As you reach retirement, you may become more vulnerable to accidents as you age. This could mean injuries take longer to heal and tremendous medical bills for treatment and recovery. Fortunately, personal accident insurance covers accidental injuries. With it, you can receive reimbursement for medical expenses resulting from accidents, payments for alternative treatment, and a lump sum payout. Continue reading if having personal accident insurance is ideal for you.
Advantages of Having Personal Accident Insurance
Every situation varies regarding personal accident insurance. Consider the following benefits to determine if having it is the right decision:
- Personal accident insurance is ideal if you’ve been previously refused a life policy because it doesn’t require any medical underwriting.
- This includes additional coverage, such as rehabilitation. It’s also a great way to supplement existing coverage.
- Traditional coverage can replace this policy when it becomes too expensive due to where you possibly live and the coverage amount you want.
- You might not have sick leave if you are self-employed. Thus, this insurance plan can protect your finances during that time.
- Lastly, this particular insurance is excellent for physically active people who could need extra coverage.
How Does the Insurance Work?
If an incident occurs and you have a disability, are unable to work, or have eyesight or hearing loss, personal accident insurance can cover you. In addition, beneficiaries receive a lump sum or monthly payment to supplement missed income. It’s also vital to understand what this specific policy doesn’t cover. Examples include dental injuries, injuries you’ve done to yourself, and injuries that occur while committing a crime or under the influence.
Is the Insurance the Right Choice for You?
As you consider whether personal accident insurance is right for you and your family, you probably wonder if it makes sense if you already have a life policy, worker’s compensation, or accidental death policy. Ultimately, this policy is suitable for you if:
- Traditional insurance is too expensive
- Paying out-of-pocket for bills due to an external accident and it’s out of the question
So, take the time to locate the policy that fits your lifestyle!
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