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Four things you didn't know about accident insurance

Accident insurance sounds straightforward – if you get injured, you can receive benefits to help cover the cost of treatment. However, if you have a policy or are considering purchasing one, here are some lesser-known features of accident insurance to be aware of that can help you effectively use your policy. 

1. It covers more than you might think

When you think of accident insurance, someone with a broken arm or leg wearing a cast likely comes to mind. While accident insurance does typically cover broken bones and sprains, you could also receive benefits for fractured ligaments, burns, concussions, dislocations and amputations. Additional care such as the ambulance ride, hospital admission, physical therapy and prosthetics could also be covered with accident insurance. 

2. You may receive wellness benefits

Some accident plans offer additional coverage for routine wellness checks and preventative care including physicals, immunizations and health screenings. This is especially useful if you don’t receive this coverage through your base medical plan. Practicing preventative care is important for improving and maintaining your overall health as well as avoiding future health problems, so receiving benefits for these services can pay big dividends in the long run.    

3. Dangerous activities may exclude you from receiving benefits 

Insurance policies are based on risk both from the consumer and provider side. There are activities deemed more dangerous by insurance companies that may disqualify you from receiving benefits since you’re putting yourself at such a high risk of being injured. Taking part in any of these activities could prevent you from receiving accident coverage: 

  • Armed conflict
  • Riding or driving a motor vehicle in a race, stunt show or speed test
  • Jumping or falling from an aircraft
  • Hang-gliding, bungee jumping, parachuting, parakiting, parasailing, sail gliding 
  • Semi-professional or professional competitive athletic contest
  • Illegal activity 

4. You can take it with you

A great thing about voluntary benefits is their portability, and accident insurance is no exception. If you own a voluntary accident policy, you can take it with you wherever you go and keep your accident coverage even when you switch jobs or retire.

When reviewing your accident insurance policy, make sure that you are aware of everything the policy covers. Understand which types of injuries you can receive benefits for and which activities to avoid if you aren’t prepared to pay for a resulting injury. Being aware of the additional wellness benefits you could receive will also help you get the most out of your accident policy by supporting your health for years to come. 

Posted on June 27, 2019 in Consumer

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