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While we try our best to always be safe, accidents still happen. And while it is becoming common to have health and medical coverage, and that there is also an increasing acceptance of the need for life insurance, getting a separate accident insurance is an important preparation that is often overlooked.
The protection that life insurance and health coverage offers that are related to accidents can be quite insufficient. While health and medical insurance will allow you to avail of needed doctor’s consultations as well as the needed procedures that will help you recover. Meanwhile, typical life insurance will be able to provide you or your beneficiaries the value of your claims benefit for death or disability brought about by an accident.
However, with comprehensive accident insurance, such as accident insurance Philippines’ trusted insurers provide, you are able to receive benefits that medical and life insurance coverage can’t provide, even those that have additional accident riders.
One of the key features of decent accident coverage is giving you claims benefit for lost wages due to not being able to work as a result of an accident. Further, accident insurance can help you with medical expenses that are not covered by your health insurance such as deductibles and copays. Thus, accident insurance is a great supplement to your health insurance.
Need more convincing as to why you might need accident insurance? Here are some more reasons why it’s a good investment:
1. Accidents can happen to everyone, even those in low-risk work
Insurances are pre-need investments as you get them in preparation of an untoward incident that no one knows when or if it will happen. In fact, all of us wouldn’t want such things to happen. But the thing is, accidents do happen, and usually when you least expect it.
Even if you’re working in a quiet office, you are still exposed to risks such as when you go to work, or when you go home from work. Even if you believe you have a low risk for accidents, it would be great to be prepared in the event that you find yourself a subject of an accident.
2. You don’t need to worry about pre-existing conditions and risk profile
Most medical insurance and health coverages are less accepting of people with pre-existing medical conditions as these increase the likelihood of large, frequent claims. Accident insurance, on the other hand, allows more people to have protection from accidents as it is open for any health situation.
Accident insurance is also open to all risk profiles. Your insurer will conduct a risk assessment to determine what level of risks you are exposed to. If you are considered low risk, then your premium would relatively be cheaper.
3. Accident insurance makes it easy to recover financially after an accident
Medical insurance would help you get the treatment you need to recover after an accident, but uncovered expenses, as well as lost wages, are usually beyond what typical health coverage can help you with.
But with accident insurance, you are able to protect yourself from financial complications of an accident especially through the compensation for not being able to work, as well as coverage for certain out-of-pocket expenses that are otherwise not within the coverage of your health insurance plan.
Further, accident insurance usually comes with a waiver of premium after an accident. This is one less thing to worry about so you can recover quickly without stressing about your obligations.
Accident insurance is a good investment that can supplement life insurance and medical coverage. With it, you will have an effective financial cushion that will allow you to think only about your recovery after being in an accident. For all these reasons, getting accident insurance definitely is a good investment, and you should consider getting one as soon as you can.