Do you have a personal accident insurance?

A personal accident insurance covers expenses that occur as a result of an accident, providing financial assistance to the insured (you) and your family in times of your greatest need. Depending on the premium plan and policy terms, the policy holder could get as much as he or she wants.

This sounds technical. It simply means when you have an accident, the insurance company will pay your medical bill.

So in reality, we all need it particularly that we are regularly exposed to accident given the transport and road situation in our country.

The roads are bad, the excessive speeding by motorists worsens the accident rate and puts many people at risk of spending money for treatment, as well as burial, in extreme cases.

The unfortunate thing is that majority of the victims particularly Okada accidents, do not have money to pay for their medical bills, leaving their relations begging from one person to another for help.

While it is impossible to predict the next accident victim, it is important that people take insurance to protect themselves in case of an accident happening, to enable them meet financial needs at that critical time.

Insurance here provides cover to enable an accident victim meet his or her medical bills in the event of an accident or make claims in the case of permanent disability.

While some employers have provided for insurance of their employees under group life insurance, a provision of the Pension Reform Act 2004, which covers death in service, it is important that people take personal accident insurance.

Some of the advantages of a personal accident insurance covers include a 24 hour coverage worldwide; no medical examination require; flexibility to increase benefit level by choosing ideal plan; option to secure multiple benefits through multiple premiums as well as affordable premium rates.

Almost all the insurance companies in the country offer this class of insurance and it is either as personal accident or group personal accident cover.

For example, Niger Insurance plc’s cover for instance indemnifies the insured against loss or damage as a result of death or bodily injury occasioned by accidental, violent, external and visible means independent of any other cause.

Under this policy, the company has: Personal accident and Group personal accident. The distinction between the two is that whereas the Personal Accident Policy is issued to an individual, Group Personal Accident Policy is issued to a number of persons, normally the employees of a business firm, club members, Directors, etc. under Group Personal Accident, the party taking up the policy (the umbrella organization) is known as the Insured while the member covered in the policy are the Insured persons.

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