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Accidents can happen to anyone at almost any time, and they can have life-changing consequences for the victim and their family. Accident insurance policies typically offer targeted comprehensive coverage that compensate claimants for a variety of medical and domestic expenses that result from an accidental injury. They can protect policy holders from a potentially large amount of costs that are not covered by a general medical policy through a private provider or workplace plan.

What Does This Kind of Insurance Pay For?

Accident policies are often offered on a supplemental basis alongside a broader health plan, but they can also be purchased as a separate, stand-alone policy. This type of coverage helps victims of a serious accident maintain a basic lifestyle, including compensation for groceries and lodging. Some plans also pay for short-term medical costs from treating the injury.

Depending on the policy, this kind of insurance may take care of mortgage obligations, rent, car payments, child care and a variety of other necessary expenditures. It can also augment other plans by compensating claimants for deductibles and co-payments caused by medical costs associated with a qualifying injury.

Who Benefits From Accident Coverage?

Almost every adult should consider getting accident insurance, especially if it’s available at reduced cost through their workplace benefits program. Many employers offer voluntary accident coverage to their employees to protect their long-term financial interests. This type of policy is particularly important for household providers who want to make sure their family’s basic needs will be met in case of a catastrophic injury.

It’s a good idea to consider the type of expenses already covered by your existing health policies when considering accident coverage. In many cases, this kind of policy can fill in the gaps between general health and vehicle insurances. Policies can be obtained relatively quickly and usually come with little long-term obligation, so they can be used as needed during periods when comprehensive medical coverage isn’t accessible.