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Accident Insurance
Why Seniors Need Accident Insurance
In Canada, falls are the leading cause of injury-related hospitalizations and deaths among seniors aged 65 and older. As seniors age, they become more prone to accidents like falls and slips due to reduced mobility, balance issues, and slower recovery times. These incidents can result in significant medical expenses, lengthy recoveries, and the need for home care assistance.
For seniors on a fixed income, the unexpected costs of accidents—such as hospital bills, rehabilitation, or in-home care—can be a heavy financial burden. While Canada’s health care system covers many medical services, it often does not extend to non-medical costs, such as home modifications or travel for treatments.
Accident insurance provides essential financial protection, covering medical and recovery expenses. It gives seniors peace of mind, helping them focus on recovery without the stress of unexpected costs. With accident insurance, seniors can safeguard their independence and ensure a better quality of life during retirement, knowing they are protected against the financial impact of accidents.
Infographic - Seniors' Falls in Canada
Falls are the leading cause of injury among older Canadians with 20-30% seniors experiencing one or more falls each year.
Why Accident Insurance is Important
Many insurance companies focus solely on health issues like critical illness, leaving gaps in coverage for accidents that can lead to hospitalization, recovery, and additional expenses. Accident Insurance fills this gap by providing financial support for accidents ranging from minor injuries to more severe incidents.
Whether you’re injured in a car accident, slip and fall, or while playing sports, this plan offers cash benefits to help cover your medical expenses, rehabilitation, and even everyday bills during your recovery period.
What Does Accident Insurance Cover?
Accident Insurance is designed to provide coverage for a wide range of situations, including but not limited to:
Slips and Falls: Common accidents that can lead to costly medical expenses, even at home or in public places.
Motor Vehicle Accidents: Protection whether you’re the driver or a passenger.
Sports Injuries: From recreational activities to more competitive sports, coverage extends to various physical activities.
Workplace Accidents: Coverage that supplements Workers’ Compensation or other insurance programs, offering additional financial support.
Home or DIY Accidents: Injuries sustained at home or while doing home improvement tasks are also included.
Unlike some policies that focus solely on specific circumstances, this comprehensive Accident Insurance ensures you’re covered no matter where or how the accident occurs.
Key Features of Accident and Outpatient Accident Insurance for Seniors
Cash Benefits: Both plans provide cash benefits directly to you, allowing you to cover immediate and ongoing expenses like medical bills and everyday costs such as groceries and household bills.
Comprehensive Coverage: Whether you're at home, on vacation, or participating in recreational activities like fishing or sports, you’re protected 24/7. This means you can enjoy your life without worrying about unexpected accidents.
Hospitalization and Outpatient Surgery Coverage: Receive daily cash payments starting from the first day of hospitalization due to an accident. For outpatient surgeries, get up to $1,000 per procedure, with coverage for up to four surgeries per year.
Rehabilitation and Medical Appliance Support: Coverage extends to rehabilitative therapy, allowing for up to 20 sessions per accident and reimbursing up to $800 for doctor-prescribed physical, speech, or occupational therapy. Additionally, you can receive up to $200 per accident for necessary medical appliances like crutches or wheelchairs.
Guaranteed Renewable Policy: Rest easy knowing your policy is guaranteed renewable until age 85, meaning it won’t be canceled due to the number of claims you file, giving you long-term security.
Complementary Benefits: Outpatient accident benefits are paid in addition to other insurance policies, such as workers' compensation or government employment insurance, enhancing your overall coverage.
Important Exclusions: Please note that coverage does not include losses from sickness, war, self-inflicted injuries, substance misuse, or participation in criminal activities.
How Does Accident Insurance Work?
When an accident occurs, and you're hospitalized, Accident Insurance provides daily cash benefits that start from the very first day. The funds can be used however you see fit, whether it’s for medical bills, mortgage payments, child care, or groceries. This flexibility gives you the peace of mind to focus on your recovery instead of worrying about your finances.
Additionally, this coverage works regardless of other insurance you may have. It complements plans like government healthcare, Workers' Compensation, or other private insurance policies by providing extra financial support.
Who Needs Accident Insurance?
Accidents don’t discriminate—they can happen to anyone, at any time. Whether you’re an active person who enjoys sports or an individual looking for added financial protection in your daily life, Accident Insurance is a valuable investment.
Seniors: As the risk of falls and other accidents increases with age, Accident Insurance provides vital support in covering unexpected medical expenses and recovery.
Parents with Active Children: Kids love to play, but accidents are common. Accident Insurance ensures that any emergency medical treatment your child might need is covered.
Workers: Whether you work in a high-risk environment or an office, accidents can happen. This insurance provides protection for individuals who may not have access to Workers’ Compensation or need additional coverage.
Individuals Without Group Insurance: If you don’t have accident coverage through your employer, Accident Insurance can step in to cover medical bills, lost wages, and other related expenses.
Protect Yourself Today
With Accident Insurance, you can safeguard your financial future against the unexpected costs of accidental injuries. It’s a critical layer of protection for you and your loved ones, offering peace of mind in an unpredictable world. Don’t wait for an accident to happen—secure your coverage today and be prepared for whatever life throws your way.
By offering coverage beyond what traditional health or critical illness insurance provides, Accident Insurance helps protect you from the financial strain that can follow an accident.
Frequently Asked Questions
What makes Accident Insurance different from Critical Illness Insurance?
Accident Insurance focuses on unexpected injuries caused by accidents, whereas Critical Illness Insurance covers serious illnesses like cancer or heart disease. Accident Insurance pays benefits for injuries like fractures, concussions, burns, and more, while Critical Illness Insurance pays out for the diagnosis of a covered illness.
Is there a waiting period for coverage to begin?
There is no waiting period with Accident Insurance. Coverage begins as soon as your policy is active, so you’re protected from the very start.
Will Accident Insurance cover accidents that happen while traveling?
Yes, the Accident Hospitalization Plan will cover accidents that happen while traveling, but only if the accident occurs in Canada or the United States. The plan provides daily hospital confinement and intensive care benefits for up to 365 days per accident, starting from the first day you are hospitalized, but the coverage is limited to accidents in these two countries.
Can I Accident Insurance with other insurance plans?
Yes, Accident Insurance works alongside other policies you may have, such as health insurance or Workers’ Compensation, providing you with additional financial support when needed.
How long will I receive benefits for an accident?
Accident Insurance provides daily benefits for the duration of your hospital stay due to an accident, with extended recovery benefits available for longer hospitalizations. In contrast, Outpatient Accident Insurance covers benefits for outpatient treatments, such as surgeries and rehabilitative therapy, without requiring hospitalization. The length of benefit payments will depend on the specific terms of your policy.
What is the primary focus of Outpatient Accident Insurance?
Outpatient Accident Insurance primarily covers medical expenses for outpatient treatments, including surgeries, rehabilitative therapy, and medical appliances, without the need for hospitalization.
What does the Accident Hospitalization Plan cover?
The Accident Hospitalization Plan provides cash benefits for hospital-related expenses, including daily cash payments for hospitalization and intensive care due to an accident.
Can I receive benefits for outpatient surgeries with both plans?
Yes, Outpatient Accident Insurance offers benefits for outpatient surgeries.
The Accident Hospitalization Plan does not cover outpatient surgeries; it focuses on inpatient care.
At Senior Secure Canada, we specialize in providing financial solutions that ensure guaranteed income for life, helping you retire with peace of mind. With personalized strategies tailored to your needs, we help you navigate retirement without the stress of market risks.
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