Accident insurance helps to protect you and your family from the financial hardships consequential to an accident. Such insurance benefits may be in addition to the main insurance policy you already have or may be stand alone. Ordinarily there are two types of accident insurance, namely, the Personal Accident Insurance, and the Business Travel Accident Insurance. The first one is popularly known as PAI and the second one as BTAI. In Business Travel Accident Insurance you are normally covered at five times of your pay or income. The range is from $50000 to $500000. There are a few other sub types but these are the most prominent ones.
No one in the world can correctly predict what lies in the abyss of the future. A slip of a moment and there could be a fatal accident turning your world upside down. You may suffer an accident in multiple ways. It may be while traveling in a vehicle, in a train, in air, or sea. Accidents may also take place when you are walking, or performing some work with some machines, or even falling down while climbing a ladder, or slipping on the pavement. It is impossible to say when, where and how someone might suffer an accident.
Consequences of an accident are altogether a different issue. One may lose his precious life or become permanently disabled. With a better luck, they may survive with some temporary disabilities, and may be completely cured with timely and appropriate medical and healthcare supports. When someone dies, the issue is the survival and maintenance of the bereaved family, let apart the funeral and other related expenses. In case of permanent disabilities, the problem is even more acute when even the earning member of the family becomes crippled, and the earning stops. In addition to this there is also the question of his prolonged treatment.
All these issues mainly revolve round finance. You require financial support to meet the expenses. Especially the need is acute when you require a prolonged treatment or need to support the distressed family. Therefore, you have to find out some means that will provide you the necessary financial support at real time. The solution therefore seems to be one and only one, an Accident Insurance policy.
You can have a complete package of accident insurance while traveling to a foreign land. Otherwise you may choose the basic health and accident insurance. Insurance providers have styled various plans as Gold, Silver, Bronze and such plans depending on the terms and conditions and period of coverage. Deductibles could be $50 or less most of the times.
In case of health accident insurance, the insurer is supposed to reimburse the expense to a certain extend and beyond that limit they may negotiate with the provider. Limit of insurance coverage is dependent on the type of plan. The services include doctor's fees, surgery, other treatments and prescription drugs. General tonics and preventives are however excluded.
A couple of other insurance types are the indemnity insurance and third party liability insurance. If an accident causes either death or partial or full disablement, the insurer will pay a compensation commensurate to the damages sustained. If damages are caused to life or property of the third party due to accident, such third party is eligible for compensations and insurance claims.
Calamities can not normally be foreseen but we may prepare ourselves to face the worst while hoping for the best with an accident insurance policy.
source: http://www.topaccidentinsurance.com/
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