We all know that there are all kinds of insurance in existence but have you heard of Personal Accident Insurance and what it does for you?

A Personal Accident (PA) insurance policy offers you protection against injuries, disability and death caused by accidents anywhere in the world. The policies should pay for surgery and hospitalisation expenses, funeral expenses and temporary or permanent disability. How much you get in monetary value often depends on the limits stated in your policy.

The below is the Tips when considering a PA policy:-
1. Know Your Benefits
There are a myriad of PA insurance plans in the market. While budget plans are affordable but the coverage may not be sufficient for you. So, be clear on the scale of benefits to ensure that you are adequately covered.

2. Nominate A Beneficiary
A beneficiary is the person who receives the benefits if you can’t. Be sure that the beneficiary you choose knows that you nominated him ot her anf knows what to do if you get into an accident and need help.

3. Know The Exclusion of Your Policy
Exclusion are scenarios in which an accident is not covered by the insurance company. Be sure to read the exclusion before you sign up. Common exclusion include war, suicide, insanity, professional sports, pregnancy and childbirth.

4. Consider Covering Your Entire Family
An unfortunate accident to any family member could cause you financial burden. Consider extending coverage to the whole family to ensure everyone is protected.

5. Keep Your Insurance Company Updated
Always give your insurance company updated information about the changes in your life. If you change your occupation or take up any dangerous hobbies, be sure to let your insurance company know so that they can adjust your risk profile.

Source from AXA Quarter 4 2017 Newsletter

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