Each year, companies lose significant amounts of money as a result of bodily injuries on the job. It’s the biggest source of income loss in the liability sector of a company. Despite the best efforts of managers and employees alike, accidents still happen.
For this reason, every worker in a risky job setting should purchase an accident disability plan. While health insurance covers the hospital income and life insurance helps your family recover from your death, only accident disability protects you if you become unable to work.
If you don’t yet have accident disability insurance, you’re missing out on several benefits. We’ll outline five critical advantages of accident insurance in the guide below.
- Accident Insurance Offers a Wide Cover
Accidental injury insurance covers a wide berth of expenses that other policies don’t account for. Accident disability insurance covers losses like temporary disablement, income loss, and hospitalization fees. Another advantage of this policy is that it covers many kinds of accidents.
For example, let’s say you fell down the stairs. Accident insurance would cover the costs.
- Range of Coverage for Accident Disability Insurance
When delving into the specific coverage accident disability offers, you’ll find it covers four primary outcomes. The first of these is accidental death. If you meet your demise through an accident, the insurer will pay your family the assured sum at 100% value.
The second is a permanent partial disability, which covers an injury that results in the loss of bodily function (sight, speech, tactile use, etc.). When this occurs, the policyholder receives either the assured sum through partial installments or a lump sum.
Third, this insurance covers permanent total disability. This disability prevents you from performing standard duties at work for over a year.
To qualify for total disability, your condition must have little hope for improvement.
Fourth, this insurance protects you in the event of temporary total disability. In this condition, your total disability will come to an end with time.
- Universal Premium for All Demographics
Unlike medical insurance plans, accident insurance policies offer the same premium for people across all ages groups. The primary factor that this insurance considers is the individual’s income.
They may also consider the source of income. For example, if you are a salaried worker out on disability, you may receive installments worth up to 10 times your annual income. If you’re self-employed, you may receive much more money due to the volatility of your income.
- Exclusions For These Policies are Rare
Most people qualify for accident insurance, though some exclusions apply. Many policies may not cover high-risk jobs like a pilot. Likewise, extreme sports like bungee jumping may face exclusions from these policies.
- Affordable Premiums
Accident insurance often offers much more affordable premiums than other types of insurance. For example, life insurance policies may charge higher amounts for their monthly premiums. To learn more about how accident insurance saves money, visit https://healthinsuranceharvey.com/.
Search For Accident Insurance Policies Today!
Accident disability policies cover a variety of fees, from accident expenses to medical expenses. If you don’t have a policy yet, check some out today!
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