Point of View

They are called accidents for a reason. You usually can’t anticipate or control how, why or when they will happen. But you can prepare for the aftermath of an accident by making sure you have adequate insurance coverage.

Personal Accident Insurance (PAI) can provide benefits that your regular health or disability insurance doesn’t. Depending on your policy’s coverage, accident insurance can help make up for lost income, pay your bills and protect your savings.

What is PAI?

According to the National Safety Council’s 1999 report, Injury Facts, one out of four of us will receive an injury as a result of an accident. PAI provides financial protection should you have an accident that results in loss of life or limb. Many people have life insurance coverage because they are aware of the risk of dying, yet most people ignore the risk of getting into an accident. Depending on who you are, where you live, and what activities you participate in, you may be much more likely to get into an accident than you are to die.

PAI benefits

While accident policies differ from one another, these are some of the benefits commonly offered with a basic PAI plan:
• A lump sum amount following an accident.
• Benefits in varying amounts for dislocations, fractures, loss of limbs or death.
• Coverage for individuals and your spouse.
• Coverage for an unlimited number of accidents.

Is PAI for you?

You may not need accident insurance if you already have comprehensive health and disability coverage and adequate financial resources to pay for accident-related injuries. However, you should consider purchasing accident insurance if:
• You can’t afford the extra bills associated with an injury.
• You can’t afford time away from work and may not have enough in savings to keep up with mortgage, credit card, utilities and car-related bills.
• Your savings are earmarked for long-term goals.
• You are your family’s sole wage earner.
• You don’t have any form of disability coverage.
• You don’t have life insurance.

Don’t let an accident sidetrack you from reaching your goals and dreams. A PAI plan can protect you and your family from the unforeseen and provide peace of mind for the future.

Donna Lively is the Department Head of Insurance Marketing for GuideStone Financial Resources of the Southern Baptist Convention. She has a 20-year career in the health and welfare benefits industry working for national health insurance companies.