We never know what plan life has for us, and we must be prepared for uncertainties at all times. The rising popularity of health insurance and life insurance is a direct result of people realizing how important it is to be ready for life’s adversities. However, not many are aware of the policy for personal accidents. This insurance policy provides a policyholder’s family with financial stability in case of the insured’s untimely demise or disability due to an accident.
The insurance policy for accidents covers the expenses that most other insurance covers cannot. For example, in case of disability after an accident, the health cover only provides expenses for your hospitalization. However, the accident cover offers you and your loved ones financial security if the disability causes you to lose your job or bars you from earning. If anything like that happens, you will need to have a decent amount of money to cover the required expenses of your family. Buying a personal accident insurance policy can help you with that and make your family’s life more secure.
What does the personal accident insurance cover?
A personal accident policy offers two covers that include disability and death. The disability cover is provided for both total and partial disabilities. Both major and minor forms of accidents are covered under the policy. The insurance policy also covers partial or total disability. Some insurance plans offer temporary disability cover, too, as it may result in loss of income. However, you need to ensure that your insurer has that cover, as basic policies do not cover it.
When it comes to minor accidents, you need to make sure that your insurance provider covers the most common forms of mishaps like fractures due to a bike accident, falling from the stairs, and playing sports.
The benefits of a personal accident insurance policy
In a family of single earners, the effects of an accident can be devastating. Apart from demise, even permanent or temporary disability can hurt a family’s financial situation. If you buy a personal accident insurance policy, then you can protect your family from that. There are other benefits of the policy too. Here is a list of a few of them:
- Security of family
- Medical tests are not required
- Low premiums
- Cover for the entire family
- A claim can be made easily
- Double benefit for death
- 24×7 customer support
How to buy the right personal accident policy
When you decide to buy a personal accident policy, there are a few things to consider before settling for one. Firstly, you have to decide whether you need an individual or a family plan. You must also make sure that the premium you pay justifies the cover offered by the insurer. The policy provider’s profile is another thing to consider. You should check their business history and learn about their reputation. Compare the inclusions and exclusions of different insurers before making the final decision.
The financial security of your family comes before everything else. You must do everything in your power to ensure that they do not face any financial difficulty if something untoward happens to you due to an accident.