Do you have a job with occupational hazards?
Do you have an active lifetyle?
Do you do home improvement projects?
Do you drive?
Then consider Accident Insurance.
Choose a type below based on what you want to do.
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For Income Protection
Accident Only Disability Income (AODI)
Replaces regular income while not working due to injury.
Because it excludes illness, Accident Only Disability Income insurance costs less than ordinary Disability Income insurance and is easier to qualify for.
AODI is a partial solution, suitable for the consumer that is only looking to protect earnings at the margins where the risk is easiest to identify with - and most affordable to insure against - rather than a comprehensive solution.
Purchased mostly by self-employed individuals with physical job duties such as contractors, handyman, plumbers, painters, electricians, carpenters, drivers and traveling nurses.
24 hour coverage is most common, but a few products offer an off-the-job only option for people that already have occupational hazards covered by workers compensation.
No such products are available in California.
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For Expenses
Accident Expense (AE)
Accident Expense Insurance helps pay for certain, specified expenses arising from accidents.
AE does not protect income. It merely helps a person get back to zero when expenses are incurred due to injury. It is not medical insurance. It is a supplement for limited situations.
Benefits are paid according to a schedule of compensable events. A typical policy will list 50-70 different items. For example, knee surgery with repair may pay $500, hospital Admission may pay $1,000, an urgent care visit may pay $75, and so on. Carriers usually offer a menu of plans (e.g., bronze, silver, gold) with more or less generous schedules.
The concept has been popularized by the famous duck in Aflac commercials.
The need for Accident Expense insurance is largely driven by deductibles and co-pays in medical insurance, which become harder to budget for as they increase relative to earnings. Uptake is strongest among labor and trades-based occupations where deductibles can be more burdensome and accidents more prevalent.
Some programs feature an optional Accident-Only Disability Income (AODI) rider, which can be easier to qualify for than AODI in standalone form.
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For Death Benefits
Accidental Death (AD)
Accidental Death insurance pays a lump sum to a named beneficiary upon death due to accidental causes, subject to certain exclusions.
Accidental Death is categorized in state regulatory filings under health insurance rather than life insurance. A key reason for this is that, unlike life insurance, Accidental Death insurance is limited to accidents only and can exclude for certain risks, such as aviation.