What Should You Know About Personal Accident Insurance?

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Living a fast life has its benefits but it also brings a lot of risks along with it. Life is unpredictable as we know it and we should always be prepared for the worst. Accidents can be fatal and can cause a lot of damage to you, both physically and financially. While we cannot prevent all the accidents, it is best to get a personal accident insurance plan form a trusted insurance agent or company.

What is personal accident insurance?

Accidents cannot be foreseen and prevented all the time. They are unpredictable. But we can be prepared financially so it doesn’t become a burden on us. It is a policy that protects you financially by giving you a lump sum in case you meet with a fatal accident or become permanently disabled. In other words, it provides stability to your life by compensating you financially for the unfortunate accident that you met with. This not only helps you but helps your family members. After all, at least they don’t have to worry about the expenses. Moreover, the policy covers accidental hospitalization charges as well.

What does personal accident insurance cover?

Well, most of the scenarios are covered by this kind of policy. They cover- disability due to accident, accidental death, daily allowance when hospitalized, accidental dismemberment, expenses for treatment and even cover any injuries caused due to an act of terrorism. To say the least, Personal Accident Insurance is the policy that will not drain you or your family financially, in case you meet with an accident.

What are its benefits?

There are numerous benefits to getting a personal accident insurance. It is more important these days when we all are living our lives in the fast lane. When a member of the family meets with an accident that injures them gravely or causes disability, the entire family is stripped of their wealth and money. All of that goes into the treatment of the person. Personal accident insurance covers that so your family can lead a normal life. Some other benefits of personal accident insurances are as follows:

  1. Customizable – Some personal accident insurance policies can be adjusted or customized to your needs. In other words, you can always omit the aspects that you feel are unnecessary. Likewise, you can include the ones which you think would be useful. It can be done by paying a little extra premium. This way, no company can impose their policies on you.
  2. Less paperwork – For availing personal accident insurance, there is very little paperwork needed. The formality here is kept to a minimum in most cases.
  3. Double indemnity – In case the policyholder meets with a fatal accident while travelling in any kind of public transportation, his or her family would become eligible for double indemnity.
  4. Easy on your pocket – Today, the personal accident insurance policies offered by companies online are far more economical. They offer a lot of discounts to their customers. Also, these companies provide huge covers for a very basic premium amount.
  5. Other areas – Another lesser known benefit of personal accident insurance is that the policy covers funeral expenses and legal expenses as well.
  6. Medical expenses – Last but not the least, personal accident insurance policy covers all the medical expenses that you might need if you meet with an accident.

Why you should opt for personal accident insurance?

A lot of people think that having a health insurance and a life insurance means that they do not require having a personal accident insurance. However, that is completely wrong. Life insurance gives a death benefit to the nominee of the passer away and the health insurance provides the person with a compensation of the medical or hospitalisation charges. Personal accident insurance does all that but it also makes sure that your family’s financial condition is not ruined in any way. Neither health nor death insurance will provide financial aid in case the insured person is permanently disabled after meeting with an accident. That is where personal accident insurance comes in.

Who is eligible for it?

There is no age limit for availing a personal accident insurance. However, advisors suggest that people should opt for it in the early stages of their lives (when they start working and earning) because that way they can protect their entire savings and pass it on to their family members without having to use it pay for medical and hospital expenses.

How much personal accident insurance is enough?

Human life is invaluable and therefore, there is no such thing as enough insurance. However, the right approach is to opt for a policy that is at least 100 times that of your monthly salary. That way, all your medical expenses and other liabilities will be covered. The above information is important so you can choose a personal accident plan for yourself and your family members after knowing everything there is to know about the policy.