Many people associate group accident insurance with those taken out by some companies to protect their staff. But they are not the only insurance products that cover more than one person. Although they are not as popular, there are also family accident insurances. And not only do they exist, but they can also be very useful.
In this post we are going to see what they consist of, what coverages are offered by accident insurance for the whole family, their coverages and the advantages of contracting them. Let’s go there!
How family accident insurance works
The best family accident insurance policies help protect any family unit against practically any unforeseen event, eventuality or complication that has been caused by an accident. How? By providing cover which, on the one hand, offers those affected financial support in the event of death, hospitalisation or disability. And on the other hand, they guarantee numerous assistance and support services both in terms of personal assistance and travel assistance.
GENERALI Family Accident Insurance
And which is the best family accident insurance among the products in this branch? For us it can be none other than that of GENERALI, which we will detail in the following lines, starting by explaining the coverage it offers and then talking about the economic benefits of its subscription and finally tying up any loose ends that may have been left out.
What covers does a family accident insurance policy have? GENERALI’s insurance has a lot of coverage and all the members of the family are covered, although in different ways. Those who work have the guarantees of death, absolute permanent disability, hospitalisation, personal assistance and travel assistance; children under the age of 23 who do not work have coverage for funeral expenses, permanent disability and travel assistance.
Death by accident insurance coverage
We detail the main guarantees of this type of family accident insurance, starting with death by accident. This coverage guarantees the payment of a capital sum of up to 90,000 Euros in the event of this misfortune, as well as a monthly income of 900 Euros for five years. As for the insured children under 23 years of age who are not working, the insurer establishes a capital of up to 3.000 Euros for burial expenses.
In addition, a service is offered that takes care of the management of the necessary procedures that the beneficiaries have to carry out with public entities or bodies, such as the processing of pensions or the obtaining of official documentation related to the death.
Coverage for permanent disability or hospitalisation due to accident
Another of the accident insurance covers permanent disability, which guarantees the following payments in the event of this serious unforeseen event: up to 90,000 Euros in the case of absolute or partial permanent disability of the insured person and a monthly income of up to 1,800 Euros for five years. In the case of children under 23 years of age who are not working, the monthly income could be up to 2,700 Euros.
The next relevant guarantee is that of hospitalisation due to an accident, which guarantees the payment of a daily capital sum from the first day on which the insured person is admitted to a hospital. The amounts of compensation are doubled in the event that the affected person is admitted to the ICU or ICU.
Coverage: Personal assistance guarantee
Let us now turn to the personal assistance guarantee in the family accident insurance, which applies to practically everything. On the one hand it covers the transport or repatriation expenses of the insured person and his relatives, as well as the stay in hospital or hotel of an accompanying person and even the costs of rescue.
On the other hand, it allows the insured person to request numerous home help services in the event that he/she is hospitalised due to an accident. From cleaning staff, care of children under ten years of age, handicapped or dependent relatives over 70 years of age. And also, on-call pharmacy, legal advice and even veterinary assistance in the event that a pet in the family unit has suffered an accident.
Family accident and travel assistance insurance coverage
We end this section by talking to you about the travel assistance guarantee, an optional coverage that offers numerous services:
transport or repatriation of the insured person, as well as the injured and sick, the deceased and the companions who are covered.
early return of the insured person in the event of the death of a family member
medical, emergency medical, dental, surgical, pharmaceutical and hospitalisation expenses abroad
expenses for the extension of the stay in a hotel outside Spain
search and transport of luggage and personal effects
sending medicines, documents and personal belongings abroad, as well as the transmission of urgent messages
information on health, leisure and motoring both at home and abroad
translation services and legal advice
Advantageous financial terms and conditions
In addition to all of the above, the family accident insurance policy also offers advantageous terms and conditions. A very big one is the discount for the number of insured, following a simple rule: the more people covered, the bigger the discount. With two insured persons it is 5%, with three 7.5%, with four 10%, with seven 12.5% and with nine or more 15%.
With regard to taxation, in the event of the death of the insured person, the beneficiaries pay inheritance and gift tax. And in the event of disability, the insured person is taxed under the Personal Income Tax as income from movable capital. Other contingencies will be taxed under Personal Income Tax as capital gains, and health care coverage is also exempt from taxation.
We resolve your doubts
Who can take out family accident insurance?
In the case of GENERALI’s product, it is aimed at all those aged between 18 and 60 at the time of taking out the policy, as well as children under the age of 23 who are not professionally active.
What is the coverage of GENERALI’s family accident insurance?
The coverage is total, 24 hours a day and independently of whether or not the insured are in the professional sphere.
Up to what ages does the family accident insurance cover?
In terms of age, the guarantee for death and permanent disability is provided up to the age of 70, while in the case of minors without professional activity it is provided until they reach the age of 23.