Personal Accident Insurance and How it Can Save Your Finances

Everyone knows that even though accidents are what we might think of as the least likely things to occur in our lives, they do happen, and they can have profound effects on everything in life from our health and social relationships to our finances.  Being prepared for an accident to happen is a vital and cautious way of taking care of ourselves and our families.  When we have an emergency plan of what to do in the worst case scenario, it is easier to feel confident and strong in our day to day living, knowing that we are taken care of if something were to happen.

Accident insurance companies know this and offer various forms of accident coverage, from the very minimums up to the most comprehensive, so that we have a sense of being taken care of.  However, this service comes with a high price, and so often accident insurers take advantage of the fear and unpredictability that surrounds physical injuries by charging a premium for the “just in case” insurance.  But if you are savvy with your money and willing to do the research to figure out just what kind of accident insurance might benefit you the most, you can get a solid plan that will support you through whatever accidents you may experience.

The Different Tiers of Personal Accident Insurance

When browsing the current market of insurers for the personal accident insurance that suits you, whether you are young or elderly, healthy or ill, poor or wealthy, and prone to risk or relatively safe, you will want to choose the right type of coverage for your budget.  For those who travel frequently, rest assured that your accident coverage will likely cover you anywhere that you are in the world.  Individuals who find themselves working in a day to day environment surrounded by heavy machinery or other hazards on the job will have a particular need for accident insurance, especially if they are self-employed or not covered by their company.  Those who plan strictly for their monthly bills will be glad to know that accident insurance monthly premiums typically do not fluctuate much, unless of course the insured is involved in an accident or has a sudden change of circumstance or health.

The Barclay’s institution, for example, offers two particular tiers of accident insurance through their partner Aviva.  These policies are for eligible individuals who are between 18-69 years of age, though young children may be covered if you purchase a family plan.  They offer both gold and platinum accident insurance plans, which cover typical accident scenarios such as disability, fracture, bone break, dislocation and death.  Though both plans cover every accident possibility – from ankle fracture to dislocating a hip – they cover them at different financial levels.  For instance, the gold plan would cover £550 of the cost of repairing a dislocated hip, while the platinum coverage would pay a full £1100 towards the cost of the hip.  Depending on how much coverage you desire in the case of an accident, you will either pay a lower or higher monthly premium.

personal accident insurance

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When it Comes Time to File an Accident Insurance Claim

If the worst happens and you do find yourself in a personal injury accident, you may then be eligible to submit a claim to your especial insurance carrier.  As long as the accident is found to be truly accidental and not a result of self-harm, prior disease or sickness, a byproduct of stress, or an effect of straining your physical body for a sporting event or performance competition, your accident and any related medical bills you may have incurred will be covered by your insurance.


Arnel Ariate is the webmaster of Money Soldiers.

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Nick | Millionaires Giving Money - December 9, 2013

Fortunately my employer offers personal accident insurance which I’m grateful for. I’ve never checked the policy in detail however this post has inspired me to get this area of my personal finance in order. I always believe that planning for the worst is a great way to build your personal wealth. Thanks for sharing.


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