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Life Insurance vs. Accident Insurance

Life insurance and accident insurance are two plans you might come across while looking for ways to help protect your loved ones financially. While a life insurance plan provides a pay out to beneficiaries if you suddenly pass away from an illness or natural causes, accident insurance is specifically designed for injuries. Let’s dive deeper into the differences between life insurance and accident insurance so you can decide if one or both plans are right for your unique situation.

How life insurance works

A life insurance plan is intended to give loved ones a death benefit payout if you pass away unexpectedly while it’s still active. It can help them cover a variety of expenses upon your passing, such as debt, everyday bills, and college tuition. While there are many types of life insurance policies, some common options are term life insurance, which expires after a set period, and whole life insurance, which offers lifelong coverage.1

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How accident insurance works

Accident insurance is an insurance policy intended to help protect you after a serious accident that leaves you severely injured. It also can help with more common accidents. You can use the funds to help with travel to the hospital, diagnostic tests, treatments you choose, family support, and other out-of-pocket expenses that your traditional health insurance plan might not cover. Your specific policy will outline the types of accidents it covers.2

Differences between accident insurance and life insurance

There are several noteworthy differences between accident insurance and life insurance, including:

Coverage

A traditional life insurance policy offers coverage for death due to various causes, such as illness, natural causes, and suicide after two years. Accident insurance, on the other hand, pays out for injuries that result from a covered accident.

Cost

Premiums for life insurance and accident insurance policies vary greatly between companies and depend on factors like your age and health status. Life insurance premiums can have fixed premiums that do not change over time or lower premiums on term limits.

Age limit

Age limits vary with accident insurance, but some companies require you to be younger than 65 in order to qualify for a policy.3 With life insurance, on the other hand, some insurers will approve people as old as 85 years old.4

Which type of insurance policy is right for me?

If you want to give loved ones added financial security if you pass away, life insurance is likely your best bet. And if you’re interested in getting coverage for injuries, accident insurance may come in handy. This type of policy can be particularly useful if you live an active lifestyle.

Benefits of having accident and life insurance

It’s worth considering having both accident and life insurance plans from a reputable insurance company like Aflac for the following reasons:

Competitive premiums

Premiums for accident and life insurance are reasonable. This means you may afford both types of plans without breaking the bank.

Customizable coverage

With life insurance and accident insurance, you can enjoy enhanced coverage that is right for your unique budget and lifestyle. An Aflac agent may recommend the ideal insurance options for your particular situation.

Added peace of mind

A traditional life insurance policy will cover you for many causes of death, but it won’t cover you for non-fatal injuries. Therefore, both policies can help give you peace of mind.

Get accident and life insurance quotes

Life insurance and accident insurance are not created equal. While life insurance offers a death benefit for many different causes of death, accident insurance pays out for injuries that result from covered accidents.

In addition to traditional life insurance, like whole life and term life policies, Aflac offers accident insurance. This plan helps with new and unexpected injury costs. Chat with an Aflac agent today for a quote or more information.

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