Monday, September 28, 2020

Do I Need An Accident Insurance Plan?

Everyday thousands of people seek medical attention for accidents large and small. From getting cut while making dinner and needing a few stitches, to serious automobile accidents, urgent care centers and emergency rooms are filled with people needing medical attention. 

I first got into the insurance business selling accident plans door-to-door in rural areas. And even though I didn't care for the policy at the time, I did see the value as our customers in the farming community would get hurt doing day-to-day chores. When I went to work for a large worksite benefits company I heard stories from people everyday about how they used their policies often, not just for themselves, but for their families. 

These stories were interesting and sharing them helped me to get more people to understand why they needed a good accident plan. For example, one nice lady was married to a firefighter and had purchased a plan that covered the entire family. Her husband was constantly getting hurt on the job, which was understandable. Burns, lacerations and other perils were a given in his line of work.

But when he was off the clock, he was just as vulnerable. He loved to hunt deer, and apparently had an issue with falling out of the deer stand on occasion. His wooden boat, which he used for fishing when the weather was good, had some rusty nails that he sat on several times. It got to the point where the wife felt bad for contacting me every time he needed to file a claim and made copies of her own claim forms. 

If you are active or have kids who play sports, an accident plan may be the right fit for you. Unfortunately, people sometimes forget they even have an accident plan. During a chance meeting with a client of mine he mentioned that his daughter had been playing basketball at the local rec center a month earlier. She went in for a layup and her legs were cut out from under her by another player. At the hospital she was treated for a small cut but had to have some minor surgery to repair a muscle tear. 

My client lamented that his medical insurance payed the majority of the expenses, but only after the deductibles and co-insurance minimums were met. When I reminded him that he actually had a policy in place to help offset those out-of-pocket expenses he lit up. We filed a claim and he was very happy with the results. 

Your occupation usually isn't going to be a factor and since there are no pre-existing conditions for accidents, people are covered right away. My clients come from all kinds of backgrounds, such as realtors, mechanics, artisans and business professionals. And you can choose coverage for off-the-job or 24 hour on or off-the job. 

Most of these policies even cover dismemberment and cover loss of sight, limbs (such as arms, legs, fingers and toes). There are even benefits for accidental death, which doubles if you were to die in a "common carrier", like a bus or plane. 

There is also an optional rider for disability income, which can help replace lost wages due to an accident. That can be important since for most of us, our most valuable asset is our ability to earn a living.

And just to add a little more value, there's also a wellness benefit. You're going to get a check up once a year anyway, so go ahead and get a few more dollars sent to you for that. 

Recently I met a woman whose husband had died while cutting down some trees in his yard. A large log rolled onto to him and he passed away in the ambulance on the way to the hospital. She told me that he had just turned down an opportunity to purchase an accident plan a few weeks before he died. Even though it was too late for him, she made a decision to purchase a plan for herself. 

I hope you seriously consider an accident plan. Especially since all the benefits go directly to you to spend how you need to, and not to the doctor or hospital. For a quick recap of some of the coverages from one of our carriers, click here. And if you have any questions please let us know. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

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