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Personal Accident Insurance–Do we really need it?

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Life can be quite unpredictable. While most people in the world earn a stable income or have a good pool of financial resources, some may take accident insurance policies for granted. After all, what’s the need for one of those if you’ve got a life insurance – especially when everything feels like smooth sailing.

Representationl Image via tsite.org
Representationl Image via tsite.org

Active lifestyles open your life to a whole world of disasters. You might be hale and hearty, but one fine day you might have to end up filing a claim for a disability insurance.

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Accidents don’t always happen on the road. Work related accidents are a harsh reality of life.  Sometimes, it can be a lot more dangerous than accidents outside the workplace. If you work with heavy machinery, dangerous chemicals, or biological waste, it’s imperative that you buy yourself personal accident insurance.

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Occupations like being a stuntman, a journalist, or a sportsperson increase the need for accident insurance manifold. These are professions that pose a serious threat to your life and it’s always better to take precautionary measures in case something happens to you while you are doing your job.

In the most extreme cases, where you’re involved in an accident that leaves you permanently disabled for life, leaving you unable to work and earn an income, without accident insurance your family will suffer the most.

Image via Indianotes
Image via Indianotes

Life insurance policies typically cover instances where the policyholder passes away unexpectedly, which means your family gets paid a lump sum amount after your death. But the situation is more dire when you end up severely disabled. While A car insurance policy coupled with a health insurance policy can cover you where medical bills and accidents are concerned, but they’ll only foot the bill up until a certain point.Life Insurance

If you consider all these factors, you’ll understand what makes a personal accident insurance policy so different from the life and health insurance covers and why it’s not just an extension of your insurance portfolio.

What’s a Personal Accident Insurance Policy?Insurance

A personal accident insurance policy typically covers the following:

  • Partial permanent disablement
  • Temporary total disablement
  • Accidental medical expenses
  • Accidental death

The fact that they have low premium rates in contrast to life insurance covers makes them all the more appealing and a rather worthwhile investment in the long run. Term insurance policies usually offer coverage for a specific period of time, but the tenure of a personal accident insurance policy can encompass the rest of your life, and ensure a steady flow of cash should you ever get into a fatal accident.Accident insurance

The added benefit of not undergoing cumbersome medical tests and presenting lots of documents streamlines the application process and makes it practically hassle-free and ensures the future security of your family.

Why Is It Essential and What Makes It So Different?

What makes accident insurance such a good investment is the fact that you and your loved ones are guaranteed a stable income even when you’re not in a position to go to work.

Accident insurance1- disable

A good example of this is the Personal Protect Accident Insurance,which offers a 100% capital sum in the event of permanent disability, like if you lose your limbs or your eyesight. It doesn’t matter if you’re already paying off a home loan, car loan or any other financial liabilities – irrespective of your age, you should definitely opt for an accident policy as early as you can.

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The plus side to this is that hospitalisation expenses are covered too, even for injuries that are the result of being victimised by various acts of terrorism. Hospital daily allowances are provided as well if you opt for this kind of policy.

What Is Not Covered By Personal Accident Insurance?

There are a few things that personal accident insurance does not cover. For example, if you attempt suicide or are involved in a war or invasion and get injured in the process, then you cannot claim accident insurance. Other exceptions include accidents that happen as a result of taking drugs, drunken driving, or willingly exposing yourself to a myriad of dangers while taking part in activities like skydiving, scuba diving, and mountain climbing.

PADI Scuba Diver
PADI Scuba Diver

When is the right time to invest in such a policy? The simple answer? As soon as you start earning. It’s much better to safeguard your future at an early age and rest assured that you’ll receive financial assistance when you need it the most.