Life is unpredictable — you never know what might happen. So it’s better to be safe than sorry, and accident insurance can help give you that peace of mind.
What is it?
Accident coverage helps pay for medical and out-of-pocket costs that come up after an accidental injury. Typically, the benefit is paid as a lump sum, with the amount varying based on the severity of the injury.
What does it cover?
Health insurance helps with medical expenses, but this coverage is an additional layer of protection that can help you pay deductibles, copays and even typical day-to-day expenses such as a mortgage or car payment. Benefits under this plan are payable to you to use as you wish.
Can I get approved quickly?
Yes, you can typically be approved for coverage within a week.
Does it cover pre-existing conditions?
No. Accident insurance is strictly for covering accidental injuries.
How much does it cost?
Some accident insurance policies can cost between $6 and $20 a month for people who are young and healthy. It also depends on the carrier and the coverage. Like with health insurance, usually a higher premium will mean better coverage.
How is accident insurance different than disability coverage?
Accident insurance and disability insurance cover a lot of the same injuries, and both pay a benefit when you’re hurt. Disability insurance pays out a larger benefit that is paid out each month like a paycheck, while accident benefits are given as a lump sum. If your injury doesn’t keep you out of work, disability coverage might not apply, but you could still receive an accident benefit. And vice versa — if a disability keeps you out of work but the cause isn’t covered by your accident coverage, your disability insurance could cover you.
Check out your coverage options through your employer and see what is available to you.
Content by Lockton Dunning Benefits with info from https://www.ehealthinsurance.com/resources/affordable-care-act/accident-insurance and https://www.policygenius.com/disability-insurance/what-is-accident-insurance/