What is accident insurance and is it worth it?

When we talk about insurance, a vast majority of people would instantly think about life insurance. There would be some that would think about property insurance or car insurance, but there isn’t quite a lot who would think about accidental insurance. 

Some may argue that accident coverage is already part of life insurance, and while that’s true, accident insurance is a distinct type of insurance that can help you in times when you yourself would need it the most.

So what really is accident insurance and is it worth it?

What is accident insurance?

Life insurance provides your beneficiaries with the value of your claims benefit if you have died or have been made disable due to several reasons including accidents. However, with an accident insurance, you yourself will be able to receive your claims benefits following an accident. 

Health insurance, on the other hand, will be able to cover for medical expenses related to your accident including hospitalization and medical procedures. Aside from the fact that there are also non-coverable expenses with most health insurance plans, another area that is often overlooked is that if you met an accident, you will need to recover, and thus unable to work. And this is where accident insurance can help you the most.

An accident insurance plan such as addresses the shortcomings of both life insurance and health insurance, such as your need to recover financially after an accident.  Your lost wages can be covered by an accident insurance, allowing you to focus on recovery without worrying on how to pay for foods, utility bills, loans, amortizations, and even uncovered medical expenses. An accident insurance will allow you to put your health first.

There are many different types of accident insurance. For example, Palawan Pawnshop’s Protektodo Insurance comes in different plans, which some focused on providing education benefits to an insured’s beneficiaries. It also has accident insurance plans that covers not only the principal, but also the spouse and children. There’s an accident insurance plan for your specific needs.

Is accident insurance worth it?

Most would say that health insurance plan is the most important of all as this is something that the insured will be able to benefit from while he or she is still alive. There are also some people who need some convincing in availing a life insurance policy that is seen as largely beneficial for the beneficiaries and not the insured. But for a lesser known insurance policy such as accident insurance, even more convincing is needed. 

Here are a couple of reasons why you should consider getting an accident insurance:

  • Accidents are bound to happen. Even if you think that your risk profile is low, accidents are still bound to happen unexpectedly. In fact, the very nature of an accident is that it is unplanned. Life insurance will help your beneficiaries in case you die or is permanently disabled. But those who are fortunate enough to live through an accident, you will also face the challenges of lost wages, uncovered medical expenses, and the like. With an accident insurance, you can focus solely on recovery, and not worrying about these things.
  • Accident insurance helps you recover in more sense that one. After an accident, it’s not only your physical and mental well-being that’s at stake. Your financial health is also on the line as health insurance will not be able to cover for everything. With the help of an accident insurance, you will have enough help to be able to save yourself from huge out-of-pocket expenses, that you would have otherwise need to take out from your savings.

An accident insurance plan complements both health and life insurance. It helps you cushion the financial impact of an accident, and this is something that you can enjoy as you take a step forward after triumphing over an unfortunate event. 

You may be interested in: Your Responsibilities and Rights After a Car Accident