What is Personal Accident Insurance?

Personal accident insurance is becoming a popular insurance policy to own. You can get the policies from a number of different sources and they all have different benefits. In everyday life, you are subject to a number of different risks and potential accidents. Insuring yourself against any potential mishaps is a great way to stay in control of your financial well-being. There are several different types of policies available to insure yourself against accidents. Here are some of the most popular policies available. 

Cash for Accidents

There are a number of policies out there that will pay you cash if you have an injury. The cash is there to help you with any treatment costs as well as to cover other expenses. If you miss work because of an accident, this type of policy will help you get money while you're out. You can use it to pay the rent, for groceries, or whatever else you may need.

Some policies provide cash for something as simple as your back going out from trying to lift a heavy object. Other policies only pay out if something terribly bad happens like losing a finger. In that case, you will probably receive a few thousand dollars for your pain and suffering. A common use of accident policies is when you are involved in an auto accident. If you are slightly injured by whiplash or anything else, you can fill out the necessary paperwork and get your money.

Accidental Death

Another common type of personal accident insurance comes in the form of an accidental death policy. If you die from any type of accident, it will pay your beneficiaries a predetermined amount of money. This is similar to life insurance, however it does not cover as wide an array of circumstances. If you die from an illness or disease, you will not be covered by an accidental death policy. If you died in a car crash or a fall, this type of policy would cover you. This is often used as a less expensive version of life insurance for those that are considered healthy. If you aren't at risk to die from any medical conditions in the near future, you can skimp on life insurance and use accidental death policies.

Disability Insurance

Another form of personal accident insurance comes in the form of disability coverage. If you are injured so severely that you can not work anymore, this type of insurance will pay you a monthly income to live on. If you don't think this type of coverage is necessary because your employer will cover you, you might be surprised. Most employers are only required to have short-term disability coverage in the event of an accident. Therefore, they may only cover you for up to 26 weeks. What happens after the 26 weeks is up? You may qualify for benefits from the Social Security Administration, however, those benefits are often not big enough to live on. Personal accident disability insurance will help you guarantee that you'll be taken care of.