Accidents can occur at any time, no matter how careful we are. Aside from the physical injury you experience and the emotional turmoil your loved ones suffer after an unexpected injury, you could be subject to significant financial stress. Fortunately, accident insurance policies can help with the costs of these accidents at affordable rates. They can help pay for medical treatments and help when you’re unable to work, reducing financial strain as you recover from your injury and treatment. Read on to find out how accident insurance works, how to file a claim, and who should consider applying for accident insurance.
Accident insurance is a supplemental insurance policy designed to help cover financial losses that occur if the policyholder gets injured while the policy is in force.1 In exchange, the policyholder pays premiums to maintain accident insurance coverage. Accident insurance can help cover many costs associated with the new and unexpected injuries such as:
Accident insurance can complement disability insurance since the latter tends only to cover injuries that prevent you from working.1 Even if you can continue working while injured, the costs of care and recovery may be hard to afford without an accident insurance policy. Aflac’s accident insurance policies can help give you added financial security and peace of mind.
Accident insurance varies from company to company. At Aflac, most of our supplemental rates are considered affordable and fit into most budgets. We recommend chatting with an agent and getting a quote for a more comprehensive look at costs.
Don’t wait until it’s too late. Help cover yourself and your family with affordable coverage from Aflac.
These factors may impact the premiums you pay for accident insurance:
Accident insurance premiums tend to increase as a prospective policyholder ages, because they may become more prone to accidents and injuries.4 Additionally, certain pre-existing health conditions may increase the chance of an accident or injury with age.
However, many accident insurance policies may offer guaranteed level premiums. This means they will not increase with age once you buy the policy. So, it may be wise to buy accident insurance with guaranteed level premiums while young.
Insurance companies may charge different amounts for the same coverage because insurers may differ in their underwriting standards. So, shopping around is vital to finding the best rates.
The level of coverage you get can impact premiums.4 Getting more coverage will cause you to pay more in premiums, whereas you will save on premiums if you get less.
The state you live in can also impact your premiums.2 For instance, states with more competitive insurance markets may offer lower rates as insurers attempt to attract customers.
Certain jobs, such as those involving manual labor, heavy machinery, or a dangerous environment, have a greater chance of accident or injury. People in these jobs may pay higher accident insurance premiums. Jobs that may result in higher accident insurance premiums include:
People who participate in more dangerous hobbies and activities may pay higher premiums for accident insurance because there is a higher risk of suffering accidents and injuries. Hobbies that could cause you to pay higher premiums may include:
Here’s how to file an accident insurance claim:
Insurers generally pay out claims as lump sums and let you choose various payment methods, such as a check or ACH. Check with your insurer to understand how your policy pays out claims.
Here are some people who should consider getting accident insurance:5
Accidents can happen at any time. Accident insurance is an affordable way to help protect yourself against the unexpected. Many types of people, from parents to single adults, can be better prepared to cover medical costs with accident insurance. Get peace of mind today by chatting with an Aflac agent about obtaining accident insurance at an affordable rate.
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1 Policygenius – What is Accident Insurance? Updated March 4, 2022. https://www.policygenius.com/disability-insurance/what-is-accident-insurance/. Accessed May 22, 2023.
2 GoodRx Health – Do You Need Accident Insurance? Updated November 24, 2021. https://www.goodrx.com/insurance/health-insurance/what-is-accident-insurance. Accessed May 22, 2023.
3 HowMuchIsIt.org – How Much Does Broken Arm Treatment Cost? https://www.howmuchisit.org/broken-arm-cost/. Accessed May 22, 2023.
4 Experian – What is Accident Insurance? Updated January 12, 2023. https://www.experian.com/blogs/ask-experian/what-is-accident-insurance/. Accessed May 22, 2023.
5 Breeze – Is Accident Insurance Worth It for You? Here’s How to Tell. Updated July 6, 2023. https://www.meetbreeze.com/accident-insurance/is-accident-insurance-worth-it/. Accessed May 22, 2023.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
In Delaware, Policies A36100DE—A36400DE, & A363OFDE. Policy A371AA & A371BA. In Idaho, Policies A36100ID–A36400ID, & A363OFID. Policy A37000ID. In New York, Policies NY36100- NY36400. Policy NY37000. In Oklahoma, Policies A36100OK– A36400OK, & A363OFOK. Policy A37000OK. In Virginia, Policies A36100VA – A36400VA, & A363OFVA. Policies A371AAVA & A371BAVA. Coverage underwritten by Tier One Insurance Company: In Delaware, Policy T37000. In Idaho, Policies T37100ID, T37200ID, & T37300ID. In Oklahoma, Policy T37000OK.
Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
Coverage may not be available in all states including but not limited to DE, ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999