Despite our best efforts to prevent them, accidents do occur every now and then. Accidental death or injuries involve substantial expenses towards post death arrangements or health care treatments. More often than not the victims find it quite difficult to meet such huge expenses with their limited resources. Accident Insurance Policy is the tool that enables them to handle such situations effectively.
A personal accident insurance policy covers you against an accidental death. It also covers you against the permanent partial disablement and permanent total disablement that can be the unfortunate consequence of an accident.
Ordinarily, such personal accident schemes are standardised. For example an accident insurance policy would provide a cover for a sum of £100,000 in case of death and permanent total disablement, and will also provide you with financial relief in case of partial total disablement. You can also be protected against loss of income, due to the injuries that you have sustained during the accident. Your mortgage liabilities may also be protected.
Compensation is paid to the nominee of the insured person in case of death by accident, or to the insured person himself in case of permanent total or partial injury. There are also certain standard eligibility criteria for accident insurance policies, and ordinarily, a beneficiary should be within the age group of 18-70 years in order to take out such a policy.
An accident insurance policy is annually or periodically renewable. The major benefits in taking out an accident insurance policy would be the cover that you get for the huge expenses that you would be incurring while being at the hospital, and for the specific treatment that you would need for your injuries. Depending upon the cover that you have taken out, your accident insurance would cover the expenses for the treatment of dislocations, fractures, eye injuries, broken teeth, paralysis, burns, lacerations, concussions, and others, and pay for the transportation cost of the ambulance as well. The policy would also cover your treatment expenses in an ICU, if that is required. Your accident insurance policy will also bear the expenses for your post trauma treatment.
Meeting with an accident, may put you permanently out of work. Your earnings would stop, and yet you would need to maintain your family. In actual circumstances, when we are having a good going, we never consider such events in our lives, where the worse thing can happen to us. Being disabled is worse than death, and it should be the priority for any individual to note that, when taking out an accident insurance policy. At the same time, such a policy is needed to protect the very survival of your family, if you should meet with a fatal accident. To apply for an accident insurance policy you will require filling out a form issued by the provider company. You may have to furnish the following information for the purpose -
Your name, address, and company name and telephone number, date of birth and other details about you. Date of employment. Your national insurance number or such other identification numbers as applicable. The estimated income you derive from all sources including your job and business.
In taking out an accident insurance policy, you may also opt for filling up such forms online and make your premium payments over the net.
After the policy is taken out, you will be served with a premium notice by the provider company. There is ordinarily a minimum premium payable, which depends upon the kind of coverage that you have sought, while taking out your accident policy.
source: http://www.topaccidentinsurance.com/accident-insurance-policy.php
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