The insurance companies that deluge you with their insurance policy plans or your business manager might not talk about accident coverage policies at any cost, solely because the work taken to sell those policies may not yield the same results like other profitable insurance policies. But you need to consider buying a disability cover if you have a family to take care of.
Our minds are mostly lethargic and focus only on something that actively yields positive results. Most of us tend to avoid disability policy assuming it as a low rate risk, so one needs to keep in mind that insurance policies are not bought out by estimating the risk factors but the long-lasting impact it provides.
Accidents can disrupt your daily routine and make your life miserable if you are the sole breadwinner of your family. There are many expenses you might need to take care of which includes the educational expenses of your children, regular bills, medical expenses and many more. The primary goal of personal accident insurance is to take care of your expenses and eliminate your financial insecurity.
Personal accident insurance aids you with a fixed sum for the financial expenses and losses made during an accident or death so that you and your family need not have to suffer from insufficient funds. The personal accident insurance can be classified into three categories.
Permanent disability :
An accident does not only include road accidents, but it also consists of multiple other disasters ranging from kitchen explosions to drowning, from having injuries while working out to bathroom slip any major or minor injuries can be deemed as accidents.
In addition to these three categories, disability insurance often covers the risk of death as a result of an accident as well.
Temporary Disability :
This area can be suitable for a person going through a major surgery which will have him bedridden for a few weeks after an accident. Usually, a fixed sum is paid every week throughout the duration of his injuries until he is completely recovered. In most cases, personal accident insurance can also cover accidents or injuries that result in death as well.
Every sole breadwinner of their family is advised to have personal disability insurance since the risk is higher when no one else is earning in the family. It is also suggested to cover your domestic workers such as maids and drivers with the policy since they are subjected to increased risk and most of them not having sufficient funds to afford insurance in general.