Accident insurance is a type of supplemental insurance.
Accidents can and will happen. Even when you are extremely careful, you can still get into accidents while going to work during the week or playing recreational sports on the weekend. These reasons are why accident insurance is so important. Let’s find out more about what these policies protect you against and how you are covered.
What Accident Insurance Is
Accident insurance is a type of supplemental insurance. It helps decrease the out of pocket costs involved when you seek treatment. As the name implies, it is intended to cover injuries that occur as a result of an accident. You get the money directly in a single lump-sum payment. You would then pay it to doctors or hospitals, depending on where you need it most. An indemnity is also included.
Even though it doesn’t sound like it at first, you can also use the accident insurance for related costs. These costs aren’t directly tied to the medical expenses that you need to pay, but others, such as taking care of your children, getting to therapists, paying rent, and affording groceries. It’s up to you how you want to spend the money.
Examples of Coverage
The benefits you receive will depend on your diagnosis. Treatments and coverage also affect the benefits you will have. If you need to go to the hospital when you are injured, your payment helps cover the costs of the ambulance, visiting the emergency room, and various other costs you would otherwise need to pay for by yourself. If you have dependent children, then they can benefit from accident coverage as well.
Exceptions to Accident Insurance Protection
Riskier activities such as skiing or bungee jumping are two exceptions to the accident insurance protection policies you can purchase. Some other exceptions include:
- Injuries caused by being sick or suffering a disease
- Anything dangerous or reckless
- Injuries sustained while under the influence
- Injuries from before you set up your plan
Even if you have been lucky enough to avoid accidents, you never know what could happen in the future. Get ready now to keep yourself and your family safe!
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