Accident Insurance

Millions of Americans are seriously hurt in accidents every year and they all have one thing in common; they thought it would never happen to them. Sadly, that's just the start of the problems for families, especially when it's the breadwinner who's the victim of an accident and there's no insurance. Even a accidental injury to a child can be a major drain on your families finances. With Accident coverage, you can be rest assured that you're protected if a accident happens to threaten your financial security, or the security of your family. So give yourself and your family the protection and peace of mind you need!

Accident Disability

What Exactly is a Disability?

Mention the word disability and people will likely think of congenital or developmental disabilities such as cerebral palsy, multiple sclerosis or accident-induced injuries.

But in the insurance industry, a disability is defined as a medical condition that leaves you unable to perform the most important aspects of your occupation and results in a loss of 20 percent or more of your earnings (this is why insurance companies sometimes refer to disability policies as income protection insurance). So a disability can be something as common as time off for having a baby, recovering from surgery or undergoing cancer treatment. Since policies can vary, individuals should be familiar with their policy to know what is covered and how the benefits are calculated.

Due to medical advances and ever-evolving work flexibility, it's not necessary to be totally disabled in order to be eligible for disability benefits. Most contemporary disability insurance policies provide proportional benefits if you can only work part time. You're almost always better off financially when working and receiving a partial disability benefit than if you were just receiving disability benefits alone.

Why Should Someone Consider Purchasing This Type Insurance?

• Health insurance will cover medical costs, but does not replace lost income.
• Workers' compensation only covers accidents and injuries that occur on the job.
• Your life savings could be drained quickly by the costs of a disabling illness or injury. The US. personal savings rates averaged 10.4 percent in the 1980s, but in 2005, it had dropped to -0.5 percent. In other words, Americans spent more than they made, something that has not happened since the Great Depression.
• Social Security Disability Insurance only pays a limited benefit for severe disabilities that are expected to last at least 12 months or result in death.

What Are the Types of Disability Coverage?

There are two main types of income protection insurance: short-term disability and long-term disability coverage.

• Short-term policies provide benefits when you are unable to work for a short period of time due to an illness or injury for example, while recovering from surgery or while undergoing chemotherapy treatments. Typically, short-term disability benefits are provided for 13, 26 or 52 weeks and can help to replace 50 percent to 60 percent of your prior earnings.
• Long-term policies provide benefits when you are unable to work for a longer period of time due to an illness or injury. Benefits often last until you are able to return to work, or until the end of the benefit period stipulated in the policy typically to age 65.

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