Facts about personal accident insurance
Insurance policies are of many types these days. They are differentiated from one another on the basis of the areas they offer to cover up. For instance, there are insurances that provide coverage for the medical bills; health insurance. Also, there are insurances that offer coverage if any loss has been incurred due to fire; fire insurance. Similarly, there is personal accident insurance that offers to cover for the expenses that are incurred by the individuals because of any accident. The amount of claim that is associated with this can either be obtained as a lump sum amount or as a periodic sum. There are many facts about these that are unknown to the common man. Discussed below are a few of these facts.
Benefits
Personal accident insurance (we Danes call it Familie Ulykkeforsikring)offers coverage in all major accident related situations and this is inclusive of broken ankle, broken arm and so on. This means that the claimants do not have to wait until any serious injury happens. Serious injury here refers to major bodily injury that is caused by huge accidents or even death of the insured. Furthermore, the claimants can be assured of a regular income or a one-time income; depending on the choice they have made to get hold of the claim amount.
Costs
A part of the personal accident insurance called the accidental death insurance is found to be a very inexpensive one. This is due to the fact that the insurance providers are very well aware of the fact that frequency of the death by accidents is less when compared to the death that is caused by some kind of illness.
Misconceptions
Personal accident insurance does not make payments for extended periods. Furthermore, this insurance policy only pays in case a limb of the individual is lost or broken. The majority of the accident insurances make payment in percentages. For instance, full 100 percent coverage in case of death and only 25 percent in case the individual loses their thumb as well as the index finger on the same hand. Also, if the individual loses both their eyes, then they can claim the full 100 percent.
Considerations
It is a general observation that personal accident insurance is purchased by the individuals in order to supplement their already existing coverage. This means that if an individual is injured because of a car accident, the individuals can get money from the car company as well as from their personal insurance policy.
Age
Age is an important factor that is considered by the companies that are offering personal accident insurance. As mentioned earlier, the individuals need to break a limb in order to get their hands on the amount of claim. As the individuals grow old, their bones weaken and become like a glass that breaks even with the slightest of jerks. Thus, in such situations, the company refuses to give insurance coverage. This means that the younger the individuals are the faster can they make the claim as well as enjoy the benefits.
The above discussion clearly explained various aspects that are very closely related to the personal accident insurance. So, do read these before purchasing one of these.
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