Many people invest in health, life, and disability policies to protect themselves and their loved ones. A lesser-known but beneficial plan is accident insurance. It supplements your current policies to provide extra financial support if you suddenly become injured or incapacitated. Since it’s an umbrella plan, accident coverage offers many different options that can be purchased singularly or as a set. 

What Does Accident Insurance Cover?

Accidental Death and Dismemberment (AD&D)

AD&D is a benefit that pays individuals or their beneficiaries alongside their current life insurance plan. If the policyholder sustains an injury resulting in the loss of an eye, dismemberment, or death, a lump-sum is paid to the listed beneficiaries. 

Accident Disability Benefits

Whether stemming from a fall, a car accident, or slipping on ice, some injuries will leave individuals with a reduced ability to perform job functions. In some cases, they may be unable to return to work. Accident disability benefits provide a portion of the policyholder’s monthly income. The amount depends on the severity of the disability. 

Accident Medical Benefits

The expenses for injuries can be numerous and costly, involving an ambulance trip, an emergency room visit, and surgeries. The plan allows policyholders to pay for out-of-pocket and non-medical expenses, like rent, childcare, and groceries. The funds can also supplement lost wages or pay utility bills. 

Even if your health policy fully covers the injuries, accident medical benefits are still payable. 

Children’s Education Fund 

Lost wages incurred due to an accident can be detrimental to the further education of dependent children. A lump-sum payment provided through the policy will help support their continuing development.  

Loan Secure Benefits

If a homeowner becomes disabled or loses their life before paying off their loan, the debt falls to their family. Personal accident insurance provides financial support to help repay the principal loan amount. 

Elderly Care Benefits

Dependent parents over the age of 65 may not have the means to take care of themselves without your financial assistance. If an accident renders you unable to provide for them, they will receive a lump-sum so that they won’t struggle economically. 

When Should You Consider Accident Insurance?

High coinsurance percentages, high deductibles, or a limited provider network can leave gaps in health, life, and disability plans. An accident medical plan will cover out-of-pocket costs in addition to the services provided by your policies. 

Employers also don’t always provide disability insurance. People who work part-time or are self-employed often don’t have a policy. However, accident disability benefits will supply income if an injury leaves you unable to work.   

 

For comprehensive accident insurance policies, reach out to Robert Rung Insurance in Lincoln, NE. Their agents work with you to develop a customized policy to ensure you and your family will be protected if unpredictable life changes occur. As an independent agency, they have access to some of the country's largest providers and can find a plan that won’t break your budget. For more information on their coverage areas, visit their website. To schedule an appointment, call them at (402) 483-2279.