Comare Between Personal Accident Insurance & Life Insurance

People have different priorities but when we face a crisis or an emergency that affects our lives or our health then everything else goes out the window and our priorities suddenly become the same. In these cases, an insurance policy is really your best friend as it lifts some of the worries off your shoulders and allows you to go through your daily routine while knowing you have a backup. Let’s explore the different types of insurance that can safeguard you and your loved ones. 
 

Personal Accident Insurance:

This is a type of insurance policy that covers damage caused to the insured party due to an accident that may take place whether it be a traffic accident, fire, or physical injury caused by an accident.

The insurance company pays the insurance value in these 5 cases:

• An injury that requires medical attention and fees.
• Partial permanent disability.
• Total permanent disability.
• Temporary total disability.
• Death.

Find the best Personal Accident Insurance policy with Faydety right now!
 

Personal Accident Insurance policies offer the following benefits:

• The insured party will receive the insurance money if they are in an accident.
• The insured party may limit the policy to certain countries or have it applicable worldwide.
• In case of physical injury and there are medical expenses, the insurance company reimburses the insured party according to the agreed-upon percentage in the policy.

Duration of personal insurance policies:

• One year. Renewable by the insured party.

Life Insurance:

The insured party (policy holder) must specify in the policy who are the beneficiaries of the policy in case of the policy holder’s death. The insurance policy usually has an age limit of 65 or 70 years old and whether the policyholder passes away due to an accident or due to natural causes is irrelevant. 

There are two types of Life Insurance policies:

• Life Insurance policy: the insurance company pays the specified amount in the policy to the beneficiaries stated in the insurance policy only if death occurs while the policy is valid. If death does not occur during the time the policy is active the insurance company is under no obligation to pay anything. Life insurance policies are renewable.
• Life Insurance and Savings Policy: similar to the previous type in that the insurance company pays the specified amount to the beneficiaries if death occurs while the policy is valid. An extra benefit is that policyholders can receive the insurance amount while still alive. If death does not occur during the specified term of the policy the insured receives the entire amount -which is considered like a pension of sorts – themselves.