Very few things in life can be predicted with absolute certainty. Most of the time, we face the possibility of running into unexpected circumstances when we are least prepared. A sudden bill at the door…a relative falling ill – these unpredictable occurrences are a natural part of life. While we do learn to cope, things can get especially hard when we ourselves are the victims of an unexpected occurrence, such as an accident. Meeting with an accident can lay the best made plans to waste. Your finances too may be thrown off track as quite often, the aftermath of an accident might see you left unable to go to work – temporarily or permanently.
Now, there is hardly anything that we can do to protect ourselves a hundred percent from mishaps. However, you can keep yourself financially secured in the event of such a calamity with the help of a personal accident insurance policy.
Interested to know more?
Read on to discover 4 major reasons why you need to purchase personal accident insurance today.
- Coverage for death
If the policyholder unfortunate passes away due to an accident, their nominee gets paid 100% of the sum insured. This payout can help your loved ones keep a home, pay off any existing debt, and stay financially afloat if something unfortunate happens to you.
- Coverage for disability
An accident may unfortunately leave you disabled and hamper your ability to go to work. In such a situation, your personal accident insurance policy will offer you a payout that can function as income replacement. A personal accident insurance policy will cover you for permanent partial disability, permanent total disability, and temporary total disability – note that the payout for each of these types of disability may vary.
- Loss of employment benefit
Leading insurance providers often cover you for loss of employment due to an accident. This coverage is generally offered in cases where the policyholder loses their ability to work and earn due to the loss of eyesight or limbs in an accident. The extent of this benefit will be specified in your policy details and can vary between insurers.
- Education benefit
A personal accident insurance policy also generally covers the education costs of dependent children. This benefit is also generally given when the insured individual suffers from certain disabilities – such as the loss of limbs – in an accident. It is also generally paid out if the policyholder passes away due to an accident.
As we can see, having a personal accident insurance policy truly holds many benefits. For a small premium, you get good coverage that offers you real peace of mind. You no longer need to spend sleepless nights worrying what will happen to your family if something unfortunate befalls you. If you are the sole breadwinner of your family, make it a point to discuss personal accident insurance coverage with an insurance provider or agent today.
Hope this article has helped you.