Life can change in an instant. That is what every victim of an accident understands. Sometimes those accidents are minor and easy to manage like a cut or a sprain. Other accidents can be totally debilitating like a broken leg or hip fracture. Those are the incidents that can leave you confined to a bed for months without any way to earn your paycheck. Unfortunately, utilities, credit card companies, banks and landlords aren’t so forgiving when it comes to getting paid. Would you be financially able to support yourself over an extended amount of time without a source of income? Accident insurance can help with that issue and so much more. This is why is should be your top priority.
Compensation for a Disability
An accident can lead to a disability. That disability could be temporary or permanent. With accident insurance, there will be compensation provided as it is related to the nature of that injury. Suppose the accident leads to the loss of limbs, fingers, hearing or eyesight. Any of those disabilities can lead to the policy holder being unable to fulfil their responsibilities at their current job. A policy claim can help cover the loss of income. The amount of that claim might come in the form of a lump sum or be equal to the amount of pay the victim received. It all depends on the details of the policy.
The aftermath of an accident will require immediate medical attention. That begins with the ambulance ride to the hospital. What follows could be a prolonged stay at the hospital along with several surgical procedures. Upon release from the hospital, an accident victim might have to go through physical therapy sessions as part of the prescribed recovery plan. Each one of those medical treatments becomes a line item expense that can be covered by an accident insurance policy. Even a quick trip to an emergency room and subsequent fast release would be covered. If you’ve every gotten a bill from a hospital stay or ER visit, then you know how those costs can add up.
Home and Automobile Modification
A long-term or permanent injury might require modification to your home or car. Suppose you were forced to become wheelchair-bound. That might require ramps being installed around your property for access into your home. Once insider, entry ways might have to be enlarged to allow the wheelchair to flow freely between the rooms. You might require a lift chair for a staircase. It could also mean installing handgrips in the bathroom to help with getting in and out of the tub.
If a car can’t be modified to support a disabled driver, then alternate forms of transportation will need to be arranged for the policy holder. The costs of all of these renovations and alternate plans will be covered through a comprehensive accident insurance policy.
There are some accident insurance policies that provide benefits in the event of the death of the policy holder as a result of an accident. These benefits would be separate from any life insurance benefits that might be also be in effect. This can be a huge relief to a family by providing support to help them maintain their standard of living. That includes funding tuition for any children of the policy holder. This is the kind of legacy that is so vital to protect especially if you are the major source of income for the family.
Your accident might force you into a care facility that is far away from your home. If your family needs transportation to the hospital or care facility, then the accident insurance can cover those expenses.
A person who is self-employed would typically not have any type of insurance offered by any vendor that they work for. This means that they would be left without compensation if they were involved in an accident. That accident might not have to be directly related to the job they are performing. Being involved with a car accident that prevents a person from working for several weeks or months can be financially devasting to someone who is self-employed. The right accident insurance policy can compensate for those lost wages along with the medical expenses.
Peace of Mind
Finally, accident insurance offers the same kind of peace of mind that you would find with any type of insurance policy. Knowing that no matter what happens, your medical and living expenses can be covered is the kind of peace of mind that is hard to put a price tag on.
Even though accident insurance can provide benefits, you might need to engage the services of an experienced attorney to help file those claims in order to receive the maximum benefits allowed by the policy. The kind of accident lawyers Murphy’s Law office offers is exactly the kind of help that can support you with the negotiation of those claims in a speedy manner. You certainly don’t want to wait for the benefits that are due. Those attorneys can help with the process from start to finish.
As with any type of policy, the level of compensation offered by accident insurance will depend on the carrier and the details. There might be a certain amount for deductibles that would have to be paid out of pocket before benefits can begin. The amount of the deductible will have a direct correlation to how big the premiums are.
The higher the deductible, the lower the monthly payments for the policy.
Unlike life insurance of health insurance, accident insurance policies don’t come with any need for medical underwriting. That means you can take up a policy without a medical exam or fear that pre-existing conditions would prevent you from getting the policy. The type of accidents covered with each policy varies. You just have to read the details and plan for the unknown. This is one of the commodities that it is better to have and not need than to need and not have.