Factors to consider before buying accidental insurance
Life is unpredictable as anything can happen. Any perilous incident may befall you so its best we are well-prepared for it. The personal accident policy is one such thing you will need in case of a major accident. However, the uncertainty of the personal accident makes it complicated as it is a constant risk. The medical expenses accidents are unpredictable as well so it is always better to buy accidental insurance. Let us see some important factors one should consider before buying accidental insurance.
1. Sum assured and benefits
Sometimes people get amused by the list of benefits provided by the insurance company. However, one should look for the sum assured in the policy. It is important that you should seek for ten times the annual income to secure the future of the family in case of any mishap. Permanent or partial disablement, accidental death benefits, is included in most of the policies by default. There are some add-ons available like child education support, which means the expenses of the child’s education will be covered if the policyholder has a child. Loan-protector benefit is also another option.
2. Premium
The premium of a decent policy should have reasonably priced. In other words, there should be a balance between coverage extended and premium charged. Remember, a low-cost premium with minimum cover is never a good option.
3. Family cover option
This should be an important factor for before buying accidental insurance. The family will be getting death benefits or permanent disablement benefits and higher the compensation better will be for the family members. If you find the cover for the spouse and family insufficient, then go for the different policy.
4. Terrorism cover
The personal accident insurance policies cover lots of incident from self-injuries, wars, invasion, to participation in the military. Some policies conveniently do not include the act of terrorism. Hence check whether the policy provides cover against terrorism.
5. Process of claim
This is one of the crucial part people forget to inquire about. The insurer needs to be told about the accident within the 30 days of the accident. One should be ready the necessary documents like copy of FIR, claim form, medical certificate etc. Check whether a third-party administrator has been involved in it as they are incentivized to deduct the hospital bill.
6. The waiting period for pre-existing diseases
If the insurer has any disease before he/she applies for an accidental policy, then it will invoke waiting period or also known cooling period. So when you are buying a personal accident insurance policy online check the waiting period along with the premium.
Accidental policies have become necessary, and one must consider all these factors mentioned above. It should have a reasonable premium, yet it should give a significant cover along with cover for the family.