily life. Some contracts even provide enhanced guarantees for children (school and extra-curricular coverage, etc.).
As with many provident insurance contracts today, it will be relatively simple subscribe to your online accident insurance. To do this, you will first need to find the best policy, that is, the one with the best coverage / price quality.
In terms of establishments marketing this product, let us mention in particular:
You will then have to request quotes one by one, either by filling out an online form (when possible on the establishment's website) or by making an appointment by phone and / or by going to an agency. The operation will be particularly time-consuming, especially since it is not easy to navigate among the formulas and levels of cover offered.
To make your life easier, reassure me, as an independent broker, offers you its online life accident comparator. The latter is 100% anonymous, free and without obligation.
We thought it very easy to use: you simply have to communicate to us, via a single form, the type and extent of coverage you are looking for. Our tool will then probe numerous contracts based on essential criteria (price, guarantees, level of compensation, intervention threshold, etc.) and will present you, in a few moments, with a selection of the best life accident insurance.
Once the best life accident insurance contract has been identified, subscribing online will be simple and quick directly via our site! You will benefit from negotiated rates for you by our teams.
Life accident insurance covers many everyday risks
Life Accident Insurance is designed to protect you and your family, against many events: domestic accidents (fall, burns, etc.), medical accidents (misdiagnosis, etc.), serious injuries during a sports or leisure activity, physical assaults, etc. You will be covered in the event of a serious bodily accident leading to PPI ( partial permanent incapacity) or death, from the moment the accident in question falls well within the scope of the contract.
In other words, minor injuries, or in any case not causing long-term sequelae, will not activate the guarantees of your GAV insurance.
The exact coverage, i.e. the risks covered, will depend on the formula chosen. The objective is therefore of course to enjoy the most complete protection, which will very often take the form of adhering to a very covering superior formula.
As an illustration, Macif offers 4 formulas, setting a progressive level of guarantees. Certain risks specific to minor children may, for example, be subject to enhanced protection (school and extra-school risks), which will not be the case in the basic formula.
The majority of basic contracts exclude professional causes (work accidents) and traffic accidents. Coverage may however, in principle, be extended to these subjects on option.
Compensation received in the event of a serious bodily injury or the death of the insured
In the event of a serious bodily accident (covered by the contract) resulting in partial permanent incapacity (PPI), death or cosmetic damage, the insured victim will receive compensation from the insurer, compensating for the various losses suffered. This will necessarily be capped, within the limits provided for in the contract.
When subscribing to your contract, you will have to choose from which level of PPI you wish to be covered. Where a basic formula will only compensate you in the event of a serious accident (resulting in at least a PPI of 30%), the higher formulas may set an intervention threshold of “only” 5 or 10% of PPI. Of course, contracts providing compensation from a lower PPI rate are more expensive, but coverage is more satisfactory.
Here are some examples of disabilities following an accident and their respective PPI rates:
- Loss of the 5 toes: 15%
- Loss of one leg: 40%
- Total loss of locomotion: 65%
- Blindness: 85%
In the event of an accident, the PPI rate will be assessed by medical expertise, after the consolidation of the state of health of the insured victim. The calculation of the amount he will receive will be operated by the insurer in compensation: the latter will be based on the losses suffered by the member and his family (financial, physical, moral, pleasure, loss of income, etc.) .
After consolidation, the insurer will have a maximum of 5 months to make a “compensation offer”. If the insured accepts it, he will receive the funds within 30 days if it is a capital. Compensation may also take the form of an annuity.
The damages retained here again depend on the formula chosen. The more upscale the coverage, the more the compensable damages will be. For example, the loss of pleasure, loss of income or suffering endured will be taken into account.
In the event of the member's death, his family will receive a death benefit (in general between 20,000 and 40,000 €) and may also benefit from compensation for the damage suffered (pretium doloris for the loss of a loved one, financial loss, etc.).
The assistance guarantees included in a life accident insurance contract
A life accident insurance contract is not limited to “simple” compensation insured victims of serious accidents. Indeed, benefits in kind, that is to say assistance guarantees, are also provided.
The latter aim to help and support the subscriber, sometimes even if the contract intervention threshold is not reached.
To find out about the assistance component potentially set up by your contract, refer to its general conditions.
The assistance guarantees provided by a life accident guarantee contract will concern:
- The insured himself: provision of a medical assistant, delivery of medicines at home,
- Relatives: childcare, school help …
Here are some examples of assistance services that can be integrated into a life accident policy:
In case of accidental disappearance of the insured, certain benefits, often included in this type of pension plan, will prove to be particularly useful, such as the repatriation of the body of the deceased, assistance in the organization of funerals or even their support …
Life accident insurance is accessible in terms of price
In return for the guarantees conferred by life accident insurance, you will have to pay a monthly / annual fee. In terms of price, this pension plan is “relatively” accessible: it will cost you on average between 10 and 15 euros per month for a single person, and between 20 and 25 € for a family.
For example, the monthly CIC accident insurance premium is € 11 for a single person, € 18 for a couple and € 22 per month for the whole household.
The amount of the contribution will not depend solely on the composition of the household and therefore the number of people to cover. The age of the subscriber may in particular be taken into account, but it is above all the guarantees included / the chosen formula which will determine the price.
The more extensive the coverage (risks covered, losses retained, compensation limit, etc.), the more the prices will rise. The intervention threshold (5, 10, 30%, etc.) will also have a very significant impact on the calculation of the life accident insurance premium.
Note that you can also subscribe to options / extensions of paid guarantees, extending your coverage. For example, you may wish to also be covered in the event of a serious accident resulting from your professional activity.
In order to obtain price simulations, think of our online accident insurance comparator! It will allow you to save precious time and ultimately save on your contributions for the level of coverage you expect.
What are the limits of life accident insurance?
The coverage you get from your life accident insurance necessarily has limits. These, which are called “exclusions”, can be general or relate only to a specific warranty.
First, the “small” accidents (type of fracture, sprain, etc.) which does not lead to permanent disability in the long term will be excluded. By extension, everyday accidents generating a PPI rate below the contract intervention threshold will also not be compensated by the insurer.
PPI following a non-accidental event (such as an illness, for example) will also not be covered.
Another limitation of this type of contract is the compensation limit (generally one or two million euros). The insured may never receive more than what is provided for in the contract, even if the damages are excessively serious and numerous.
Other general exclusions are also raised, such as accidents resulting from the practice of an extreme sport excluded by the contract, those resulting from participation in a brawl …
Of course, having terminated his contract will have terminated your rights guarantees. So, weigh the pros and cons if you want to terminate your life accident insurance…
The contract will also have a strict territorial scope: for example, you will in principle only be covered abroad for stays of less than 3 consecutive months.
In order to find out precisely the exclusions set out in your life accident insurance policy, you will need to carefully study its general conditions or at least its information document.