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Accident Insurance

The ins and outs of accident insurance

Getting injured in an accident can be a double whammy to your finances. Not only can your medical bills pile up, but you also may not be able to work for a period of time, which means no income coming in to pay those bills. Fortunately, accident insurance can help you out in such a situation.

What is it?

Accident coverage is a type of insurance that offers you a financial benefit if you are hurt in an accident. It is a type of supplemental insurance coverage that often is offered through your employer as part of a voluntary benefits package.

Who is it for?

Though anyone can benefit from having an accident policy, it is especially important for people who would be hit the hardest if they are unable to work due to an accident. This includes people who are self employed and those who are the only wage earners in their household. People with dangerous jobs, such as construction workers and commercial fishermen, should have accident coverage.

How does it work?

Most accident policies pay you a lump sum if you are injured in an accident that falls under the criteria of the policy. Once your situation is certified by a doctor or other health professional, your policy will pay out up to its limit, and you can use the money however you want.

Types of policies

Accident policies are usually pretty standard, although there may be some variation in coverage. Some accident policies also offer critical illness coverage, so they pay out if you are diagnosed with a serious illness or medical condition, such as cancer, stroke or heart attack.

Major benefits

The main benefit of having accident insurance is the promise of a payment if you are hurt in an accident and can’t work. An additional benefit is that there are no restrictions on the money, meaning you can use it how you see fit. A third benefit is that accident coverage is inexpensive, especially if you get group rates by buying the coverage through your employer.






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