In most cases, the intention of accidental insurance is to protect financial well-being of the insured and their family, in the event of a covered accident. This will safeguard the insured and their family from financial hardship in the future. There are two types of accident insurance that can be purchased in the market: 1.Accidental Death and Dismemberment (AD&D); and 2. Accident Medical Expense (AME).
Accidental Death and Dismemberment (AD&D) benefits the insured and their family by providing financial support in the event of an unforeseen circumstances. Unfortunately, the harsh reality is that accidents can, and do happen.
In the event the accident becomes fatal, , this insurance policy will pay a lump sum benefit to their beneficiary. If a serious injury is suffered, (for example the loss of one (or both), hand(s) or limb(s) in a covered accident – the policy will pay a lump sum benefit, to assist in offsetting the financial costs of the injury. AD&D cover can be purchased as a standalone policy without the need of purchasing any ancillary products. Readers are welcome to browse our website for more information on how this insurance cover can benefit them.
According to the National Center for Health Statistics, accident or unintentional deaths are the 4th leading cause of death among Americans. The number of emergency department visits for unintentional injuries has increased to a high of 30.8 million visits a year.
Accident Medical insurance helps an insured pay for a range of out-of-pocket costs that may be incurred after an accidental injury. These may include, but are not limited to: emergency treatment, hospital stays, medical exams, and other expenses, such as transportation or lodging.
This type of insurance is not intended as a substitute to full health insurance and does not cover the medical expenses which a full plan will cover – rather this coverage compliments your full health insurance policy. However, and the added benefit of this policy, this coverage can be purchased as a standalone policy which may be useful to you, if you are looking for supplemental insurance outside the enrollment period, as opposed to remaining completely uninsured.
Articles referenced in blog: