Accident Insurance

Accident insurance is a kind of coverage handles costs associated with an accident that your traditional insurance policies will not cover. Companies often offer accident policies to their workers as part and parcel of a benefits program. Normally the employer won’t provide payment help with the premium cost, but by having employees purchase through the company the savings can be significant with lower group rates.

An accident policy is designed for those who could be more at risk for work accidents for those who would have trouble with the potential out-of-pocket costs. For instance, construction workers are at a much higher risk for injury than, say, an office worker and are far more likely to benefit from this kind of coverage.

An accident policy will usually pay out a lump sum payment for a covered event, though this is obviously limited to the coverage levels opted. For instance, should one be injured at work need to miss several days, this policy will pay out a cash amount to help the person get through the challenging time of recovery. One can use the cash to pay for medical expenses not covered by the existing insurance.

Most of these policies are quite similar, though they will cover different types of events given the individual policy. Some accident policies will cover critical illnesses, such as heart disease or cancer, and will compensate if one is diagnosed with a covered disease.

The biggest plus to having accident coverage is the cash payout one can receive to help in the payment of medical and other expenses incurred as a result of an accident. They also provide income while one cannot work.