An accident could put a strain on your finances. But if you have accident insurance you will receive financial assistance to handle the expense. While your health insurance can help with your medical bills, it might not provide all the coverage that you need.

Accident insurance provides coverage for injury or death resulting from an accident. It likely does not cover accidents that occur because of natural disasters. The policy may also restrict the payout amount in certain situations. You can have different types of policies, including Cash for Accidents, Accidental Death, and Disability Insurance.

Cash for Accidents is the simplest policy. It pays cash if you are injured in an accident, as long as the accident falls within the coverage range. You can use the cash to pay for treatment or to replace lost income should you be unable to work. Accidental Death is only paid in the event of your death. In that case, the insurance company will pay your beneficiary a predetermined amount of money. And Disability Insurance pays a monthly income in the event that because of the accident you no longer work.

You can purchase your accident policy privately or through your employer. It might be more affordable to obtain coverage from your job. This is because the policy can be bundled with an existing policy or purchased as a standalone policy. Just keep in mind that this coverage does not replace health insurance.

You can pay various types of expenses with your payout. It helps offset expenses such as co-pays, medical plan deductibles, ambulances, X-rays, scans, physical therapy, surgical procedures, and diagnosis. It can also be used to pay for non-medical expenses.

If you are an employer, offering accident insurance coverage to employees is a good addition to the benefits package.