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Life insurance and accident insurance are two plans you might come across while looking for ways to help protect your loved ones financially. While a life insurance plan provides a pay out to beneficiaries if you suddenly pass away from an illness or natural causes, accident insurance is specifically designed for injuries. Let’s dive deeper into the differences between life insurance and accident insurance so you can decide if one or both plans are right for your unique situation.
A life insurance plan is intended to give loved ones a death benefit payout if you pass away unexpectedly while it’s still active. It can help them cover a variety of expenses upon your passing, such as debt, everyday bills, and college tuition. While there are many types of life insurance policies, some common options are term life insurance, which expires after a set period, and whole life insurance, which offers lifelong coverage.1
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Accident insurance is an insurance policy intended to help protect you after a serious accident that leaves you severely injured. It also can help with more common accidents. You can use the funds to help with travel to the hospital, diagnostic tests, treatments you choose, family support, and other out-of-pocket expenses that your traditional health insurance plan might not cover. Your specific policy will outline the types of accidents it covers.2
There are several noteworthy differences between accident insurance and life insurance, including:
A traditional life insurance policy offers coverage for death due to various causes, such as illness, natural causes, and suicide after two years. Accident insurance, on the other hand, pays out for injuries that result from a covered accident.
Premiums for life insurance and accident insurance policies vary greatly between companies and depend on factors like your age and health status. Life insurance premiums can have fixed premiums that do not change over time or lower premiums on term limits.
Age limits vary with accident insurance, but some companies require you to be younger than 65 in order to qualify for a policy.3 With life insurance, on the other hand, some insurers will approve people as old as 85 years old.4
If you want to give loved ones added financial security if you pass away, life insurance is likely your best bet. And if you’re interested in getting coverage for injuries, accident insurance may come in handy. This type of policy can be particularly useful if you live an active lifestyle.
It’s worth considering having both accident and life insurance plans from a reputable insurance company like Aflac for the following reasons:
Premiums for accident and life insurance are reasonable. This means you may afford both types of plans without breaking the bank.
With life insurance and accident insurance, you can enjoy enhanced coverage that is right for your unique budget and lifestyle. An Aflac agent may recommend the ideal insurance options for your particular situation.
A traditional life insurance policy will cover you for many causes of death, but it won’t cover you for non-fatal injuries. Therefore, both policies can help give you peace of mind.
Life insurance and accident insurance are not created equal. While life insurance offers a death benefit for many different causes of death, accident insurance pays out for injuries that result from covered accidents.
In addition to traditional life insurance, like whole life and term life policies, Aflac offers accident insurance. This plan helps with new and unexpected injury costs. Chat with an Aflac agent today for a quote or more information.
1 Forbes – How Does Life Insurance Work? Updated September 2, 2022. https://www.forbes.com/advisor/life-insurance/how-it-works/. Accessed May 31, 2023.
2 Experian – What is Accident Insurance? Updated January 12, 2021. https://www.experian.com/blogs/ask-experian/what-is-accident-insurance/. Accessed May 31, 2023.
3 Investopedia – Best Personal Accident Insurance. Updated June 24, 2022. https://www.investopedia.com/best-personal-accident-insurance-5077419. Accessed May 31, 2023.
4 Investopedia – How Age Affects Life Insurance Rates. Updated June 7, 2022. https://www.investopedia.com/articles/personal-finance/022615/how-age-affects-life-insurance-rates.asp. Accessed May 31, 2023.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
In Arkansas, Policies A36100AR–A36400AR, & A363OFAR. Policy A37000AR. In Delaware, Policies A36100DE—A36400DE, & A363OFDE. Policy A371AA & A371BA. In Idaho, Policies A36100ID–A36400ID, & A363OFID. Policy A37000ID. In New York, Policies NY36100- NY36400. Policy NY37000.
In Oklahoma, Policies A36100OK– A36400OK, & A363OFOK. Policy A37000OK. In Oregon, Policies A36100OR–A36400OR, & A363OFOR. Policy A37000OR. In Pennsylvania, Policies A36100PA-A36400PA. Policy A37000PA. In Texas, Policies A36100TX–A36400TX, & A363OFTX. Policy A37000TX. In Virginia, Policies A36100VA – A36400VA, & A363OFVA. Policies A371AAVA & A371BAVA. Life: 68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400.65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series: Whole: In Arkansas, Delaware & Oregon, Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In Texas, Policy Q60100MTX.Q60000 series: Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C.
Coverage underwritten by Tier One Insurance Company: In Delaware, Policy T37000. In Idaho, Policies T37100ID, T37200ID, & T37300ID. In Oklahoma, Policy T37000OK. Final Expense: The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.
Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
Coverage may not be available in all states including but not limited to DE, ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999
Z2301356
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