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Gray Arrow Knowledge CenterGray Arrow personal accident insuranceGray Arrow Why do I Need Accident Insurance When I Have Life and Health Cover?

Why do I Need Accident Insurance When I Have Life and Health Cover?

If you are anything like Daffy Duck (Looney Tunes and Merrie Melodies), you definitely need accident insurance cover. However, most people don’t know the difference between an accident cover and a health insurance plan.

A health plan provides coverage for medical bills and hospital charges. The money is usually paid to the medical provider, in case it is among the network hospitals of the insurer. The plan does not solely cater to accidents, but other diseases and medical conditions as well.On the other hand, an accident insurance plan covers a broad range of accidental injuries and death. The money for recovery is usually given to the insured or the family to take care of needs arising out of the accident, injuryor death.

Why do you Need Accident Cover?

Contrary to the popular misconception, a medical insurance plan does not provide complete coverage against the losses arising out of an accident. Although some health insurance policies offer accidental riders, these are not as beneficial as a comprehensive accident insuranceplan. Even if it is, it only covers hospitalization charges, not loss of income.

An accident policy is designed to cover a number of unforeseen eventualities (although not when there is negligence). Accident plans are annual policies that provide coverage in the event of disability, injury or death; caused by accidental or violent events. This includes situations like road accidents, train accidents, or even a fall in the bathroom.

Risk Mitigation

In case you are faced with disability or are bed ridden for a prolonged period owing to an accident; your family will lose a source of income. Accident insurance cover will ensure that such risks are mitigated and unforeseen eventualities can be managed. So, buying such a policy over and above your health and life insurance plan is highly recommended. When such policies are able to permanently or even temporarily transferthe risk of disability to a third party, isn’t it more than worth the premiums?

Compensations Available

  1. The insured or the family will receive weekly compensation for loss of income associated with disability or death caused by an accident.
  2. Transportation costs for the family are also covered.
  3. Compensation is also given for cases of fracture. These are usually not covered by many health plans.
  4. When modifications are made to the house or vehicle owing to the accident, such expenses are reimbursed too.
  5. If the insured is a student, they are entitled to reimbursement of tuition fees for the period after the accident that they are unable to attend classes.
  6. On the demise of the insured due to the accident, the cost of the funeral is also compensated for; along with any other related costs.
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