Accident insurance provides a benefit if an insured person experiences an injury or death. In the US, most accident insurance is designed to be sold as supplementary coverage to an existing health insurance plan.
While accidents and their causes vary wildly, the general definition of an accident is "an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury." If you're considering accident insurance, it's important to understand how that insurance company defines an accident.
Some of the injuries that may be covered by accident insurance include: accident-related injuries such as broken bones or dislocations, burns, dental and eye injuries, emergency room care or urgent care.
Accident insurance is meant to financially help the policyholder with the costs associated with an unexpected Covered Injury.
There are many reasons to consider accident insurance. As with any insurance, the coverage is designed to cover the policyholder if they experience an adverse event.
In the US, it is now common for health insurance plans to have a high deductible.
High deductible health insurance plans are increasingly provided by both employer-sponsored plans and individual health insurance policies. Many Americans now have health insurance deductibles that are $2,000, $3,000, $4,000 or more. When this amount becomes larger than someone would want to pay in the event of an accident, accident insurance is a way to help offset those costs.
Many of us manage our expenses through responsible budgeting, and when we've worked, saved, and invested wisely, regular cash flow is the reward. Accidents can disrupt our finances and our ability to earn.
Accident insurance provides a bite-sized way to help create an extra cushion if something unexpected happens. It's easier to manage the relatively small cost of insurance over time compared to the unknowable burden of accident-related expenses.
Some activities are more prone to accidents than others. While we do our best to manage the risks of accidents, it's not always possible to prevent them. Sometimes the very activities that make life interesting and exciting are the same ones that introduce this risk.
For those who are more active than the average person, an accident policy is a worthwhile consideration.
Accident insurance may help to offset the costs associated with a covered injury.
There are generally two types of insurance plan structures, and accident insurance adheres to these forms. Plans are typically sold either as individual accident insurance plans or as group accident insurance plans.
As you might expect from the name, individual plans are designed to cover a single person or family that is not purchasing through an organization.
Group accident insurance plans are those that are created to be sold through an employer or other incorporated organization. They are typically designed and priced for the population of the group, and they take into consideration that the group will have some level of participation in the plan.
On-demand accident insurance is a new way to provide the traditional benefits of an accident insurance plan in a way that can be customized in length of coverage. Buddy has created the first and only on demand accident insurance product available today. To learn more, click here.