We’ve all heard the saying, “accidents happen,” but planning ahead can help your family feel prepared in the case of unexpected injury. We often don’t think about the accidental injuries, or even the accidental deaths, which may happen during the course of a day. Supplemental accident insurance allows a person to be better prepared for such unexpected events. Accident insurance can provide benefits in event of sickness or death.
To better understand accidental insurance, MoneyMindz, Financial Advisory Portal advices every individual to go through this simple article and learn the significance of one of the most important financial product, ‘Accidental Insurance.’
Accident medical insurance products can serve both as a reimbursement and an indemnity insurance policy. Expense reimbursements paid are for actual charges or up to the maximum amount stipulated per selection. Accidental death benefits can help a family meet their continuing needs after a death occurs. The death benefit is increased if the accidental death occurs on a common carrier such as a commercial airplane or subway system.
Accident plans often feature a flexible plan design so that an employee can choose the coverage that best meets their needs. Coverage is available for both on and off-job accidents, and several optional riders are available to allow and employee to opt for increased protection at an additional cost.
Accident benefits are usually guaranteed renewable for life, as long as premiums are paid when they are due. They are also portable so that the employee can take coverage with him once they change jobs or retire. Premiums generally remain level and do not change based on age or occupation.
Consider some of the following benefits:
• Additional Coverage: This includes much of what might not be covered by health insurance, such as rehabilitation, and is a great way to supplement existing coverage.
• No Medical Underwriting: If you’ve been refused life insurance in the past for whatever reason, personal accident insurance is a great option as it usually does not require any medical underwriting.
• Inexpensive: Policies can be incredibly inexpensive due to factors like where you live and how much coverage you want. Additionally, personal accident insurance is an appealing offer for when traditional coverage is too expensive.
• You’re Self-Employed: If you’re self-employed, you may not have sick leave; personal accident insurance could protect your finances during that time.
• Peace of Mind: Taking up scuba diving in your golden years? Want to hike the Appalachian Trail?
How Does Accidental Insurance Work?
- In the event of an accident, accidental insurance covers you if you become disabled; unable to work; or have a defined injury, such as loss of eyesight or hearing, and fractured bones.
- Beneficiaries are paid either in one lump sum or on a monthly basis to supplement missed income.
- There are other benefits in addition to those mentioned above, including the fact that premiums are tax deductible. Check the terms of each policy you consider to learn more.
Is Accidental Insurance Right for You?
As you consider whether personal accident insurance is right for you and your family, you’re probably wondering whether it makes sense if you already have policies such as life insurance, accidental death, or workers compensation.
Accident insurance may be the right choice for you if:
• Traditional coverage is too expensive
• Paying out-of-pocket for bills that result from an accident outside of the workplace is out of the question
Take the time to find the policy that fits your lifestyle. Smart Financial Adviser, Kuber Mindz makes it very simple & easy to choose the best accidental insurance letting you live a happy and carefree life with your loved ones.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.