Ever broken your leg? Fractured your arm? Burnt your hand? While accidents happen all the time, some of them are more serious than others. When it comes to the more serious accidents – ones that require extra medical care and time off work – it can become costly.
That’s where accident insurance comes in. Accident insurance – also known as accidental injury insurance – can offer a lump sum payout to accident victims. That payout could help cover medical costs, it could help pay for in-home help, or it could help cover day-to-day expenses if you are unable to work because of the injury.
What is accident insurance?
As with almost any type of insurance, with accident insurance you pay a fortnightly, monthly or annual premium to cover you against an unknown future.
Each insurance provider will offer payouts on different types of injuries. Providers can also offer different levels of cover, with standard cover offering lower premiums and lower payouts, and premium cover offering higher premiums and higher payouts.
This can allow you to choose the level of cover that you need, and that you can afford.
What does accident insurance cover?
Most insurers will cover for fractures and breaks of hips, skulls, legs, arms, wrists and ribs. However, smaller fractures of fingers and toes may not be covered. Accident insurance can also cover burns, loss of limbs or sight, along with a number of other injuries.
To find out what your insurance provider covers, check the small print on the policy.
How do you find the right accident insurance?
To find the right accident insurance policy, you must first think about what kind of cover you need. Do some research to find out what kind of cover is available from each insurer, and think about what kind of a payout you would need to get back on your feet.
Compare policies using a comparison site, and narrow down your options to a shortlist. Read the small print to find out what’s covered and what isn’t, and if there are any loopholes that could prevent you from making a claim.
Applying online can often allow you to save money on your premiums, with special offers for online applicants. The insurance provider may offer a certain percentage of your premiums back after a certain period of time if you don’t make a claim, and they may offer a discount if you pay annually.
Find out if you are covered anywhere in the world, or if you are only covered for accidents that happen within your home country. It’s also a good idea to find out what the application process involves – whether you need to complete a large amount of paperwork, or have to take a medical exam. Visit AAMI life insurance portal to find out more.
When you find the right cover, be sure to review your policy regularly to make sure it still offers the cover you need. It’s also a good idea to ask your insurance provider questions if you are unsure about anything. They will usually be contactable by email or by phone, and they should be able to answer any questions you may have.
We are in the process of looking for both new health insurance and life insurance. There is just so much to learn and research before we make our decision!
Keeping fingers crossed. They are indeed helpful, you never know …
i had a buddy fall off of the roof while hanging Christmas lights and he wasn’t able to go back to work for months.. accident insurance absolutely saved his butt. ever since that happened, i knew that it was an absolute necessity!
Ouch, that was tough, both physically and financially. It’s good he was covered.