When weighing your overall insurance options, it’s wise to consider if you need accident insurance.
Most people are often familiar with the basics of life and health insurance, even disability income protection. But one type of personal insurance they don’t understand is personal accident insurance. Simply put, accident insurance benefits you or your family if you receive an injury or pass in an accident. When weighing your overall insurance options, it’s wise to consider if you need accident insurance.
When You Lack (or Don’t Have Enough) Life Insurance
If you’re unable to afford the premiums or health issues make it hard for you to qualify for life insurance, then you may need accident insurance. Not only is it economical, but most insurance plans also require no or minimal medical insurance. It mainly makes sense if you’re young since accidents are the leading cause of death under age 45.
Your Health Policy Has Gaps
If your health insurance plan comes with a high deductible, limited provider network, or high coinsurance percentages, you might need accident insurance. These factors can minimize your out-of-pocket costs and pays in addition to health insurance.
You Don’t Have Disability Insurance
Perhaps you work part-time, you’re self-employed, or your job doesn’t provide disability insurance. Fortunately, you’ll still have reliable income in case of an injury or inability to work if you have accident disability benefits.
Your Job is Constantly on the Road or Hazardous
Car crashes are the most prevalent type of fatal accident, so if your job has you on the road frequently – as with a delivery person, truck driver, or service technician – you can benefit from accident insurance. So, make sure to find out what protection your employer offers, and consider supplementing it if it’s insufficient.
Moreover, some lines of work, like law enforcement and construction, are more hazardous than others. If your lifestyle puts you at higher-than-average risk, you may want to invest in accident insurance, especially if you have a family relying on you. Before purchasing a policy, inspect the exclusions because some accidents or jobs might not have coverage.
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