Why Do You Need Accident Insurance?

Why Do You Need Accident Insurance?

As mentioned on my previous blog post, we all need 3 insurance to give us complete protection: LIFE, MEDICAL and ACCIDENT policies. Do check out my previous post about it.

Why do we need accident insurance if we have medical and life coverage already? Perhaps, this is a policy with less important to us or with least priority unless we see the value of it. If you need information for the same, hire The Accident Network Law Group in Riverside, CA for answers.

MEDICAL POLICY gives us protection to medical and hospital expenses. They can take care of the bills up to certain amount of coverage, depending on the cap limit. However, to be able to claim on this policy, most require to be at least admitted in the hospital for minimum 1 day. Outpatient services are not eligible for claim. Does most personal injury accident requires inpatient treatment? Some examples are fracture, sprain, slight injury, cuts, and event insect bites. Yes, insect bites are considered accident in Singapore policies. This includes ZIKA and DENGUE cases. If you click here, you will also find law firm for OUI charges and also for other DUI cases.

LIFE POLICY gives us protection against DEATH, CRITICAL ILLNESS and TOTAL & PERMANENT DISABILITY (TPD). Some accident can result to death and disability. Even if you don’t have accident plan, personal injury law firm in Alexandria, VA suggests that you might be able to claim with your life insurance if it falls on these 2 scenario. If death due to accident, that’s automatic claim on your policy. If suffered TPD, that’s another claim on the policy. The personal injury attorney based in Crown Point is where you can go in case of injury. However, let’s take a look what TPD means. There are several instances where TPD scenario has to be met before the claim can be applied. One scenario is wherein in the event of accident, 2 of your body parts were lost. For example, in a vehicular accident that results to loss of both legs or both arms or both eyes or a combination of 2, it will be considered as TPD. The personal injury attorneys based in Green, Waters Ogle and McCarter can help with injury related cases and their legal aid. The problem is, if the accident results to loss of only 1 of those body parts mention, it is not categorize as TPD. Thus, no claim can be made from your policy. Remember, TPD is total and permanent. Losing 1 body parts is not a total disability as you can still function with the other part. One can see here on getting a good insurance plan in case of uncertainties. When it comes to the safety of your vehicle you can learn more about ignition interlock devices here. In case you get in trouble, it is explained here by a legal expert as to how one can reduce charges and get out sooner.

Having this shortfall on your medical and life policy, comes the accident policy. Accident policy is the cheapest insurance cover you can get. For the least plan, you can get around $15 monthly with up to $100,000 coverage in the event of accidental death. The personal injury attorneys in Houston can help make the necessary arrangements. Coverage is worldwide as well. It also comes with a medical and hospital reimbursement. Depending on the plan, it could be capped to $2000 per accident on this amount. The law firm new orleans can help with injury cases and to help the victims deals with the legalities. When it comes to accident cases, the Leppard Law – dui attorney in orlando can be contacted to get legal aid.

As I have mentioned earlier, most of the accident cases don’t need inpatient treatment. Few months ago one of my client got dengue here in Singapore. Hospital didn’t admit him and was treated outpatient only, due to lack of rooms in public hospital. Yes, Singapore have shortages in public hospital rooms. For this case, a client can file a medical reimbursement claim regardless if it is inpatient or outpatient treatment.

For example, in the event of an accident where the client loses 1 eye. Of course inpatient treatment is needed, so your medical plan will be useful. Though accident plan have medical coverage, it may not be enough for such treatment. However, after the treatment and you got discharge in a hospital, your medical policy will cease to give you protection. Remember, you already lost 1 eye due to the accident.

This is where accident plan comes in place. You cannot claim on your life insurance for TPD as there is only 1 part damage, 1 eye. The good thing with accident plan is that it’s giving lump sum amount base on the severity of the loss of body parts incurred on the accident. For example, if an accident results to loss of 1 eye only, you can get a lump sum amount of your total accident death coverage. If your coverage is $100,0000, then you can get that amount. You are still alive, just less 1 eye. The injury attorneys help from The Galvan Law Firm, PLLC to deal with extreme injury cases where one needs justice.

All body parts are covered in the event of accident. However, the amount we can claim varies depending on the severity. For example if one finger is lost due to accident, around 2% of the sum assured can be claim. If fracture on the legs, around 10% of the sum assured can be claimed. And so on. It’s usually listed on the policy contract. Different insurance companies may give different percentages on each parts lost on accident. In case one meets with an accident during work hours in a workplace, the workers compensation attorney in Plymouth area can help with injury cases.

We are prone to accident everyday, wherever we are and what ever we are doing. It’s called accident for reason, most of the times we cannot control when it happen. Do you think you need such protection coverage? Do you think around $15 per monthly premium is a waste of money? Do you think you are so lucky that you will not be involved in any accident in the future?

If you think you need it, go get one 🙂 You can reach me on my contact posted here.

About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at)yahoo.com or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.

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