Accident Insurance

Employers offer accident insurance to employees, but its significance is often overlooked. With accident insurance, employees can receive coverage in the form of cash if they are injured or disabled in an accident. If in the event you die, the cash goes to your beneficiary.

This insurance often fills the missing pieces of life insurance, health insurance, disability insurance or workmen’s compensation. For instance, some accident insurance policies cover disability and while the federal government requires majority of employers to have disability insurance in case of medical and living expenses resulting from on-the-job injuries, this coverage has a time stamp. Following that, employees need to apply to the Social Security Administration for more benefits to cover their disability. This is a lengthy process that can even end in claim denial.

Most employers who offer this policy allow multiple options. Some policies may only cover you or you and your family members. There are others which cover accidents both on and off the job. Some only cover accidents away from work. The policies are diferent, with certain deductibles and benefit caps.

Some policies may cover funeral expenses, travel from the scene of an accident back to your hometown, living expenses including food, rent mortgage, utilities and job training if you can no longer return to your previous job because of disability. There are policies that een pay you for missed work days. Some pay cash benefits if you fall victim to a violent crime.

Accident coverage grants reassurance if you do have an accident, so you and/or your loved ones will get cash. This is a great option if you have young children because some policies may pay for your children’s education if you become disabled or pass away. Even single people with active lifestyles choose this insurance if they feel they are likely to have an accident than suffer an illness.

Typically, this form of insurance is less expensive than life insurance. It costs pennies per day and is paid for most times through automatic payroll deductions.