Accidents come in unannounced and can happen with anyone resulting from severe injuries to life-threatening fatalities. These accidents can cause hospitalization expenses to swell pretty quickly and thereby depleting one’s savings in a matter of seconds. This is what makes accident insurance policy so important as they provide coverage against unexpected expenses that can arise from accidents and provide a lump sum amount owing to the loss of employability resulting from physical impairment or death.
Some of the top reasons why you must invest in an accidental insurance policy are as follows -
As has been mentioned earlier, accidents can strike anywhere and anytime. It can lead to total or permanent disability and eventual death owing to which you can lose the source of your livelihood. The problems can get compounded further if you are the sole earning member in your family. In such cases, an accidental insurance cover is the best recourse and should thus be applied for beforehand.
In cases arising out of the loss of work or death of the earning member, an accidental insurance cover provides compensation in the form of a lump sum amount or a monthly payout, whichever is chosen. This is highly important as we cannot choose when and where an accident will strike but we can surely choose the quality of life of our family members irrespective of whether we are around or not.
Tide Over Recurring Expenses
While a health insurance can help cover the medical costs when the victim of an accident has been hospitalized but it does not cover the out-patient charges. In such a scenario, sources of income can get really bleak when the sole earning member has to make multiple visits for check-ups. Further, how will the costs of the recurring medical expenses arising out of monthly medical bills be covered? The monthly income provided by the accidental insurance cover can thus be of immense help in such a scenario.
You can also visit this topic: Why do I Require Accident Insurance When I’ve Life and Health Cover?
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. She has in depth knowledge and has written more than 1200 blogs on topics related home and car insurance. She also provide you with knowledge about home improvement and cooking.