Personal accident insurance covers the insured against accidental death, disfigurement or paralysis. You can purchase personal accident insurance from many companies as either a permanent insurance policy or as a temporary policy prior to an event. A good example of this would be credit protection insurance. Typically, you take out insurance against death or injury that may cause you to lose your job or leave your family unable to repay a loan. This policy will only be valid for the duration of the loan term. Once the loan has been paid off, the personal accident insurance policy will expire. Many financial institutions like banks offer income protection policies. Many insurance companies who offer personal accident insurance plans will allow clients to add multiple people to the same policy, often at minor cost or even free.