Accidents can easily hurt your pockets. Unfortunately, no one can ever foretell when and how the accidents will happen. You can try your best to avoid the accidents, but when they strike, they come with a lot of devastation. As such, one can easily hedge against the adversity arising from such cases by taking out personal accident insurance.
Taking personal accident insurance transfers a little bit of the burden to insurers. Interestingly, you will pay little premiums which will save a lot of inconveniences in the event of a disaster. Further, common medical insurances might not cover the desired aspects of emergencies that arise. For instance, the policy might not cover outpatient services which might be important for minor accidents.
In particular, personal accident (PA) cover comes with unique benefits some of which include:
Interestingly, common medical insurance usually covers medical expenses for inpatient coverage. Therefore, if your child got injured from a minor accident, you will need cash from your pocket for consultations. However, PA insurance covers outpatient medical bills, including consultations with the doctor. As such, this could save you additional medical expenses.
Cover against risks of infectious conditions
As a result of accidents, one could get infected by a dangerous condition like Zika. For common medical expenses, one will only receive coverage for medical bills. However, PA insurance will ensure that the patient gets the essential care in case of an infection. Further, apart from insuring children against accidents, the policy ensures children are safe from hand, foot and mouth diseases (HFMD).
Insurance against permanent disabilities
In case of an accident that disables the policyholder, PA insurance can provide an income per an agreed period. For instance, one could get a monthly or weekly stipend to help cover basic needs. It is quite unlike health insurance which covers the medical expenses accrued. Therefore, personal accident insurance is quite comprehensive when it comes to accidents.
Health insurance does not provide cover beyond death. It is because it strictly covers the costs that arise from hospitalization. On the other hand, personal accident insurance (PAI) goes above and beyond death. In case an accident results in the death of a policyholder, the insurer will compensate the next of kin in a lump sum.
Accidents do not choose where and how to happen. In case your child gets hurt in a place far from a hospital, you could get medical evacuation under PAI. Interestingly, this is just of the many beneficial riders that the policy avails to the policyholder. As such one might be able to save your child by expediting access to medical attention.
Child education benefit
It is one of the most critical riders that PAI provides to policyholders. Once a parent or both parents die via an accident, the children will get education benefit. It is to say that when parents take PAI, the insurer will take care of critical financial responsibilities on their demise.
Personal accident insurance majorly differs from health insurance in that it offers comprehensive accident cover. If a policyholder slides into temporary disability due an accident, the policy provides mobility aids. Interestingly, the mobility aids will remain with the policyholder until he/she is fit to walk again.
If one gets involved in an accident and gets hospitalized, it is apparent that they cannot work. As such, one will not be able to generate any income to sustain his/her dependents if any. Fortunately, PAI offers a hospital benefit given out on a daily basis. Therefore, one will stay in the hospital with total peace of mind.