Accident Life Insurance
Most regular life insurance policies cover you for a specified amount of money and generally only pay out in the event of your death. A combined accident life insurance policy covers you in the same way with regards to your death, but in addition it also offers benefits that will undoubtedly come in handy should you suffer a serious accident.
So what else does accident insurance life coverage pay for?
Simply put, in the event of an accident your combined insurance policy will help to pay for such things as:
- Hospitalization costs
- Outpatient surgery and other related appointments
- Care when in the emergency room
- Income while you are recovering from your accident
Other costs may also be covered, depending on the accident and life insurance policy you choose. Y our monthly premium will increase but in return you get the peace on mind of knowing all the costs of an accident will be met by your insurance provider.
There are two main ways of taking out life and accident insurance together. The first, as mentioned above, is to have a combined policy from the start. This type of policy pays out an agreed amount in the event of your death and also in the event of an accident that requires hospital or emergency treatment. In general the insured amounts are fixed and so a severe accident will pay out the same amount as a minor accident if you choose to claim.
The second way of taking out accident life insurance is to add the accident cover as a supplemental insurance. This means you can tailor the amount of coverage to your needs and only add the costs you think you may require, for example income replacement, emergency room coverage, etc. So, a minor accident may only require a claim for emergency room costs whereas a serious accident might need income replacement for six months and repeat hospital appointments to be covered.
By adding accident coverage as a supplement to your regular life insurance policy you can guarantee some form of payout regardless of the severity of your accident. This type of policy also allows you to add coverage for other eventualities, such as critical illness. A lot of insurance providers now offer what is known as life accident health insurance – an all in one type of insurance that covers you for nearly everything life has to throw at you.
These enhanced policies do cost more than an average life insurance policy. However, they do offer untold benefits and are well worth considering when making that all important choice.