Most of accident insurance products sold individually include the following coverage:
- Accidental fracture,
- Dismemberment or loss of use (e.g., one or two hands, paralysis, etc.)
- Accidental death,
- Disability benefits.
- Some of these types of policy can also be combined with other life and health insurance products.
Benefits include two components:
- A lump sum that can vary depending on whether the claim is for accidental death, fracture, dismemberment, or loss of use.
- The reimbursement of costs up to a certain limit if the insured person incurs certain expenses following an accident, such as hospital, paramedical, dental, or ambulance fees.
- With lump sum payouts, insured persons can meet often sizable expenses, such as the cost of making their homes wheelchair accessible if an accident causes them to be paraplegic.
- Accident insurance is a valuable addition to provincial health insurance plans, or even to a group insurance plan offered by an employer.
- Considering the levels of coverage available and its affordability, this type of coverage is a great way to round out an insurance portfolio.
Warning: The above text is of general nature and is intended for explanatory purpose only. Each of the products described above has its own specific features. Moreover, only the product contracts contain the complete terms and conditions as well as restrictions and exclusions to which they are subject.