Personal insurance is much different from other insurance policies. Compare with life insurance, personal accident insurance will not pay compensation to illness and death by natural causes. Most of the personal accident insurance will not protect those who unawareness and purposely exposed themselves into dangerous as well. However, its protection value is higher than general policies by its stricter protection coverage.
What You Need to Know Before Buying Personal Accident Insurance?
Coverage
Is the protection coverage is sufficient for you and your family? You need to understand the coverage scopes and protection coverage category of a plan. As an example, you may want a policy that gives you hospital and medical care. Beside that, you needed to recognize the compensation for temporary or permanent disability that caused by accident. Some policies will cover whole costs included medical spending while some other will not. You need to go through and know the type of protection coverage before signing policy.
Exclusions
It is important to read briefly and thoroughly of details of personal accident insurance. Because ignorance of knowing policy will caused unwanted doubt, which will made the claiming process more difficult and possibility of being reject. However, every insurance company has its own policy content with different exclusions. As an example, there is certain personal accident insurance will exclude protection to illness, self injured purposely, dangerous sports and activities. For that reason you need to research and understand the status of every policy before you made decision.
If an individual wanted to get a suitable personal accident insurance, you need know the compensation amount from insurance company to pay. Every type of injuries has different compensation payment. Meanwhile, the plan's benefit will vary among different insurance company. The difference will depend the insurance company itself, some will offer 100% insured amount to certain injuries, while some other insurance company will offer 50% only. The insured amount means the maximum payment will be issue by insurance company when accident happened.
Beneficiary
Nominee or beneficiary is important if a policyholder has passed away the nominee will receive compensation from the insurance protection. Therefore a person who interested to sign up personal accident insurance is advised to provide a nominee or beneficiary, and make sure that they notice about the matter. Naming the beneficiary is important to made policy money payment to be done fast.
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Thank you for this great article about medical insurance , good job IMoney with your infographics i find them very usefull though . I am very interested about medical insurance especially for eldery and i find this article pretty useful :
ReplyDeletehttps://qompanion.my/articles/situations-when-your-medical-insurance-isn-t-enough
perhaps you would like to write an article in collaboration with Imoney to do the infographic ?