Family personal accident insurance

Personal accident insurance can look cheap and attractive, but is it something you need?
We are not a financial adviser so we do not give professional financial advice. What we do is ask what we think are the right questions, and using your common sense you can decide.
We looked at the Family Personal Accident Plan provided by a large and respected insurance company. In the levels of cover section you can buy bronze cover which pays £25,000 for loss of sight in both eyes as a result of an accident. You can increase that to £50,000 or £100,000 with silver and gold cover. Now if you lost the sight in both eyes as a result of an accident such a payment would be welcome, but what are the chances of it actually happening. Such an injury is very very rare, but to you when weighing up the policy the payments look generous. That is exactly the way insurance is sold. It aims at a fear, something we feel we could not do without, and sets a premium we might just want to pay.
Looking further down the cover list we came across “Loss/loss of use of one forefinger.” The cover ranges from £2,500 to £10,000 depending on the bronze, silver or gold cover. The policy does not cover any injury, it covers loss or loss of use of a forefinger. Again we suggest that such an injury is rare, but the possibility of it happening, the fear, and the attraction of a lump sum, may look attractive to you.
The policy includes cover in the event of death, the cover ranging from £12,500 to £50,000 for an adult. Very sensible to have this cover for both parents in a family, but ask yourself what are the family priorities. The answer might be death or inability to earn. If those are the priorities then spend your money on those priorities, not on the loss/loss of use of one forefinger, no matter how good value the policy might seem.