Benefits of Having Personal Accident Insurance
Learn about the benefits of personal accident insurance for expats living in Thailand.
The Advantages of Having Personal Accident Insurance
Personal accident insurance may not seem necessary to some people, and they may wonder why they should spend money on it if they already have health insurance. However, on the other hand, personal accident insurance has some advantages that health insurance does not. Accidents can happen to anyone, so we’ve compiled a list of the benefits of personal accident insurance and why you should add it to your insurance portfolio.
Cover for permanent total disability: The entire sum assured is paid to the person in the event of the insured’s permanent disability as a result of an accident.
Cover for death: A lump sum of money is guaranteed to be paid to the beneficiary in the event of the insured’s death.
Cover for permanent and partial disability: If the insured suffers permanent partial disability as a result of an accident, a percentage of up to 100% of the sum assured is paid to the beneficiary depending on the extent of the disability.
Cover for accident hospitalization: Hospitalization expenses incurred as a result of accidents that resulted in a claim for disablement or death are covered by this benefit.
Temporary or total disablement coverage: In the event of temporary total disablement, PA insurance will provide weekly benefits for accidents that result in home confinement for up to 104 weeks (As per schedule).
Cover for transportation: In the event of unintentional death, a large sum of money will be paid to the beneficiary to cover the cost of transporting mortal remains to your home.
Key Points
- Personal accident insurance will cover your lost income until you can return to work as specified in the policy.
- Personal accident insurance will cover not only medical bills but also other costs incurred as a result of an accident.
- With personal accident insurance, you and your family can have peace of mind knowing you are always financially protected.
Peace of Mind and Family Security
Accidents can happen anywhere, at any time, and they can have a significant impact on your life, including your financial situation, no matter how hard you try to avoid them. Even minor accidents can disrupt your ability to work, and if you are killed in an accident, your family may bear the brunt of the consequences if you do not have the appropriate insurance coverage.
Financial Protection
Personal accident insurance offers financial armour against the unexpected. Accidents, resulting in injuries, disabilities or even death, become less daunting with the financial security this sort of insurance guarantees.
Income Replacement
Personal accident insurance proves a reliable crutch when accidents prevent work. It functions as an income supplement, maintaining your financial well-being while ensuring obligations meet timely fulfilment.
Medical Expense Coverage
Personal accident insurance covers medical expenses associated with accidental injuries. From hospitalisation to rehabilitation, this insurance handles associated costs, often omitted from full health insurance coverage.
Disability
An accident may cause temporary or permanent disability, if you have personal accident insurance, you can claim compensation for various types of disability, for example, if you partially lose your hearing in one ear or you suffer vision loss in one eye, you can file a claim as it is covered in your policy.
Medical and Rehabilitation Expenses
Personal accident insurance covers medical expenses that arise from accidents. This coverage alleviates the financial burden of surgical interventions or special treatments needed due to accident-induced injuries. policies even handle rehabilitative care costs, helping you get back on your feet without financial strain.
Lost Wages and Financial Security
When an accident results in disability, it likely means you’d be out of work for a considerable period. Income loss can create severe financial instability. Personal accident insurance from companies plays a crucial role in such situations, compensating for your lost earnings and ensuring your livelihood isn’t compromised.
Supplementary Coverage
personal accident insurance supplements existing health insurance. It covers costs that health insurance typically doesn’t cover, like rehabilitation expenses, making it a thorough solution in accident-induced disability scenarios.
Affordability and Peace of Mind
Personal accident insurance can be affordable, specifically if you live in low-risk areas or require minimal coverage. Peace of mind isn’t underestimated, either. Knowing that you and your dependents’ financial security is ensured, even in the face of debilitating accidents, is invaluable.
Medical expenses are covered up to 30,000 Baht, plus a daily compensation benefit of up to 3,000 Baht and life coverage of up to 2 million Baht.
Home Alteration and Vehicle Modification Benefit
If you need to use a wheelchair after an accident, for example, you’ll need to make appropriate modifications to your home and vehicle to ensure that you can live and travel comfortably. You can seek compensation from your insurer for the changes you’ve made to your home.
Death of the Policy Holder
If you pass away during an accident, the insurance company will disburse compensation to your family. For instance, if you have children, the insurer may help you take care of their education to a certain extent.
Traveling with peace of mind with accident coverage of up to 1 Million Baht.
Worldwide Coverage
Most insurance policies have geographical limitations, which means they do not provide compensation for incidents that occur outside of their country. However, there is no such restriction with personal accident insurance, you can be confident that you will receive the benefit regardless of where the accident occurred, for you have worldwide coverage.
Minimal Requirements
Many people avoid buying insurance because they believe the process is complicated and requires a lot of paperwork. When you purchase a personal accident insurance policy, however, you will not be responsible for any paperwork. The insurance company will issue the policy after you fill out the application form with basic information.
Unlike health insurance, which requires you to undergo medical tests before being issued a policy, personal accident insurance does not require you to undergo any tests before being issued a policy.
Easy Claim Process
An easy claim process is one of the most important features that most insurance buyers look for when purchasing any insurance. The claim process is simple regardless of the type of policy you choose. All you have to do is submit a request to the insurance company (either online or offline), and the claim amount is paid out once the insurance company verifies the claim.
No Hurdles, Just Help
With personal accident insurance, when misfortune strikes, it’s not a maze of paperwork that greets you. Instead, simplification dominates the claim process. For instance, Cigna, respected for its customer-friendly policies, ensures that your claims get processed speedily.
Upfront, No-Out-Of-Pocket Expenses
Prime policies include a feature that eliminates up-front payments or out-of-pocket expenses in many scenarios. This means, in those testing times post-accident, you’re spared the added stress of finances.
Documentation, Precise and Minimal
Put rest those fears of endless paperwork. Applying for a claim doesn’t transform into a bureaucratic nightmare with personal accident insurance. Often, the documents required are straightforward – a claim shape, a medical certificate, and proof of the accident.
Bill Settlement Direct with the Hospital
Certain thorough plans were undertaken to settle the bills directly with the hospital. This bypass saves you from the discomfort of settlement processes, allowing you to prioritise what’s truly essential – your recovery.
No Evaluation of Health History
In case of an accident and subsequent claim, your past medical history doesn’t come under severe scrutiny. So, unlike traditional health insurance claims, you experience a smoother, less intrusive claim process.
Assistance Regularly at Hand
Leading companies like Cigna also provide constant assistance to steer you through the claim process. Their dedicated customer support ensures you never feel lost at any stage.