What is Accident Insurance?

Bike Accident Supplemental Accident Benefit Coverage SGIC

When you think of accident insurance, does a picture of a quacking duck pop into your head? What’s a duck got to do with accident insurance? Probably about as much as a lizard has to do with car insurance. But the real question is: what is accident insurance?

Accident insurance supplements regular health insurance by paying benefits when a catastrophic accident causes serious injury or death. An accident insurance policy can supplement not only your health insurance but your life insurance as well and give you some peace of mind for when life doesn’t go as planned.

Types of Accident Insurance

Insurance that covers accidents comes in different types, such as accident medical expense insurance and accidental death and dismemberment (AD&D) insurance.

SGIC’s Accident Insurance is a robust solution that includes multiple options, which allows you to customize a policy to fit your specific needs. With SGIC, you have the choice to purchase just an accidental death benefit or the more comprehensive AD&D benefit. Let’s explore more of the differences in these types of accident insurance coverage:

  • The Accidental Death benefit pays your beneficiary a lump sum if you die as a result of an unforeseen accident.
  • The Accidental Death and Dismemberment (AD&D) benefit pays you (or your beneficiary if you die) if you sustain a serious injury or die because of an unforeseen accident. Covered injuries for this type of supplemental insurance policy include loss of hands, feet, fingers, and toes; loss of hearing and sight; and loss of speech.

As part of your policy you can include an SGIC Accident Medical Expense benefit rider, which pays you a lump sum for ambulance, emergency room, hospital, doctor and nursing services, rehab, prescriptions, and even dental and vision services needed as result of that accident.

You can also add a Critical Illness benefit rider, which covers life-threatening conditions such as cancer, stroke, heart attack, coronary artery bypass graft, major organ transplant, paralysis, kidney failure, and coma.

Do I Need Accident Insurance?

Accidents happen. It’s not a bad idea to have accident insurance if you and your family live the adventurous life and travel a lot. If you have a high-deductible health insurance plan, SGIC highly recommends you add supplemental accident insurance.

If you’re interested in learning more about accident insurance, call (888-912-47670) or email SGIC at info@sginsco.com.

*Updated January 2020: Currently SGIC isn’t offering these plans.