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is a form of insurance policy which offers a payout when people experience injury or death due to an accident. This type of insurance does not usually cover negligence, acts of God, or natural disasters, and the policy may include restrictions such as caps on total payouts or restrictions on payouts for activities deemed risky. Many insurance companies sell accident insurance, which can be purchased as a standalone policy or bundled in to an existing insurance policy.
can come in two forms. A lump-sum payment (or indemnity) plan
, will pay out a one time lump sum benefit (regardless of costs incurred) if an event happens. Or, as a supplement to a health insurance policy, which will cover costs towards health insurance expenses (determined by the explanation of benefits). The indemnity version can frequently be purchased on its own, while the supplemental version typically will neet be bundled with a more traditional health insurance policy.
Accident insurance policies have payouts which vary, based on the type and severity of the injuries. All tend to have specific language determining what and how benefits are paid. The payout can cover medical care along with pain and suffering, and if an accident causes permanent disability, the payment may be structured to provide funds for the accident victim to live on. In the event of a death, the benefits are paid out to the listed beneficiary on the policy. Lump-sum payments can help pay deductible's, co-payments's, hospital or ambulance costs, transportation and lodging or even bills while out of work.
When shopping for accident insurance, people should ask about premiums and what types of accidents and events are covered. Some insurance companies cover more than others. It is also important to look at the history of the company providing the policy.
We have several carriers that offer accident plans allowing us to offer affordable accident insurance in Austin, TX, St. Cloud, MN, Madison, WI, Bettendorf, IA, Germantown, WI, Ann Arbor, MI, Naperville, IL and more. Feel free to contact us to find the right plan for you today.