Personal Accident / ADD

Accident insurance pays a predetermined lump sum to the beneficiaries of the policy if the insured is killed in an accident as a result of an injury or illness.

Employers usually offer two types of accident insurance:

24-Hour and Business Travel: Twenty-four-hour accident insurance covers any accident the insured may have at any time of the day. It is in addition to the benefits of a group life insurance policy.

Business travel accident insurance covers accidents the insured has while traveling on company business.

Estimated Value: Some companies pay for accident insurance; others require the employee to pay. If your company pays for your accident insurance, tack on an additional 45 cents per $1,000 of annual coverage to your annual compensation package. If you have a family, add about 70 cents per $1,000 of annual coverage. Check with your employer for details.