What is Covered under Personal Accident Insurance? 1

We never know what plan life has for us, and we must always be prepared for uncertainties. The rising popularity of health and life insurance directly results from 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.

Personal Accident Insurance

The accident insurance policy covers the expenses that most other insurance covers cannot. For example, in case of disability after an accident, the health cover only provides payments 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 a decent amount of money to cover the required expenses for your family. Buying a personal accident insurance policy can help you and make your family’s life more secure.

What does 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 full disability. Some insurance plans offer temporary disability cover, too, as it may result in loss of income. However, you must ensure your insurer has that coverage, as basic policies do not cover it.

When it comes to minor accidents, you must ensure that your insurance provider covers the most common 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, you can protect your family. There are other benefits of the policy too. Here is a list of a few of them:

How to buy the right personal accident policy

When buying a personal accident policy, consider a few things before settling for one. Firstly, you must determine if you need an individual or a family plan. You must also ensure that the premium you pay justifies the insurance coverage. 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 they do not face any financial difficulty if something untoward happens to you due to an accident.