Accident Insurance is Part of a Sound Financial Plan

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Most people don't want to think about what would happen if they were injured or killed in an accident

. Although we hear reports of these incidents regularly, it's all too easy to think about them as events that happen to someone else. The fact is that an accident can happen to anyone at any time, and bills and expenses aren't put on hold when they occur. To protect yourself and your loved ones, do consider putting an accident insurance policy in place.

This type of coverage pays out if you are the victim of an accident and helps to protect your family if you are injured or killed. Unlike a life insurance policy, you would not need to go through the underwriting process to get coverage. You can apply for this type of protection at any point between the ages of 18 and 69 and get accepted.

Applicants for accident insurance don't need to submit to a medical exam or provide a blood sample for analysis as part of the application process. The policy will provide benefits if you are involved in a fatal accident or sustain injuries as a result of the incident. The funds can be used to help replace your income if the accident causes your death. The money can be used to fund services not covered by your existing health insurance plan or for any other purpose that makes sense to you or your family.

When you are looking for coverage that will pay out if you have been involved in an accident, consider how much protection you want to put in place. There are plans of this type offering between $50,000 and $500,000 in benefits. A person with a young family may want to consider buying a higher level of protection than an older individual who is at a different stage in life.
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The funds from an insurance payout may be used to pay for living expenses until you are able to return to work. If you are unable to return to your previous job but can work in a different capacity, use the money to fund a retraining program or to make up the difference between your former salary and what you can earn after the accident.

If you are interested in buying accident coverage, consider your options carefully. You can look for this protection on an individual basis, or jointly with your spouse or partner. Another point to consider is how the benefits are paid out. Would you feel comfortable receiving benefits monthly, or would a biweekly payment help you manage your cash flow better? Ask the insurance provider you are considering if you can choose the payment plan that works best for you.
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Another factor to consider before buying coverage is what the policy covers. Many policies will pay out if the policyholder becomes partially or totally paralyzed. Other circumstances where an insurance company may pay benefits after an accident include where the policyholder loses the use of two limbs, or is rendered blind or deaf. No insurance policy will cover every circumstance, and consumers must need to understand exactly what they are buying before making their choice.

A good accident insurance plan is an important part of an overall financial protection plan. No one can predict when or how an accident will occur, but when they do happen they can have a significant impact on an individual's life and ability to sustain their previous lifestyle. Having this protection in place means that dealing with the aftermath may be a bit easier.

Accident Insurance is Part of a Sound Financial Plan

By: Sandy Winslow

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