An accident could easily leave you financially strained. That’s where accident insurance can help. While you may feel that your health insurance plan has you safely covered or protected, there can be significant gaps in their protection.
Accident insurance is a type of insurance policy which provides coverage for injury or death in the event of an accident. Accident policy does not usually provide coverage for natural disasters, and the policy may have restrictions on total payouts for activities considered risky.
With accident policy, you can protect yourself financially in the event that you are injured or you suffer a disability due to a covered accident. Several different types of accident policies are available, including Cash for Accidents, Accidental Death, Disability Insurance.
Cash for Accidents usually pays you cash if you are injured. The cash will help you with expenses for any treatment. If you miss work due to an accident, the policy will provide money while you are out.
Accidental Death policy will pay your beneficiary a predetermined sum of money if you die from an accident.
Disability Insurance pays a monthly income if the insured is injured so severely that he or she cannot work anymore.
Accident policy can be purchased privately or through an employer. This type of insurance can be bundled into an existing policy or purchased as a standalone policy. It complements health insurance but does not replace it.
Accident policy pays for the diagnosis and treatment of covered injuries. The insured employee receives the payment to help offset expenses such as co-pays, medical plan deductibles, ambulances, X-rays, scans, physical therapy, surgical procedures, and diagnosis of burns, fractures, and dislocations. Payments can be used for any purpose the employees chooses, including non-medical expenses.
Accident coverage enables you to make a sound financial plan, knowing that you will have much better protection or coverage when the unexpected occurs.
Offering accident coverage to employees will provide employers with a way to strengthen their employees’ financial security while creating an attractive benefits package. This coverage can be offered affordably to employees at no additional cost to the company.