Accident insurance is a unique type of insurance policy that pays a benefit if the individual that is covered is injured or perishes in an accident. These policies offer amazing benefits and can save a family from the financial crisis that typically follows an accident.
The accident policy works much like any other type of insurance policy. If a covered person has an accident and is injured, he or she will file a claim with the insurance company. The insurance company will require proof of medical injuries from the insured's doctor and will pay towards any medical injuries leading up to the limit of insurance purchased once the claim information has been verified.
If a covered person loses their life as the result of an accident, the beneficiary listed on the policy will file a death benefit claim to collect insurance benefits. If there is no beneficiary listed, the benefit amount will go to the estate of the deceased.
The aspect that sets an accident policy apart from many other types of insurance is that the insured individual is really in control of how the money is dispensed. It offers coverage that can pick up where traditional health insurance policies leave off. For example, most accident policies will cover ambulance transportation. In many cases, this would not be covered under a health insurance policy. They also pay insurance copayments, which can be extremely helpful in filling the financial gaps between what is covered and what is not.
The major benefit of accidental insurance is that the insurance benefits can be used to help pay for lost wages at work for those involved in a covered incident. This is lifesaving in situations where a family’s breadwinner is seriously injured.
While the benefits of an accidental insurance policy can vary, it is definitely an insurance policy that everyone should consider owning.