Is personal accident insurance worth it?

This coverage can provide extra income after an accident.

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If you’re injured from an accident, accident insurance offers payout that can cover anything from medical bills, childcare or anything else you need to pay for.

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7 reasons to get personal accident insurance

If you’re injured in an accident, lost income and unexpected medical bills can create financial hardship. Some reasons to consider personal accident insurance include:

  • Coverage for medical expenses. This can include the costs of rehab and what’s not covered by your health insurance.
  • No medical underwriting required. This a viable option if you’ve been refused life insurance in the past.
  • Provides peace of mind. Accidents could happen, especially if your hobbies include physical activity and potentially dangerous situations.
  • Low cost. A policy can be as little as $15 a month depending on factors like where you live, your age and how much you coverage you’d like.
  • You don’t have the savings. If you suffer an accident and aren’t able to work as a result, your policy can provide financial assistance.
  • You want to be protected until you retire. Choose term lengths that can cover you until retirement so you won’t have to dip in to your retirement savings and investments in case of an accident.
  • If you’re a contract employee or self employed. If your job doesn’t allow for sick leave, accident insurance could protect your finances if you’re unable to work.
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What type of accidents am I covered for?

The accidents that are covered varies between insurers. Examples of common injuries you could be covered for are listed below:

Accident TypeWhat does this include?
Accidental death and dismemberment
Quadriplegia
Accidental loss of life
Paraplegia
Disability
Permanent total or partial loss of eye sight
Permanent total or partial loss of hearing
Permanent total or partial loss of one or two limbs
Permanent total loss of speech
Legs and arms
Fracture injuries
Thumbs, fingers and toes
Skull
Jaw
Collarbone or sternum
Kneecap and elbow
Wrist, ankle, hand and foot
Ribs
Nose
Neck

Am I covered for accidental deaths too?

Accident insurance is not accidental death insurance where a benefit payment is provided for accidents that result in the policyholders death. Some personal accident insurance policies may also cover accidents that resulted in death. Read the terms and conditions of your policy to have a clear understanding of what you’re covered for.

When am I not covered?

Personal accident insurance does not generally cover:

  • Injuries which have been self inflicted
  • Dental injuries
  • Accidents due to prior illnesses
  • Injuries that have occurred while committing crime
  • Dangerous behavior
  • Injuries under the influence
  • Injury is the result of a pre-existing condition or injury
  • Age limits for coverage — often older than 70

Other benefits of accident insurance

Having accident insurance has other benefits including:

  • Premiums are tax deductible. You can claim your premiums on your taxes if what you’re paying comes out of your pocket — and not through your employer.
  • Choose how your benefit is paid. You can choose to receive your benefit as a lump sum payout to help with upfront medical expenses or as an ongoing monthly income to help with your living expenses.
  • Disability benefit. Most personal accident insurance policies include a benefit payout for a disability. For example, if you suffer a total loss of speech, hearing, sight or the loss of the use of a hand or a foot, you’re considered to be eligible for a total and permanent disability benefit.
  • Covers any costs: Use your benefits to cover any costs you incur as a result of your accident. This can include counseling, rehab, childcare, clothing or transportation.

What determines the cost of coverage?

There are several factors that can affect the cost of your accident insurance premiums, including:

  • The benefit period. Longer benefit periods attract higher premiums.
  • Your occupation. People who work in high-risk occupations generally have to pay more.
  • Your benefit amount. The higher the benefit amount you’re eligible to receive, the more you’ll pay.
  • Your age. The older you are, the greater your risk of accidental injury and higher your premiums.

Bottom line

If you think you couldn’t afford to pay for bills or extra expenses after an accident, personal accident insurance might be right for you. Consider your lifestyle, savings and other coverage when deciding on a policy.

Shop around and research in order to find the policy that’s the right fit for your lifestyle.

Looking for even more protection? Find a life insurance provider today

Name Product Issue Ages Coverage Range Medical Exam Required State Availability
Bestow
21 - 54 years old
$50,000 to $1,000,000
No
Not available in New York
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
AIG
AIG
20 - 85 years old
$100,000 to $2,000,000
Depends on policy.
Products and product features may not be available in all states.
This well-established life insurance provider could offer you $250,000 worth of coverage for as low as $14 per month.
LadderLife™ Life Insurance
20 - 60 years old
$100,000 to $8,000,000
No
Not available in New York
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
Policygenius
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
All 50 states
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Haven Life
18 - 64 years old
$100,000 to $3,000,000
No
All 50 states
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.

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6 Responses

  1. Default Gravatar
    BrendaFebruary 10, 2019

    I would like to know if accident insurance cover people living in Florida

    • Avatarfinder Customer Care
      johnbasanesFebruary 11, 2019Staff

      Hi Brenda,

      Thank you for reaching out to finder.

      Generally, accident insurance cover is covered in Florida. If you already have a personal accident insurance, you may want to review your policy to find out more if you are covered. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    ShinaFebruary 9, 2019

    I constantly travel outside the US, if I was to be injured or worst lose my life in a accident would I be covered by accidental insurance?

    • Avatarfinder Customer Care
      JoshuaFebruary 10, 2019Staff

      Hi Shina,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      You would need to check your terms and conditions, Shina. Every policy is unique and sometimes, they have different ways of defining what constitutes an accident. For this reason, it would be a good idea to directly get in touch with your insurer and confirm.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    EveDecember 22, 2018

    From a fall injury that turns bad, severe skin lesion and blisters leading to a hospital stay and during the stay was later diagnosed as bullous pemphigoid by the doctor after a blood test. My question is, can this be claimed from my accident policy as in an injury from the fall? Thank you.

    • Avatarfinder Customer Care
      JoshuaDecember 22, 2018Staff

      Hi Eve,

      Thanks for getting in touch with finder. I’m sorry to hear about your situation.

      Typically, if your fall directly caused the disease, then it should be covered by your policy. However, this can be a case by case basis. For this reason, it would be a good idea to review the terms and conditions of your policy or discuss this with your insurer.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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