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Should I Buy an Accidental Insurance Policy?

In a report conducted by the National Safety Council, accidental injury has become the third most common cause of death in the U.S. Additionally, the study calculated an American is accidentally injured every second and killed every three minutes by an accidental death such as a drug overdose, a vehicle crash, a fall, a drowning, or another preventable incident.

Almost everyone can agree when it comes to life, accidents happen. Even though they are unpredictable, there is coverage available to ensure Americans are prepared for the next accident.


As with any insurance, an accidental insurance policy can get quite complex, so it’s important to be very careful when shopping and applying.


  1. Prepares you for the inevitable

    If you have an active lifestyle, daring job, or hobbies that may cause injuries such as horseback riding or rock climbing, an accident insurance policy can help protect you from the expenses from injuries that may happen at work or home.

  2. Helps pay for out-of-pocket expenses

    An accident insurance policy can help cover what primary insurance may not such as rehab, therapy, medications, or other expenses associated with an injury.

  3. Cushion if you don’t have savings

    Bankrate conducted a survey and found that 63% of Americans wouldn’t be able to handle a $500 emergency. An accident insurance policy could help save you from going into debt for an accidental injury.

  4. You’re self-employed or a contractor

    In many of these cases, a contractor or someone self-employed may not have access to private insurance. In this case, an accident insurance policy would work well with marketplace insurance to provide the worker the coverage he or she may need.


In addition to protecting you from the inevitable, an accident insurance policy can offer several benefits.

Premiums may be tax deductible

as long as you pay the total cost out of pocket. You should contact your tax advisor for more information.

You can choose how your benefit is paid to you.

You may opt for a lump-sum amount to cover the upfront medical bills or schedule them monthly to help with living expenses.

Permanent disability payouts

are attractive features on many accident insurance policies. These benefits are paid out if you suffer a permanent injury such as deafness in both ears, loss of eyesight, or amputation of limbs.

May provide coverage of additional expense

such as rehab, cost of damage to property, counseling, etc.


As with any insurance, an accidental insurance policy can get quite complex, so it’s important to be very careful when shopping and applying. Don’t forget:

  • Be sure you understand the full policy. Review the list of injuries and accidents that are covered thoroughly.
  • Be very transparent on your application. Full disclosure about your medical history should be required for any application. If you don’t disclose something, you put your claim at risk of rejection.
  • Be sure you don’t buy a policy that interferes with your insurance at work. Some accident insurance policies may not pay out your claim if you’re entitled to worker’s compensation.

Accident insurance may not be a right fit for everyone. Before purchasing a policy, be sure to consider your lifestyle, career, finances, and needs. If you would have trouble paying your bills should you have an accident, consider speaking with a licensed insurance professional to get the coverage you need.