Accident Insurance

What Is It?

Good accident insurance provides funds for helping with the compensation for the costs that are faced in the aftermath of an accidental injury. The medical insurance one can enjoy through an employer will compensate for medical treatment following an accident, but there are other expenses that medical insurance will not cover. For instance, there might be a sizable deductible to pay or lodging costs if an accident happens away from where one resides.


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Who Benefits

All people can enjoy the benefits of carrying this type of insurance, however larger families, outdoor trekkers or sports enthusiasts, and those who travel extensively will likely benefit most. It just so happens that kids and active types tend to experience more accidental injuries. There is also lodging and meal expenses for those who work or vacation away from where they ordinarily live.

How It Works

In the aftermath of an accident, one visits the insurance company website to discover the list of documentation necessary to file the claim, such as having emergency bills and the like ready to submit. Scanning or taking images of documents with your smartphone to be uploaded to the insurance provider’s website is important. Your insurance company then processes the claim and will deposit funds directly into your bank account. A claim can also be filed the old-fashioned way, via fax or snail mail. And, if you don’t opt for direct deposit, your insurance provider can mail the check.

Kinds of Coverage

There are different kinds of accident insurance. The most common is cash for accidents as outlined above, but there is also accidental death and accidental disability coverage. Accidental death insurance pays one’s heirs a set funding amount if one dies in an accident. It is more affordable than regular life insurance, so it is often taken advantage of by healthy people who would be more likely to die due to an accident as opposed to illness. Accidental disability insurance provides payouts for bills if one becomes disabled from an accident and unable to perform work duties. In short, this type of insurance protection can help protect you and your family through help in paying bills.