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Policyholders can use accident insurance as an alternative to life insurance. While it only covers deaths resulting from accidents, it also covers injuries and provides several other advantages. It is generally cheaper than life insurance and simpler to acquire. It also does not involve medical examinations, which makes it universally available regardless of preexisting conditions.
Insurance companies limit the types of accidents covered by the policy. For example, they may exclude accidents resulting from the policyholder's recklessness or natural disasters. Some policies will list certain activities or situations specifically excluded from coverage. Additionally, sometimes there is a time limit placed on the period between the accident and the resulting death. This limit is usually 90 or 180 days, depending on the state.
Accident insurance often offers coverage for specific activities or situations. These include travel, medical, traffic or work-related accident insurance.
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