Why Can't Personal Accident Insurance Be Purchased Anymore?(01.05.2021)

https://www.youtube.com/watch?v=3SGkhHNNKLs

A few weeks ago a client, a father of 4, asked me to insure his children with Personal Accident Insurance in anticipation of the summer activities. Unfortunately, I had to inform the client that this is no longer an options, since the Personal Accident Insurance was taken of the shelf by the Insurance Supervisor, who possesses great power in setting regulations and instructions related to insurances and finances in the economy (the supervisor is a previous The Phoenix Company employee, for those who understand the meaning).

The Personal Accident Insurance received a very bad name because of the media and unlicensed operators who aggressively pushed it onto senior citizens, and pressured them into purchasing unnecessary coverage.

At the same time, it was a convenient solution for blue-collar workers who risk themselves in physical and dangerous jobs, as well as those who didn't have access to an organized Loss of Working Capacity insurance and could use the occupational disability product with compensation for 3 or 4 years, which was sold together with the Personal Accident Insurance.

Until we wake up and realize who is really pulling the strings in regards to our well-being, we'll probably continue seeing decisions that don't exactly benefit the public.

* Since then you can now purchase Personal Accisents insurance but not in the same terms (much worse).