Does Assurity Accident Insurance Pay Enough to Be Worth the Premium?

Assurity Accident Insurance is worth having for many families because it pays cash benefits directly to you after a covered accident, helping offset deductibles, copays, lost income, childcare, transportation, and other unexpected expenses.

Key Takeaways

• The policy works alongside your health insurance to help reduce the financial burden of accident injuries.
• Assurity Accident Insurance pays cash benefits directly to policyholders after a covered accident.
• Coverage is guaranteed issue with no medical exam or health questions required.
• Three plan options allow you to choose a level of protection that fits your budget and needs.
• Benefits can help offset deductibles, copays, transportation costs, childcare expenses, and other unexpected costs after an injury.
• Optional riders provide additional protection for accident-related disabilities and preventive care.

Accidents happen. Insuring against them with a plan like Assurity Accident Insurance helps ease unexpected medical expenses, especially for families with active children.

This article dives into the details of Assurity’s new accident policy, including coverage options, benefits, and real-life applications.

What is Accident Insurance?

Accident insurance layers over your health insurance to cover what your regular insurance plan won’t. It provides cash in the event of accidental injuries. And unlike health insurance, it pays you directly rather than the medical facility, letting you do whatever you want with it. You could use it to cover any excess medical bills, lost pay, or console everyone with pizza and ice cream.

Accident insurance can also cover gaps in health insurance. Think of out-of-pocket expenses like deductibles and copays. It generally has categories for expenses that it pays different benefits for, including:

• Emergency Treatment: Ambulance, emergency room, and urgent care costs
• Hospital Stays: Hospital admission, observation, and intensive care expenses
• Medical Services: Diagnostic tests, surgeries, and follow-up care
• Rehabilitation: Physical and occupational therapy costs
• Everyday Expenses: Home health care, childcare, and transportation to medical facilities

This type of coverage works best for active individuals and families. It can also be a great solution for people who would find themselves in a tough situation covering surprise medical out-of-pocket costs.

Understanding Assurity Accident Insurance

Assurity Accident Insurance provides cash benefits that may not be fully covered by major medical insurance. It can help families manage unexpected expenses after an accident and may reduce the need to rely on savings or other financial resources during recovery.

Key Features:

• Guaranteed Issue: No medical exams or tests required to qualify
• Direct Claim Benefits: All benefits are paid directly to the policyholder
• Multiple Plan Options: Three plans (Base, Advantage, and Complete) designed for different budgets and needs
• Family Coverage Options: Available for families, individuals, or just children

Assurity Accident Insurance Plans

You can choose from three plan options, each offering different coverage levels to fit different family budgets. Each plan offers cash benefits for covered accidental injuries, but the amount of coverage increases as you move from the Base Plan to the Complete Plan.

Base Plan

The Base Plan is the most budget-friendly option, usually less than $1 a day. It provides coverage for accident-related expenses, including 24-hour coverage for initial accident treatment, diagnostic exams, emergency care, and more.

Sample Benefits:

• Initial Accident Treatment: $75 for urgent care or emergency room visit
• Ambulance: $300 for ground transport
• X-ray: $45 per incident
• Follow-up Treatment: $50 per visit, up to two visits per accident

Advantage Plan

The Advantage Plan is the mid-range option. It offers more coverage while remaining affordable. It includes all of the benefits of the base plan, with higher payout amounts and additional benefits for continued care and severe injuries.

Sample Benefits:

• Initial Accident Treatment: $75 for urgent care or emergency room
• Ambulance: $300 for ground transport
• X-ray: $45 per incident
• Follow-up Treatment: $75 per visit, up to two visits per accident
• Rehabilitative Therapy: $45 per session, up to six sessions per accident

Complete Plan 

The Complete Plan is the most comprehensive option with the most protection and benefits. It includes everything in the Advantage Plan, with even higher payouts and more benefits for critical care and catastrophic injuries. Parents of student-athletes, highly active families, and individuals with higher health insurance deductibles often choose the Complete Plan option. 

Sample Benefits:

• Initial Accident Treatment: $100 for urgent care or emergency room visit
• Ambulance $400 for ground transport
• X-ray: $60 per incident
• Follow-up Treatment: $100 per visit, up to two visits per accident
• Rehabilitative Therapy: $60 per session, up to six sessions per accident

24-Hour Coverage vs. Off-the-Job Coverage

With Assurity accident insurance, you have the option to choose between 24-hour coverage and off-the-job coverage.

24-Hour Coverage

24-hour coverage protects you around the clock, whether an accident occurs at home, while traveling, or during recreational activities. This option provides the most protection and is often preferred by families with active lifestyles.

Off-the-Job Coverage

Off-the-job coverage applies when a covered accident occurs outside of work.

Because workplace injuries may already be covered through workers’ compensation programs, this option can be a more affordable alternative for individuals concerned about accidents that occur during their personal time.

You can get sample policy PDFs for the 24-Hour coverage and Off-the-Job coverage at the links below:

Download 24-hour Sample Policy Here

Download Off-the-Job Sample Policy Here

Additional Accident Coverage Options

One of the best features of Assurity Accident Insurance is its flexibility. You can customize your coverage with riders to get that extra bit of financial protection where you need it most. 

The Accident-Only Disability Income Rider provides a monthly benefit if the policyholder becomes totally disabled as a result of a covered accident. This rider can be really useful for the self-employed, business owners, and anyone who relies heavily on their ability to work.

Another option is the Preventative Care Rider, which offers a cash benefit for eligible preventative screening tests, exams, or immunization services outside a hospital. Availability varies by state.

These riders add an extra layer of security. Assurity also offers stand-alone disability insurance (AKA paycheck protection) policies in the event you cannot do your job due to injury or illness. Read more about Assurity’s easy, apply-online policies at the link below.

