Personal Accident Insurance in the Philippines

It’s heartbreaking to imagine when your family suffers from life’s uncertainties, and you can’t do anything about it because you got into an accident. Worse, they must let go of your house and lot in the Philippines to cover your treatment and recovery.

Don’t wait for this to happen because you can prevent such a worst-case scenario if you’re protected with personal accident insurance.

What Does Personal Accident Insurance Cover

How does personal accident insurance work? Basically, personal accident insurance is different from life and health insurance. Life insurance benefits will take effect once the insurer dies, while health insurance will only cover your health. 

Meanwhile, a personal accident insurance policy covers medical and non-medical expenses caused by an accident or injury. Anyone between 18 and 65 years old is qualified to apply for personal accident insurance.

Standard coverage includes the following:

• Medical treatment

• Costs of hospitalization

• Ambulance transportation

• Post-accident expenses, including therapy and recovery

• Other medical services, including prosthetics

• General living expenses, including child care, food, utilities, home rental payment, or amortization

However, personal accident policy payouts may vary depending on your specific coverage and payment premium cost. Also, not all companies provide personal accident insurance to their employees.

Lastly, it does not cover accidents or injuries caused by risky behavior or illegal activities. This includes drunk driving, semi-to-professional athletic competitions, self-harm or suicide, auto racing, and other adventure sports.

Who Should Get Personal Accident Insurance?

No one is exempted from unfortunate accidents. But you must get personal accident coverage if you belong to the following:

• You are the breadwinner of the family.

• Your job involves dangerous work of nature, like general contractors, engineers, etc.

• You are engaged in highway driving.

• Your job is to carry or transport cash or money from one place to another.

What are the Types of Personal Accident Insurance Policy

In the Philippines, most insurance providers offer two (2) types of personal accident insurance policies. These are Individual and Group Personal Accident Insurance.

Personal Accident Insurance for Individuals

This insurance policy is designed for individuals who want to be insured. Thus, you are the primary beneficiary. In the event of accidental death, the beneficiaries you nominated will receive an accidental death claim or insurance payout.

Personal Accident Insurance for Groups

From the name itself, it’s an insurance policy that covers a group of individuals. It applies to employees or families. If an employee or a family member gets injured or dies by accident, the nominated beneficiary will receive the insurance payout.

5 Benefits of Personal Accident Insurance

Getting personal accident insurance offers plenty of benefits. These are:

Family's Financial Security

The household income will always take a hit when a family member is involved in an accident, gets a permanent disablement, or dies. With personal accident insurance, your family is financially secure in terms of dealing with the loss of income-related expenses and other issues.

Reduced Medical Expenses

Actual expenses incurred caused by accidental injury bears expensive hospitalization and medical costs. Personal accident insurance can help your family reduce medical expenses and recover as little stress as possible.

Child Education Benefits

The children always suffer whenever the family provider gets into serious accidents or perishes. But having personal accident insurance serves as financial assistance to help your children pursue their studies in case you are permanently disabled or dead. All you have to do is include child education benefits in your insurance policy.

Retirement Security

If you get injured and don’t have the capability to work, personal accident insurance can be your early retirement benefit. You can use them for long-term investment, personal savings, or to start up a small business.

No Medical Testing is Necessary

One of the advantages of personal accident insurance is that it does not require medical testing and complicated paperwork. What the insurance company provider need is the time and date of the accident, the policyholder number, a claim form, and details about you.

How to Choose the Right Personal Accident Insurance

Of course, getting personal accident insurance is an additional expense, although it is a critical one. To help you choose the right insurance policies, here are some tips you might want to consider.

Identify your risks.

This type of insurance policy depends on the type or number of risks involved. Get comprehensive insurance coverage if you usually encounter occupational hazards. Otherwise, apply for the basic package that complements your existing coverage.

Evaluate your financial status.

While it is true that getting personal accident insurance is crucial, you must not force yourself if your source of income is insufficient to fill your needs. Therefore, evaluate your financial standing first; otherwise, this policy will become your liability.

Be sure to ask many questions.

Just because this insurance provider is popular or the agent is an acquaintance or a friend, you don’t need to ask. Keep in mind that most contracts or agreements contain highly technical terminologies. Some of its clauses might be difficult to understand.

Let the agent further explain the jargon or gray areas to avoid confusion. Ask about the claiming process and how long it will take to receive the settlement. Be sure they will let you walk through these important details. Always ask questions, and don’t stop until you fully understand the entire policy.

Collect information and compare rates.

There are many insurance providers in the Philippines offering personal accident insurance. It is best to gather information first, make a shortlist, and compare rates. Determine which one offers the best coverage that suits your needs and budget.

Similar to obtaining personal accident insurance coverage, providing shelter for your family is essential. An affordable house and lot unit is sufficient to secure your family’s future. It can help you generate extra income by renting or selling it in a few years.

That is why Lumina Homes offers affordable house and lot for sale in a sustainable residential community. We ensure that everything you need in a quality home and a budget-friendly housing package are met.

Be part of our growing community and experience comfortable living with your loved ones. Contact one of our Lumina representatives for reservations and inquiries.