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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
Accident insurance is an insurance policy intended to help protect you after a covered accident that can leave you injured. You can use the benefits to help with travel to the hospital, tests, medical treatments, family support, and other out-of-pocket expenses that your traditional health insurance plan might not cover.2 Your policy will outline the types of accidents it covers.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
There are several noteworthy differences between accident insurance and life insurance, which may include:
A traditional life insurance policy can offer coverage for death due to various causes, such as illness, natural causes, and suicide after two years. Accident insurance, on the other hand, usually provides benefits for injuries that result from a covered accident.
Premiums for life insurance and accident insurance policies can vary 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 reasonable premiums on term limits.
Age limits can vary with accident insurance. You must be 18 years of age to apply for coverage and coverage may end between the age of 60 to 75.3 With life insurance, on the other hand, some insurers will approve people as old as 85 to 90 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 may be 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 can be 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 can 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 July 10, 2024. https://www.forbes.com/advisor/life-insurance/how-it-works/. Accessed November 1, 2024.
2 eHelath – Accident insurance: Protecting you when the unexpected happens. Published July 10, 2024. https://www.ehealthinsurance.com/resources/affordable-care-act/accident-insurance. Accessed November 1, 2024.
3 Assurity – What is accident insurance and is it worth it? https://www.assurity.com/news/what-is-accident-insurance. Accessed November 1, 2024.
4 Experian – When Is It Too Late to Buy Life Insurance? Updated February 21, 2024. https://www.experian.com/blogs/ask-experian/when-is-it-too-late-to-buy-life-insurance/. Accessed November 1, 2024.
Content within this article 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. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Accident, A36000 series: In Delaware, Policies A36100DE—A36400DE, & A363OFDE. In Idaho, Policies A36100ID–A36400ID, & A363OFID. In Oklahoma, Policies A36100OK– A36400OK, & A363OFOK. In Virginia, Policies A36100VA – A36400VA, & A363OFVA. A37000 series: In Delaware, Policy A371AA & A371BA. In Idaho, Policy A37000ID. In Oklahoma, Policy A37000OK. In Virginia, Policies A371AAVA & A371BAVA.
Coverage underwritten by Tier One Insurance Company. 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 (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Accident, T37000 series: In Delaware, Policy T37000. In Idaho, Policies T37100ID, T37200ID, & T37300ID. In Oklahoma, Policy T37000OK. In Virginia, Policies T37100VA, T37200VA, T37300VA, T37400VA & T37600VA. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT.
Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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