You recently were in a car accident. Due to severe injuries, the doctor recommended that you stay at home. Your family has been dipping into the savings account to pay for your medical bills. There isn’t much left and now you are worried how the rest of the medical expenses will be paid for. This is where personal accident (PA) insurance comes in.
This annual provides compensation for disabilities, injuries, and death that was caused by violent accidents. The benefits offered under this policy are quite different from health insurance and life insurance. As the name says, the policy can be bought for an individual but family policies are available to. One of the best things about the insurance policy is that it provides protection worldwide and around-the-clock.
Before we proceed to the reasons why you should by this insurance policy, let’s have a look at what type of coverage is provided under it:
Accidents Covered Under Personal Accident Insurance
Accidental Death or Dismemberment
- Accidental life loss
- Partial or total and permanent eyesight loss
- Partial or total and permanent hearing loss
- Partial or total and permanent loss of limbs
- Total and permanent speech loss
- Legs and arms
- Fingers, thumbs, and toes
- Sternum or collarbone
- Elbow and kneecap
- Foot, hand ankle and wrist
Do not confuse personal accident insurance with accidental death insurance. The former insurance policy provides medical expenses and a few other benefits based on the injuries mentioned above, whereas the latter insurance policy provides benefit payment to the family of the victim who lost his or her life in the accident. Personal accident insurance is mostly given to people over 70.
Injuries Not Covered Under Personal Accident Insurance
- Dental injuries
- Self-inflicted injuries (suicide)
- Accidents that occurred due to a prior illness
- Injuries that the victim received while he or she was committing a crime
- Injuries that were caused under the influence of alcohol
- Injuries that were caused by to a condition due to a previous injury
10 Reasons Why Personal Accident Insurance Is Worth It
Medical Expenses Coverage
People with health insurance and personal accident insurance have it quite easy. The former policy covers medical expenses to a certain extent. If you still aren’t financially stable to make the rest of the payments, then you can use the latter insurance policy’s coverage. Not only will it pay for the remaining medical expenses but it will also cover rehab.
Medical Underwriting Is Not Required
As mentioned earlier, this insurance policy only covers severe injuries, which is why you don’t need any kind of medical record to prove your injury. In fact, if you are not eligible for a life insurance policy, you can get protection and several benefits from this policy.
Peace of Mind
If you have a job that puts you at risk of severe injuries, then this insurance policy provides you with extra protection. After all, you never know when and where danger might befall you.
Personal accident insurance has a low premium… lower than other insurance policies that offer somewhat the same benefits. The premium can be as low as $15, depending on the type of coverage you choose.
Gives You Financial Freedom
Dismemberment can put you out of commission. There’s a possibility that you might never work again. This policy offers you financial assistance until you get back on your feet anyhow.
Provides Coverage Well into Retirement
Depending on the term length you choose, this policy can offer you financial assistance until your retirement. In fact, you don’t have to worry about dipping into your personal and retirement savings or paying for medical expenses. You can use your savings to travel the world and experience new things.
If you are a freelancer, then you don’t have to worry about being financially unstable after being in an accident. This insurance policy will protect your finances.
Tax Deductible Premiums
Does the premium expense come out of your pocket and not through the employer? Then you can claim the premiums on your personal taxes.
Let’s assume that after your accident, you suffered from total and permanent speech loss. This makes you eligible for permanent benefits that you can take advantage of for life.
You Choose Your Own Payment Methods
Another great thing about this policy is that you have two options when it comes to claiming the coverage: you can either ask for the total amount of your medical expenses upfront or you can opt for monthly payouts that you receive in the form of living expenses. Most people choose the latter because it allows them to maintain their finances. They say, “Out of sight, out of mind.” Having the entire amount at once in your hand can be quite difficult to manage. Speak to your insurance provider before choosing any one of the options. He will be able to make a clear decision based on your needs, wants and lifestyle.
Accident insurance policy does not just pay for your medical expenses but also life and home alterations. For example, after the accident, you are wheelchair bound. In order to go to work or anywhere else, you need special equipment. Any modifications to your car or house such as a ramp and support bars can be provided this policy. Do ask your agent how the policy can cover these expenses.
Visit Pawson now to talk to a professional and qualified agent. The company offers various forms of insurance policies, which include whole life insurance, personal accident insurance, car insurance, term life insurance, universal life insurance, and more. To know about the rest of their policies, contact them at 203-481-8898.
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Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. Statements on this website as to policies and coverages provide general information only. This information is not an offer to sell insurance.