Accident - Voluntary
Accident insurance allows employers to enhance their benefit package while managing costs. Employees appreciate the opportunity to buy benefits at work at group rates with the convenience of payroll deductions.
ACCIDENT INSURANCE PROVIDES LIMITED BENEFITS.
- Pays a tax-free1, lump-sum cash benefit to an insured employee or family member with a covered accidental injury
- Proof of good health is never required
- Employees can buy coverage for their spouse and/or kids
- A wellness benefit is available to encourage preventive care (not available in all states)
- An accidental death and dismemberment (AD&D) benefit is also available to provide additional protection
- Portable coverage employees can take with them if they leave their employer (not available in all states)
1 Based on current federal income tax laws, if insurance premiums are paid with after-tax dollars, the benefits are received income-tax-free.
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Talk to your clients about how accident can be used to supplement other insurance, including medical and disability, by providing a benefit that can be used to pay for uncovered expenses.
Target employers offering:
- Medical plans with high deductibles - Employees could use the cash benefit to help cover the deductible.
- Disability insurance - Because this only covers a percentage of income, employees could use the cash benefit to supplement their income and to pay for additional expenses.