Personal accident insurance is fast becoming a popular type of insurance to policyholders in the Philippines. Manulife Philippines explains this insurance plan provides comprehensive protection against unforeseen events like accidents that could lead to a variety of inconveniences and losses. Having a personal accident insurance ensures that you and your family are protected at all times, giving you a sense of peace of mind.
It is important to note that there are different kinds of PA insurance, namely the following:
Cash for accidents
Certain policies pay you in cash in case you get into an accident to cover for your medical bills and other expenses like rent and groceries, especially if you end up missing work because of your injuries.
An accidental death policy is a less expensive alternative to life insurance, but it will only cover deaths from an accident. This is a good option for those who are otherwise in good health and are not at any risk of dying from any medical condition in the near future.
In the event that you get severely injured and could no longer work, a disability coverage will pay you a monthly stipend to survive on.
Accidents can happen to anyone at any time, which could lead to minor inconveniences to major losses, especially if you incurred a disability that prevents you from working. You may also end up using your entire life savings getting treatment since it’s no secret how expensive quality healthcare is in the Philippines.
No one can predict when an accident might occur, but you can make all necessary preparations for it so that you and your family won’t suffer if it does happen. A personal accident insurance will help cover your hospital bills without affecting your lifestyle and burdening your family.