Investments
Personal Accidental Insurance
Personal accident insurance (PAI) is an annual policy that provides compensation if the policyholder is injured, disabled, or dies due to an accident. PAI is different from medical, health, and life insurance.
PAI covers a range of situations, including:
- Being unable to work
- Having a defined injury, such as loss of eyesight, hearing, or fractured bones
- Being disabled
- Tests like X-rays
- Injuries from less dangerous sports like hockey and soccer
- Coverage for youth activities
PAI provides beneficiaries with a lump sum or monthly compensation to supplement lost income. The cash benefits can be used for expenses like copays and deductibles, or to pay off bills or take a vacation.
