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Why should you buy a personal accident insurance

by wooledge

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We all know that uncertainties may strike our perfectly peaceful lives without warning. As we can’t stop that from happening, it is wise to stay prepared for the worst situations. This is why investing in a systematic investment plan is a must. An accident insuranceis purely meant to help you handle such situations. It keeps you financially prepared to effectively cope with such eventualities.

Often many of us feel that just having a life insurance is more than enough for the security of our future. This is where we overlook the many benefits that a life insurance may not provide us. Though a life insurance is an important investment plan to secure us, you need to make the security foolproof by opting for a personal accident insurance plan as well. An accident insurance covers aspects that a life insurance may eliminate like loss endured due to air and rail accidents, terrorist attacks and earthquakes. This makes cover against perils to your life comprehensive. The other benefits you can avail with an accident insurance include –

• Death benefit is an important cover that most of the policies offer. The same is the case with accident insurance. Providers understand that coping with the loss of a near and dear one is all the more difficult if the person lost was the bread winner of the family. Hence, the dependents left behind need adequate financial assistant to cope with the daily expenses and other requirements of life. While the emotional loss is irreparable, the policy offers the sum assured to the nominee of the policy in case of death of the insured due to an accident.

• Not all accidents result in death; some have even worse consequence like temporary disability, partial disability, total disability etc. This once again puts your family in a crisis situation. Nursing of the patient and meeting the other requirement of life can get difficult with no regular income. Hence, accident insurance also offers cover in case of permanent total disability, permanent partial disability etc. Coverage is also provided in case the insured loses sight of vision or suffers permanent disability due to acts of terrorism.

• A sudden tragedy and financial crisis in the family, easily affects the education of the children. This is why a personal accident insurance offers education fund for dependent children, as per mentioned in the policy, so there are no hurdles in the education of your child.

• An accident insurance plan is absolutely flexible and can be customised as per your requirement. The consumer has the liberty to choose the sum assured and duration of the policy. Mostly, the premium is decided as per your risk assessment and the amount of money you want to be insured for.

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