Accident Insurance Policies
Accidents almost always cause unexpected financial burdens. You could end up with thousands of dollars in medical care because of a simple fall. That’s why accident insurance is good to have. It is an effective way to handle unexpected emergency treatment or hospitalization costs.
Accident coverage usually provides a lump sum cash benefit to pay for medical care following an accident. However, the money can be used for a variety of medical costs. The policyholder submits a claim, and then a check is sent to reimburse the policyholder for emergency and medical care.
Similarly, disability insurance protects a person’s income by providing financial assistance when working is impossible. Assistance is usually available for between 13 and 26 weeks. It is possible to have separate policies. If they are separate, then the benefit amount for each plan can be used simultaneously. But usually, accident coverage comes into play before the incident leads to an inability to work.
How It Works
An accident insurance policy protects the policyholder from medical debt. The coverage helps handle out-of-pocket costs by paying a lump sum to the policyholder. Coverage is not only for co-insurance, but can be used for emergency treatments as well. In some cases, lodging costs and transportation are also covered, if it relates to medical care.
Types of Coverage
Business travel accident coverage is for employees involved in an accident while on the job. Personal accident insurance for a household covers all members in a home up to age 70. Personal accident coverage can also be used by an organization, such as a sports organization’s members, and is used for amateur and professional sports teams. Personal accident coverage is for specific incidents, such as attendees at a venue or performance. This same type of coverage is normally for specific groups that share a common interest, like hunting or fishing groups.
The lump sum payment offered by accident insurance usually eliminates the waiting period that is often associated with other policies.
Back to Home
Learn about Auto Insurance
Learn about Homeowners Insurance
Learn about Life Insurance