Did you Know That You Have A One In Five Chance Of Being Out Of Work For At Least 12 Months Due To An Illness Or Accident Before You Retire… And Chances Are You Could Lose Your House If You Don’t Have Accident Insurance?
According to the U.S. Census Bureau, December 1997 an illness or accident will keep 1 in 5 workers out of work for at least a year during their working careers.
No matter what precaution you take, accidents still occur. The worst part is that apart from the injury and trauma they cause to the persons who are involved in the accident, the family too gets affected to a great degree. One shudders at the thought of the consequences of such a situation where the only earning member of a family is incapacitated due to an accident. Accidents are unpredictable and are known to have occurred in the safest of places too, as it is practically impossible to create a 100% risk free environment. Accident insurance is perhaps the only way by which one can ensure that there is some semblance of financial support whenever or if an unfortunate accident happens.
Why You Should Seriously Consider Accident Insurance
Ultimate bad day at work compilation
Accident insurance is relevant in case of high risk environments as well as where the risk is seemingly low, because accidents cannot be anticipated. The saddest part is that accidents happen when one least expects them. Although accident insurance cannot relieve the trauma as such, it does give the much needed financial help.
Accident insurance can include anything from pet accidents to transportation costs on body parts in the event of an accident while flying. While some of the risks associated with accident insurance are minimal, in other cases the risk may be greater. Assessing the risk of accident in one's life, activities or work is an important step in deciding if and which type of accident insurance is necessary.
Here are some shocking facts:- According to the United States Census Bureau, over 51 million Americans are classified as disabled.
"Americans With Disabilities: 2002," U.S. Bureau of the Census, May 2006
- A disabling injury occurs every two seconds.
National Safety Council, Injury Facts 2004 Ed.
- Three in 10 workers entering the work force today will become disabled before retiring.
Social Security Administration, Fact Sheet 2007
- Over 6.8 million workers are receiving Social Security Disability benefits, almost half are under age 50.
Social Security Administration, Fact Sheet 2007
- One in 7 workers can expect to be disabled for five years or more before retirement
"Commissioners Disability Table, 1998," Health Insurance Association of America, the New York Times, February 2000
- The average long-term disability absence lasts 2.5 years.
Commissioner’s Individual Disability Table A
- Unexpected illnesses and injuries cause 350,000 personal bankruptcies each year.
"Illness and Injury as Contributors to Bankruptcy," Health Affairs, February 2, 2005
- Disability causes nearly 50% of all mortgage foreclosures, 2% are caused by death.
Health Affairs, The Policy Journal of the Health Sphere, 2 February 2005
- According to the Federal Reserve, 44% of U.S. families spend more than they earn.
Federal Reserve Board, Survey of Consumer Finances 2004
- Over 90% of disabling accidents and illnesses are not work related.
National Safety Council, Injury Facts 2004 Ed.
Types of Accident Insurance
There are many types of accidental insurance available. Each type covers a specific activity or event. Individuals may be exposed to different risks, and not every type of accident insurance may be necessary. For instance, a gymnast may consider sports accident insurance while a professional billiard player may not. Some of the different types of accident insurance available are as follows:
- Sports and Recreation accident insurance
- Travel insurance
- Flight accidental insurance
- Personal accident insurance
- Occupational accident insurance
- Pet accident Insurance
When Should You Buy Accident Insurance?
Accident insurance can be purchased for short durations when one is more at risk of certain accidents or when traditional insurance policies don't cover specific activities. For example, if one is employed in a job that involves a specific type of risk such as falling from buildings, accident insurance may be available through the employer or private company to cover accidents associated with that job. It is important to know what one's risks are, and how long one will be exposed to those risks is while making a decision to purchase accident insurance.
How Much Does Accidental Insurance Cost?
The cost of accident insurance is proportional to the risk. However the cost is generally quite low unless the risk which the insurance covers is very high. Typically premiums for many types of accident insurance cost just a few dollars per month, although one can expect pay more depending on the insurer’s risk assessment policies. In some cases deductibles are applied upon redemption of accident insurance claims, but these deductibles may only be a small fraction of the maximum coverage amount. Some companies may include some types of accident coverage within other insurance plans or the insurance may be a standard feature in a purchase such as a car rental. In such cases, it is important to read the existing insurance policy terms and conditions to determine what one is covered for as this may save money when traveling or considering accident insurance one may not otherwise need.
How Does One Find Accident Insurance?
The first and most obvious place to look for Accident insurance is through one's existing insurance provider, employers, private health insurance companies or private companies that deal with more unique types of accident insurance. Contacting well known and credible insurance providers may be a good way to obtain additional quotes and information, however researching other companies via telephone inquiry and Internet research may also prove beneficial.
Since Accident Insurance is a specific type of insurance that individuals may pursue to protect themselves and/or their loved ones in the event of accidents causing damage to property or self in certain circumstances, the types of circumstances and events in which certain accidents may occur are many, and there are also several types of accident insurance tailored for such accidents. Some companies may offer a wide range of accident coverage within a single policy whereas other may not.
For additional questions about misleading advertising, understanding insurance contracts, recent legal developments etc., one might consider contact insurance regulators and watchdogs such as the following:
National Association of Insurance Commissioners
State Insurance regulators
Federal Trade Commission
Departments of Consumer affairs at the State level
Selecting The Cover That’s Right For You
Many health insurance companies are not accident insurance providers, but many companies provide injury insurance, it depends entirely on the company, so it’s best to do your research thoroughly. The simplest way to do this is to do a search on Google to find which one is the best for you.
If standard health plans are being considered caution is to be exercised, as they may leave some expenses unpaid or they can cover only minimum expenses. Accident insurance typically covers your deductible and time missed from work, buy check the policy before buying it.
Consider protecting your family, employees and those attending your business events with accidental injury insurance coverage.
Find a company that specializes in accidental injury insurance coverage because not all insurance companies provide accidental injury insurance, but some specialize in it, make a search and take your time.
Compare accidental health insurance benefits and prices online, look for low rates, quick payment terms and simple reimbursement procedures when shopping for injury insurance. Yahoo is a great place to search this.
Get quotes from several accident insurance providers at USInsuranceOnline.com. They provide information for both individuals and small businesses. Visit companies like AIG and Nationwide to find more accidental health insurance solutions for businesses. In addition to employee plans, you can find coverage for accidents suffered at group events or sports.
If you are a Company, ensure your accident insurance program meets your employees' needs Companies whose employees make regular business trips out of the country, should consider accidental insurance benefits that cover employees abroad. Some plans cover a broad spectrum of accidental injury expenses while others are more specialized, for instance, hospital accident insurance plans focus on emergency room and hospital stay expenses and other hospital expenses.
The Overseas Travelers Protection Plan and the Multinational Accident Plan are specially designed to cover accidents and other problems abroad, visit their website for more.
While it is quite likely, that you may go through life without ever having to make an accident insurance claim, it is always better to be prepared. Disaster strikes, when one is least prepared for it. It is worth fine-tuning the family budget and cut out some non-essential items, so that you can purchase Accident Insurance. After all it’s a small price to pay for your peace-of-mind.