Accidents and unfortunate events are most often unexpected. Their consequences will more or less negatively affect a person’s life to a certain degree, which decreases their quality of life not just for that person but also for their family. Life’s unpredictability is the reason why people get personal insurance such as personal accident and life insurances in the first place.
However some of you may ask, do I really need insurance? Is it worth paying for something that may never happen? Well, let’s talk about it.
What is personal accident insurance?
Personal accident insurance is a policy that offers compensation in case of injuries, disability or death resulting from violent, accidental, visible and external events. This basically means if you are injured or died from an accident, the policyholders from your insurance receive a tax-free lump sum as compensation.
Who needs personal accident insurance?
Most people can apply for this insurance. However, personal accident insurance is suitable especially for sole breadwinners with many dependents. This type of insurance also suits people with jobs that include light operating machinery and manual work. If your employer doesn’t offer it, you can apply for personal accident insurance too.
What does personal accident insurance covers?
Besides injuries and death from an accident, personal accident insurances also offer several coverages. Permanent total and partial disability, medical expenses, funeral expenses and hospitalisation benefits are all part of the personal accident insurance coverage.
What are the exclusions?
Does this insurance sound good so far? Unfortunately, not everyone can apply for it. Not all accidents and deaths also apply in this insurance. For example, death by war, suicide and involvement in unlawful activities are excluded. If your occupation is hazardous (enforcement officers, divers, and pilots), you may not be eligible for personal accident insurance too.
Do you need it?
It all depends on you and your situation. However, for most cases, there are no disadvantages in getting personal accident insurance. It’s like a financial safety net for both you and your family in the worst case scenario.
Interested in getting personal accident insurance? Check out https://www.rhbgroup.com/products-and-services/personal/insurance!