Accident insurance often does not get the attention it deserves. This insurance pays money to an employee if they are injured or disabled in an accident. If the employee dies, then the beneficiary receives the money.
This insurance can cover what life insurance, health insurance, disability insurance, or workmens compensation will not cover.
Most accident insurance policies include disability. The federal government requires most employers to have disability insurance to pay for medical and living expenses that are necessary because of on-the-job injuries. However, this coverage has a time limit. When the time expires, employees must apply to the Social Security Administration for further benefits. This process is lengthy, and sometimes there is denial of the claim.
Employers who offer these policies usually offer several options. The policies might cover only you or you and your family. Some policies even cover accidents that occur while the employee is away from the job. Others might only cover accidents that happen at work.
Benefits from these policies can pay for funeral expenses, travel from the scene of an accident, and living expenses. The benefits might also pay for job training - if the employee is disabled and must switch to a new job. Some policies pay for days missed from work, while others pay cash benefits if you are a victim of a violent crime.
Accident coverage lets you rest easy knowing that if you have an accident, you or your loved ones will get cash. People with young children or other dependents might benefit from this coverage. Younger people, single with no children, often choose this insurance if they feel they are more likely to be in an accident.
Accident coverage is less expensive than life insurance. It costs pennies a day, and regular, automatic payroll deductions are the easiest way to pay.