NEW YORK, NY / ACCESSWIRE / December 2, 2024 / Accidents can happen when one least expects them. Additionally, they can be costly and take time to recover from, which may result in lost income if one needs to take time off work. A personal accident insurance plan can help guard against these uncertainties and provide additional peace of mind. If the insured suffers a qualifying injury from an accident, they can file a claim to receive a cash benefit payout to use as they see fit.
Several types of personal accident insurance plans exist for different needs. This article will explore four personal accident insurance options to consider.
1. Individual accident insurance
Individual accident insurance helps protect the policyholder and their loved ones financially against disability or injury caused by an accident. It pays out a cash benefit the policyholder, unless otherwise assigned, and their loved ones can use for nearly any purpose.The prospective policyholder can purchase this policy privately through insurance agencies, allowing for more coverage options tailored to their needs.
2. Group accident insurance
Group accident insurance is an accident insurance plan purchased by an organization to help cover multiple employees under one policy.Group accident insurance can cost less in premiums per dollar of coverage for each employee if the employer shares in the costs and secures a bulk rate for the group. This helps make coverage more affordable for employees and their families. Furthermore, accident insurance coverage through an employer can help allow an insured to manage this plan alongside other group supplemental insurance plans, such as dental and vision insurance. However, keep in mind that employees may have fewer options when customizing their coverage.
3. Child accident insurance
Children getting injured in an accident may be particularly stressful and traumatic for parents.Child accident insurance is designed specifically to help the insured pay for the costs involved in caring for their child if the child is injured. The insured can use it to help pay for care, replace lost income if the parent needs to take time off while their child is recovering, and cover other expenses.
4. Travel accident insurance
Travel can present unique risks, whether during travel or at the destination itself. For instance, some more adventurous or high-risk destinations could have an increased risk of accidental injury.Travel accident insurance can help offer additional peace of mind so travelers can enjoy their trip without financial worries.They can use the cash benefit to help pay for transportation to a medical facility, emergency medical evacuations, and any other necessary expenses.
The bottom line
No one can predict the future, but people can prepare for the unexpected by getting personal accident insurance. Individual policies may come with higher premiums, but can be chosen based on the policyholder's needs. Group insurance plans are less flexible, but may be more affordable and manageable.Child accident insurance can help parents cover the costs of treating their injured child, while travel accident insurance helps people guard against the risk of injury while on vacation.Prospective insureds should evaluate their circumstances and shop around to find the best rates and terms for the accident insurance plan they choose.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Individual coverage is underwritten by American Family Life Assurance Company of Columbus
In New York, coverage is underwritten by American Family Life Assurance Company of New York.
Group supplemental insurance coverage is underwritten by Continental American Insurance Company (CAIC), a wholly owned subsidiary of Aflac Incorporated. CAIC is not licensed to solicit business in New York, Guam, Puerto Rico or the Virgin Islands. For groups sitused in California, insurance coverage is underwritten by Continental American Life Insurance Company. For groups sitused in New York, insurance coverage is underwritten by American Family Life Assurance Company of New York.
Accident (A36000 series): In Delaware, Policies A36100DE-A36400DE, & A363OFDE. In Idaho, Policies A36100ID-A36400ID, & A363OFID. In Oklahoma, Policies A36100OK- A36400OK, & A363OFOK. In Virginia, Policies A36100VA - A36400VA, & A363OFVA.
Accident (A37000 series): In Delaware, Policies A371AA & A371BA. In Oklahoma, Policy A37000OK. In Virginia, Policies A371AAVA & A371BAVA.
Vision (VSN100 series): In Delaware, Policy VSN100. In Idaho, Policy VSN100ID. In Oklahoma, Policy VSN100OKR. In Virginia, Policy VSN100VA.
Group Accident (70000 series): In Idaho, PolicyC70100ID. In New York, Policy AF70100NY. In Oklahoma, Policy C70100OK.
Group Accident (7800 series): In Idaho, PolicyCAI7800ID. In Oklahoma, Policy CAI7800OK.
Group Accident (7700 series): In Idaho, PolicyCA7700‐MP(ID). In New York, Policy AF7700NY. In Oklahoma, Policy CA7700‐MP(OK).
Coverage underwritten by Tier One Insurance Company:
Accident (T37000 series): In Delaware, Policy T37000. In Idaho, Policies T37100IDR, T37200IDR, & T37300IDR. In Oklahoma, Policy T37000OK. In Virginia, Policies T37100VA, T37200VA, T37300VA, T37400VA, T37600VA. Not available in NJ or NY.
DVH (T80000 series): In Delaware, Policy T80000. In Idaho, Policy T80000ID. In Oklahoma, Policy T80000OK. Not available in NY or VA. Dental claims are administered by Aflac Benefits Solutions, Inc. Vision claims are administered by EyeMed Vision Care, LLC. Hearing claims are administered by Nations Hearing. NOTICE: The coverage offered is not a qualified health plan (QHP) under the Patient Protection and Affordable Care Act (ACA) and is not required to satisfy essential health benefits mandates of the ACA. The coverage provides limited benefits. Tier One Insurance Company is part of the Aflac family of insurers.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road |Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Continental American Insurance Company | Columbia, SC
Z2400489 EXP 11/25
CONTACT:
Senior PR & Corporate Communications
Contact: Angie Blackmar, 706-392-2097 or ABlackmar2@aflac.com
SOURCE: Aflac
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