black shoe about to step on a banana peel

What You’ll Risk by Going Without Accident Insurance

Editor’s note: This post was originally published on 4/11/17 and has been updated for accuracy and comprehension.

Most people are familiar with the phrase, “accidents happen.” Unfortunately, it’s a true statement, no matter your age.

Not only do they happen, but they’re also always unexpected.

Being prepared can take some of the sting out of an unfortunate event.

Here’s a look at what Accident Insurance is, the benefits of coverage and why you may need this coverage more than you think.

Simply put, you’ll uncover the accident insurance benefits you will no longer be able to ignore.

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The basics of Accident Insurance

Accident Insurance is specific coverage that can help with costs associated with an accident.

This type of plan pays out in one lump sum after an accident has occurred.

A major advantage of this coverage is that the money can be used in whatever way you see fit, covering deductibles, co-pays or ways you may not think of right away, such as childcare and transportation costs.

There are plenty of additional benefits for you to check out.

The benefits of Accident Insurance

The fact that anyone is susceptible to an accident is one good reason to consider Accident Insurance. There are other benefits, as well.

  • No waiting period. As soon as the premium is paid, you’re covered!
  • No medical exams. Coverage isn’t dependent on a medical exam or any other health assessment.
  • Direct payment. The sum you’re owed is paid directly to you and not the medical providers.
  • Simple claims process. There’s no confusing paper trail to chase, just one claim form per accident.   

Now that you know some of the benefits, you may be thinking that it sounds great but wondering if you actually need it.

Do you need Accident Insurance?

The unpredictable nature of an accident-induced health emergency can leave you reeling.

The truth is, an accident or injury can happen to anyone. Here are some examples of how accident insurance can benefit you or your family:

  • Have health insurance. Most health insurance policies have network requirements, deductibles to be met and coverage limitations that leave you with significant out of pocket expenses
  • They are very physically active. If injuries were predictable they would be far less common. Being physically active can result in accidents, even when you’re careful.
  • Have children who play sports. Unfortunately, children are not immune to accidents that are part of being sports enthusiasts!
  • Are getting older. As people age they can become weaker and more unsteady on their feet, increasing the chances of a fall or some other injury.

Chances are, you’re not prepared for an unexpected hospital stay, emergency room visit, x-rays or other testing. The associated costs rack up swiftly.

Accident Insurance will cover the gaps left by your other medical coverage with a lump sum that you can use in the way you deem most necessary for your situation.

Being financially prepared is one less worry that you’ll have if something unfortunate were to happen to you or a member of your family.

Considerations when buying Accident Insurance

What should you look for when you’re ready to purchase this type of insurance?

Use these general guidelines to ensure you’re getting what you need.

  • Is it flexible? Look for a plan that allows you to choose the amount of coverage that you’re getting.
  • Is it affordable? Do the math and make sure you can fit the monthly premiums comfortably into your budget.
  • Is there risk involved? Find out if there are penalties or refunds if you decide to cancel the policy at some point.