Tuesday, November 19

What does a personal accident insurance policy cover?

Accidents and injuries can disturb the peace within a family. Though not popular as a health insurance policy, personal accident insurance has its own importance that can’t be disregarded. Major accidents can, unfortunately, lead to partial or total disability. This, in turn, could hamper the ability of the individual to earn, thereby affecting the lives of the family members too. In such cases, life insurance isn’t of much help as it doesn’t provide the required coverage. Whereas health insurance plans cover only the hospitalization charges. In such cases, to keep yourself and your family members secured from the unforeseen circumstances of life, personal accident insurance can be of great help.

So what does a personal accident insurance policy cover?

A basic personal accident insurance policy usually provides coverage against death and permanent total disability. In order to get yourself insured against temporary disabilities, you might have to resort to purchasing a comparatively expensive policy. It is advisable for individuals to purchase policies that provide coverage against temporary disabilities too, as such disabilities can hamper your regular income for a short duration.

A good personal accident insurance policy covers both major accidents and minor injuries. Unlike medical insurance plans, the premiums for personal accident insurance do not depend on the age of the insured. The premiums are decided by taking into account the profession and the income of the individual.

Benefits of personal accident insurance policy

  • We all know that accident and injuries can’t be predicted. Not only does it bring physical trauma but also takes a toll on the financial stability of the family. Hence, personal accident insurance policy becomes crucial as it protects the family from medical expenses.
  • personal accident insurance policies have worldwide coverage and have easy claim methods
  • It doesn’t demand any sort of medical test or documentation
  • The support service for the personal accident insurance policy is easily accessible

However, it is to be noted that a personal accident insurance policy does not provide tax benefits. Few insurance providers might exclude certain individualsbelonging to high-risk professions.

For the primary earners of the family, it is imperative to purchase a personal accident insurance policy. Considering the uncertainties of life, it is better to keep ourselves prepared in order to avoid challenging circumstances. Lastly, it is extremely essential to understand the terms and conditions of a policy before purchasing it, in order to avoid any inconvenience in the later stage.

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