Ups and downs are a part of your life. Accidents are a part of your life. To avoidmishaps are a part of human instinct; that is the way you function. However “to err is human” and accidents are also known to be a significant part of learning.
That is the main reason why educational institutions are likely to cause injuries due to accidents. As a precaution for your uncertain future accidents, it is essentialto ensure that your treatment is covered financially. That is you have enough to afford the treatment you need to be able to get better. This is where accidental insurance for students comes to play and plays its part for you.
What is Accidental Insurance for Students
School is not only a medium of educating students, but it also encompasses extra-curricular activities and opportunities to develop a student’s skills as he grows up. This enhances and builds the scholastic involvement for students as well.
However, with pros comes cons. The higher the risk, the greater the return. Which means all these extra-curricular opportunities encompasses risks. To secure oneself from any kind of injury occurring during these school authorized events, institutions provide financial assistant covered by the Student Accident plan to help meet the financial needs of the student and the family.
How does Insurance Policy Work?
Educational institutions highly purchase student insurance policies. Schools and Colleges then offer these to the respective groups in their organization such as students, faculties and administrative employees. It provides the financial assistance they need to pay in the event of such unfortunate accidents.
This policy is highly preferred and opted by most due to many uncertainties and casualties in an employer-sponsored plan. More often, employer-sponsored plans do not play according to your needs.
For instance, in case of the possibility of high deductibility in a plan that may not have been paid yet can stand as an obstacle to meet your needs for your injuries. The annual deduction can be a bigger problem than we realize. This is why people prefer to secure their well-being by opting for the accident insurance policy.
Types of Accident Insurance
There are two types of Student Accident Insurance which include school time coverage and 24-hour accident coverage. We will discuss these two policies further in details for your better understanding.
a. School Time Coverage:
School Time Coverage policy is based on a time-line. This policy guarantees you financial aid and assistance for your unforeseen accidents within the time-frame, which means that the educational institution covers for its students, faculties and administrators.
Financial needs at the time of regular school hours and while anyone is engaged at school events like competitive games, drama, dances, trips etc. The facts and activities explicitly authorized and sponsored by the school shall only be covered rather than any events on the school campus.
b. 24-hour Accident Coverage
24-hour Accident policy is a much more flexible and an extensive one. This policy ensures financial assistance around the clock, no matter where you are injured and due to what. It covers all grounds, which is why we call it an absolute policy.
This policy protects every recipient during any sort of activities and not only during school hours. The biggest selling point is its comprehensive nature to meet your needs even during holidays, weekends and many more!
Basically, regardless of your activity’s location and severity of your injury, this policy acts as a guardian angel to cover all your financial needs. You no longer need to worry about your activity being in a school-sponsored event anymore!
When Does insurance begin?
This factor is dependent on the terms and clauses of your policy. It will depend on the type of policy you are covered for and what are the terms that you are subjected to. Usually, a policy is active immediately after the premium for the policy is received by the school authorities. In most cases, the insurance is made subjected to be active at the date of its purchase.
Hence a different date of purchase will mean a different date of activation. Most schools generally choose to start their policy ahead of time; that is before registration or on the first day to secure the faculties as they start working for the New Year.
The time-frame for a policy is customarily a whole year till the beginning of the next school year at 12:01am. It is sometimes also based on the commemoration of the policy.
To all the young ones out there! This is an indispensably important guideline for you all! Do not be afraid to take your chances with inherently risky extra-curricular activities because no matter what, insurance policies have got you covered. Hire a injury lawyer red deer.
Go through this article to clear your fears and confusions and gather the required knowledge to fight your uncertainties gallantly. Accidental insurance for students is common policies which is an essential knowledge that you should gain and have access to!