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As we close out June in recognition of National Safety Month, it is an ideal time to raise awareness about the importance of having accident insurance.
Accident insurance is a valuable product for many consumers, especially those with children in sports. As of 2020, 76.1% of kids ages 6-12 and 73.4% of kids ages 13-17 played a team or individual sport.1
More than 2.6 million children up to age 19 show up in an emergency room with a sports or recreation-related injury each year.2 While accidents can happen to anyone, families can be more prepared for the costs of unexpected injuries.
Earlier this month, Washington National Insurance Company, a part of CNO Financial Group, introduced a new accident insurance product. Accident insurance offers financial protection in the form of lump-sum cash benefits paid directly to the policyholders when a covered accidental injury occurs.
Not everything is in our control, but we can prepare to the best of our ability – whether at home or in the workplace. Whether it is a slip and fall, a sports injury, or a car crash, accident insurance can provide financial support by covering a range of expenses such as emergency room visits, hospital stays, or surgeries. Here are a few reasons you should consider accident insurance:
Protects you from high medical bills
Medicare and major medical insurance that you get through work or purchase independently usually provide good coverage, but they probably leave you exposed to out-of-pocket costs, such as deductibles, copays, and coinsurance costs.
You get the cash, not the hospital or doctor
Accident insurance is meant to be purchased in addition to your primary policy, and it pays benefits regardless of your current plan. It is different than major medical insurance because benefits are paid directly to you or someone you designate, not to doctors or hospitals. With cash in hand after an injury, you can use the money for ANY purpose, including medical bills and living expenses.
It’s not as expensive as you thought
Accident insurance premiums vary by plan and carrier but are typically very affordable and comparable to nonessential items like coffee, fast food, and cigarettes.3 Many people find accident insurance premiums to be worth the cost when contrasted with the medical bills they may receive after a covered accidental injury.
Want to learn more about accident insurance? Check out the Washington National blog: Q&A: Everything you need to know about accident insurance.
1Nearly 60% of families say youth sports are a financial strain--3 ways to budget for them, https://cnbc.com/2022/10/15/nearly-60percent-of-families-say-youth-sports-are-a-financial-strain/, 2022.
2Kids' Sports Injuries: What Parents Need to Know, https://yalemedicine.org/news/kids-sports-injuries, 2019.
3Washington National, Understanding supplemental health insurance, 2021, p. 7.
LIMITED-BENEFIT POLICIES. Accident insurance has limitations and exclusions. For costs and complete details of coverage, contact an agent.