Understanding The Benefits Of Accident Insurance
Imagine stepping out of your house to reach work one morning
, walking to the train station, and meeting with a totally unforeseen accident that forces you to be bed-ridden for a prolonged period of time. What of your work? What of your family who depend on you? What of their financial needs? These are the times when accident insurance can come to your rescue. In life, the mantra we often use is to hope for the best while planning for the worst. Investing in an accident insurance plan is a case of planning for the worst. When you buy yourself accident insurance, youre essentially attempting to protect your loved ones in a scenario where you might lose your life or get physically impaired, temporarily or permanently.If youve spent some time with a financial planner, you will find that the insurance needed usually outstrips your existing insurance cover. Importantly, you will also understand how expensive it is to get the additional insurance cover you need. Accident insurance provides you with a great way of meeting these higher insurance needs at a fraction of the cost. At the same time, its key to note that it offers a rather different kind of coverage.
If you buy accident insurance, the policy generally covers you against death, temporary total disability, permanent total disability and permanent partial disability. It provides financial security to your family in all of these instances. If the accident results in permanent disability or death, the insurance company typically disburses the complete sum assured. If the accident results in a temporary disability, the insurance company usually disburses approximately 1% of the assured sum every week over a period of a year.
While it is always a challenge to place a value on someones life, it is still important to arrive at suitable figure for cover. This is pegged at approximately 72 times a persons monthly income during employment. The different types of accident cover you can opt for are those that cover accidental death only, those that cover permanent partial disablement, permanent total disablement and accidental death, and those that cover permanent partial disablement, permanent total disablement, accidental death and temporary total disablement.
Remember to do your research on the different insurance service providers rather than going for the first accident plan that you come across. Do your homework, look at the fine print and consult an insurance advisor to clear any doubts that you may have. Hopefully, youll never need to use that policy!
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