Advantages of Personal Accident Insurance

Accidents can happen at any point of time in your life and the impact can be devastating. Personal accident insurance coverage would help you overcome financial challenges confronting you under these circumstances. Personal accident insurance offers help to you in the event of an accident that results in injury, disability or illness.

In this article, we will briefly discuss the benefits of personal accident insurance policy and how it helps the insured person from financial hardship.

Who is personal accident insurance meant for?
Personal accident insurance is highly recommended for people working in construction, heavy industry, mining, self-employed business people, etc., where people are at high risk of getting involved in accidents.

Insurers assess the risk to each prospect and then fix the premium. For this, they consider the person’s standard of living, the state of his health, hazardous nature of his employment, etc.

Advantages offered by personal accident insurance

  • Covers the risk to the insured as well as financial dependents

This insurance covers the policy holder and those financially dependent on him such as children, parents and others. In case of death of the policy holder in an accident, the policy holder’s dependents get an amount as death cover. Likewise, if the policy holder gets injured, a fixed amount is paid. In the event of partial disability, for example impairment of hearing in one ear, part of the sum assured might be paid in the form of monthly amount.

  • Compensates hospitalization fee

Sometimes, even a short stay at hospital can cost you hundreds of pounds. Personal accident insurance reimburses the cost of your treatment including medication and hospitalization. For this, the policy holder has to pay additional amount while paying premium.

  • The coverage is global and is paid in host country’s currency

Personal accident insurance offers accident coverage regardless of the place of accident. In other words, even if the person affected is from a different region of the globe, the coverage is valid. For example, when a policy holder from country A working in country B faces an accident and has had purchased personal accident insurance in country A, the policy holder will be paid the coverage in currency of country B.

Life is invaluable and you cannot predict accidents or illnesses. Neither can you prevent them. They can occur at workplace, on the road, or at home. But you could cover the risks involved by being sensible and purchasing personal insurance cover of right sum.