What Does Assurity Accident Insurance Not Cover?

Knowing what’s not covered in a policy is just as important as knowing what’s covered.

Assurity accident plan is not designed to replace your general medical insurance. It does not provide any benefits for illnesses, routine medical care, preventive healthcare services, or any treatments excluded under the policy contract. It’s only meant for injuries you get in an accident.

As with any insurance policy, it is important to read and understand the policy details and exclusions before purchasing the coverage.

Real-Life Applications of Accidental Injury Coverage

Let’s look at a couple of examples of how this insurance works in real life. (The following examples are based on Assurity marketing materials and are provided for illustrative purposes only. Actual benefits will vary based on the policy, covered services received, and individual circumstances.)

Case Study: Leslie & Her Family 

Leslie, a 35-year-old wife and mother of two, lives an active lifestyle with her family. Despite having good health insurance through her husband’s job, she worried about the financial impact an unexpected injury could have on the family’s finances. 

To add an extra layer of protection, Leslie purchased the Assurity Accident Insurance Advantage Plan with 24-hour coverage for $31.43 a month, covering the whole family.

Several months later, Leslie tripped over a garden hose and suffered a serious shoulder injury. Her treatment included a trip to urgent care, an X-ray, an MRI, surgery for a torn labrum, follow-up visits, a steroid shot, and physical therapy. The accident claim paid a total of $1,740 in cash benefits.

While her husband’s health insurance covered most of the medical expenses, the cash from accident insurance helped offset out-of-pocket costs. It allowed her to take some time off from work during recovery without putting additional strain on the family’s finances.

Case Study: Kyle and Kole

Kyle, concerned about his son Kole’s participation in varsity football, decided to purchase the Assurity Accident Insurance Complete Plan solely for his son at $13.98 a month. This plan provided comprehensive coverage for potential sport-related injuries.

Kyle’s son, Kole, played varsity football and was heavily involved in school athletics. So Kyle decided to purchase the Assurity Accident Insurance Complete Plan for his son at $13.98 a month. This plan provided comprehensive coverage for potential sport-related injuries.

During one of the final games of the season, Kole suffered a broken leg after a tackle. His recovery included ambulance transport, emergency room examination, X-rays, surgery, hospital stay, scooter rental, follow-up visits, and physical therapy.

Through his accident plan, Kyle received a total of $10,020 in cash benefits, which helped offset expenses associated with Kole’s recovery and allowed the family to focus on his rehabilitation and return to sports.

The Benefits of Choosing Assurity Accident Insurance

Families choose accident insurance because it helps manage the financial stress of unexpected injuries. Even with excellent health insurance, an accident can trigger expenses that many families haven’t planned for. Here are some reasons other clients have shared for choosing accident insurance.

Direct Cash Benefits

Cash goes directly to the policyholder. You can file a claim online when you get home from the doctor’s office, and once that claim is approved and processed, the money is deposited into your bank account. Easy. No mail, no claims calls, or waiting to deal with other insurance companies. Because it’s cash and not reimbursement, you can use it for whatever you want, and you’ll still get the benefits even if your health insurance covers everything.

Affordable Protection

Accidents can be expensive, even with health insurance. Most families are working hard to build up a rainy-day fund or save for future expenses, but deductibles, co-pays, and out-of-pocket charges make saving difficult. With the extra cash sent directly to their account in this scenario, it’s easier to protect the savings they’ve built.

Flexible Coverage

With Assurity’s Base, Advantage, and Complete plans along with different available riders, families can choose the level of protection they need within their budget.

No Medical Exams Required

Unlike other types of insurance that require a physical and may even require a blood draw, this application is fuss-free. Just apply online, and you’re done.

Peace of Mind

No one can prevent an accident from happening, but with an accident insurance plan in place, you can focus on recovery rather than worrying about unexpected expenses.

FAQs

What does accident insurance cover?

Accident insurance provides cash benefits for covered accidental injuries and related medical treatment. Depending on the plan, benefits may be available for emergency room visits, ambulance transportation, hospital stays, surgery, diagnostic testing, follow-up care, rehabilitation, and certain injuries such as fractures and burns. Moreover, with Assurity Accident Insurance, benefits are paid directly to you, so you can use the funds however you want.

Is Assurity Accident Insurance worth it?

Yes, it is worth having accident insurance for many families. Even with good health insurance, accidents can create deductibles, copays, transportation costs, and other unexpected expenses. The cash benefits you get through accident Insurance can help with those costs and protect your savings.

How Much Does Assurity Accident Insurance Cost?

As per Assurity, premiums range from approximately $24 to $60 per month, but actual rates may be higher or lower depending on your specific situation. The best way to determine your cost is to request a personalized quote. 

Does Assurity Accident Insurance work with health insurance?

Yes. Assurity Accident Insurance is designed to complement your health insurance. Health insurance helps pay medical providers, while accident insurance pays cash benefits directly to you after a covered accident.

Is accident insurance the same as accidental death insurance?

No. Accident insurance pays benefits for covered injuries and related medical treatment. Accidental death insurance pays a benefit if a qualifying accidental death occurs.

How Can We Help?

After helping families evaluate supplemental insurance options for more than 16 years, I’ve noticed that many people underestimate the financial impact an accident can cause.

Yes, the medical bills are the main concern, but it’s not just that. Other indirect costs are often overlooked and can include copays, childcare, time off work, and rehabilitation costs. This is one reason many families choose to add accident insurance as an extra layer of financial protection.

Coverage, benefit amounts, riders, exclusions, limitations, and availability may vary by state and policy form. Benefits are subject to policy terms and conditions. Review the policy and outline of coverage for complete details.