One of the most overlooked benefits that employees receive from their employers is accident insurance. Enrolling for this type of coverage allows you to get cash if you are in an accident that causes injury or disablement. In the event that the accident is fatal, the benefit goes to the person that you have listed as a beneficiary.
Accident insurance will cover what the workers comp, disability insurance, health insurance, or life insurance will not cover. It is important to remember that disability is often covered by some accident policies. As far as work, employers are required to carry some sort of employee disability insurance to cover an employees living and medical expenses when they are injured on the job. This coverage only lasts for a specific amount of time, however, which means that an employee has to file for additional disability benefits from the Social Security Administration. This can be a long process and many people receive a denial.
Employers who offer this type of policy will often have different policies with different options. Some may cover only you and some may cover members of your family. Another policy option may cover accidents when you are at work and not at work, and some may cover accidents only when you are not at work. The different policy options come with different benefit caps and deductibles as well.
Policies are available to cover funeral costs, living expenses like rent, mortgage, utilities, and food, travel from where an accident occurred back to your town, and even job training if you are disabled and cannot do the job that you had previously. Lost time at work may be covered, as well as a cash benefit if you are injured in a violent crime.
Choosing an accident policy can help to give you comfort in knowing that if you are injured, your living expenses will be covered or your loved ones will get benefits from your policy. This is a good choice if you have younger children, as there are policies that will even pay for college if you are killed or become disabled. Often younger people who are not married choose this type of insurance, simply because they feel that the chance of an accident is much higher than an illness.
Accident insurance usually costs just a few cents a day, which is much less than life insurance. Regular, automatic payments are taken out of your work check to cover the cost.