Life insurance covers the insured in the event that he or she dies. Accident insurance is a type of life insurance which covers the insured in the event that he or she dies as a result of an accident. Such a policy is cheaper than a full or whole life insurance policy because it does not cover death by natural causes or disease. This also means that more people are able to obtain an accident life insurance policy than a life insurance policy.
Traditionally, life insurance policies measure a person’s risk to the insurance company by determining their risk of death by disease or natural causes as well as lifestyle and hobbies. As accident insurance does not cover death by disease, people with preexisting medical conditions may qualify for it. Only those in high risk careers and who engage in high risk hobbies such as a fireman or sky diving may be prevented from obtaining an accident insurance policy.
Accident insurance cover
Accident insurance covers more than just death by accident but may include medical cover as well. This means that if the insured is injured in an accident and requires hospitalization, his or her medical fees will be covered by the accident insurance policy.
The accident insurance policy may also include disability cover. In the event that policyholder is injured and becomes temporarily or permanently disabled, the policy will pay out. The amount paid out usually depends on the type of disability. Temporary disability pays our less then permanent.
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