Understanding Accidental Injury Insurance Terms

Accidental injury insurance, is also named Specific Injury Cover, is a type of coverage designed to provide financial support if you suffer an injury due to an accident. It can be a valuable addition to your overall insurance plan, offering peace of mind by covering unexpected medical costs, rehabilitation, and other related expenses. Understanding the terms associated with accidental injury insurance is crucial for selecting the right policy for your needs. This guide will help you navigate the essential terms of accidental injury insurance.

1. Accidental Injury Insurance

Accidental injury insurance is a policy that provides a lump sum payment if you are injured in an accident. This type of insurance is specifically focused on injuries resulting from unexpected events, rather than illnesses or long-term health conditions.

2. Covered Injuries

Covered injuries are the specific types of injuries that your accidental injury insurance policy will cover. These typically include fractures, dislocations, burns, and lacerations, among others. Each policy will have its own list of covered injuries, so it’s important to review the details to ensure it aligns with your needs.

3. Benefit Amount

The benefit amount is the sum of money your insurance company will pay if you suffer a covered injury.

4. Lump Sum Payment

A lump sum payment is a one-time payment made by the insurance company if you suffer a covered injury. This payment can be used at your discretion, whether for medical bills, living expenses, or other needs that arise due to the injury. The amount of the lump sum payment is usually specified in the policy. For example a fractured wrist you may receive 2 x the sum insured as it is known that fractured wrist takes about 2 months to recover. Where blindness in one eye may receive 6 x the sum insured. There is not typically a wait period for this and not impacted by other insurance covers.

Conclusion

Accidental injury insurance is a valuable tool for protecting yourself and your family from the financial impact of unexpected injuries. By understanding these key terms, you can make informed decisions about your coverage, ensuring that you have the right protection in place to meet your needs. Whether you’re looking for basic coverage or a more comprehensive policy, knowing what to look for will help you choose the best accidental injury insurance for your situation.

Nimalka Perera
Business Development Manager
New Vision Financial Services

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