Posted by Is "accident insurance" "life insurance"? "Am I insured for accident insurance or life insurance?" In order to help insured families understand the relationship between the two, in this article, the American Life Insurance Guide©️ will explain the following questions.
- What is accident insurance?
- Is there any accident in the United States?
- What is accident insurance?
- What is the difference between accident insurance and life insurance?
- I have accident insurance in the United States, do I still need life insurance?
What is accident insurance?
Accident insurance, English is called Accident Insurance.
Accident insurance is an insurance product, mainly to protect the insured from economic losses suffered in the event of an accident.This kind of insurance usually covers risks such as accidental death, accidental disability, and accidental medical treatment, and can provide protection in the form of insurance amount, compensation, or medical expenses.
In the United States, many people purchase accident insurance to deal with the high medical expenses or other economic losses that may be caused by sudden accidents, such as physical injuries caused by car accidents, slips, sports accidents, accidental poisoning, etc.
In actual life, it often overlaps with the scope of claims of life insurance.Therefore, policyholders often regard life insurance as accident insurance.
Is there any accident in the United States?
Yes, there is an insurance product called accident insurance in the United States.
In the United States, what is the difference between accident insurance and life insurance?
Accident Insurance and Life Insurance are two different types of insurance products, and their protection objects, protection contents and claim settlement methods are different.
- Guarantee object:
The insured object of accident insurance is the risk of bodily injury or death of the insured due to an accident during the insurance period.The insured object of life insurance is the risk of death of the insured due to various reasons during the insurance period.
- Guarantee content:
Accident insurance is mainly to protect the medical expenses, disability compensation and death compensation incurred by the insured in the event of an accident.Traditional life insurance is mainly to protect the economic losses incurred by the insured's family after his death, such as paying inheritance tax, funeral expenses and living expenses.
- Claims method:
The claim settlement method of accident insurance is based on factors such as the type of accident occurred to the insured during the insurance period, the degree of injury or death, and the insurance amount.
The claim settlement method of life insurance is based on factors such as the cause of the insured's death within the insurance period, the insured amount, and the beneficiary.
Therefore, when purchasing insurance, you need to choose a suitable insurance product according to your actual needs and risk status.
(>>>Recommended reading:Popular Science Post｜What is the difference between wealth management insurance and consumer insurance?How to choose? )
With life insurance in the United States, do you still need accident insurance?
Accident insurance is different from life insurance. Life insurance is mainly to provide protection when the insured dies, and more emphasis on providing death insurance benefits, cash value, dividends, etc.
Although both belong to the scope of insurance, as mentioned above, there are differences in their scope of protection, objects of protection and methods of claim settlement.
With the continuous development of life insurance products, American life insurance products also provide claims for accidental disability, major diseases, and even chronic diseases.
Whether you need to purchase life insurance depends on the actual situation of the individual.If the insured has a family or is financially responsible for other people, life insurance may be more appropriate, as life insurance can provide the family with a degree of financial support to cover possible financial risks after the insured's death .
In addition, life insurance can provide asset protection and cash value accumulation functions that accident insurance does not have.Children's Education Savings.Retirement income planning.Inheritance Tax and Wealth InheritanceAnd other fields.
Article summary
Whether you need to purchase "accident insurance" or "life insurance" should be decided according to your actual situation and needs.
"Life insurance" and "accident insurance" both deal with the financial risks brought about by unexpected accidents. Therefore, some consumers often use "life insurance" as "accident insurance" to apply for purchase.It is recommended to conduct sufficient research before purchasing insurance and consult a professional insurance financial advisor in order to make an informed decision. (full text)
