As the employee benefits market continues to evolve, the right accident insurance policy can offer employers an innovative way to manage overall benefits costs while still providing insurance protection that meets the needs of their workforce.
Packaging traditional health and disability plans with newer plans like accident protection insurance is a smart way to help address your clients’ needs. Whether employer-funded or offered on a voluntary basis, a group accident insurance policy can be a cost-effective and valuable benefit.
Provide the right solutions for today's insurance needs
The cost for health insurance continues to escalate. As a result, today's employees are taking on a bigger financial responsibility for their health care coverage. By adding accident insurance to your portfolio of products, you can help your clients find a compromise between protecting their employees and balancing their budget.
When accidents happen, employees are left with substantial out-of-pocket costs. Despite having health insurance, their bills can add up to thousands of dollars of debt. An accident insurance policy can help reduce their financial burden by covering a portion of their costs.
Payments are made directly to the employee, regardless of other insurance. And they can be used however the covered employee chooses – for medical bills, child care, mortgage, groceries, or any other expense.
Whether it's a sports injury, a car accident, or a slip and fall, the financial implications can be overwhelming. Here's an example:
- There are between 250,000 and 300,000 ACL injuries per year.1
- The cost to repair a torn ACL runs between $20,000 and $50,000.2
- Even with insurance, out-of-pocket expenses run between $800 and $3,000.2
- And that doesn’t include cost for physical therapy, knee braces, crutches, or medication.
Recommending group accident protection insurance can help you develop a more consultative relationship and could help you obtain a larger, more diversified revenue stream.
Why Guardian Accident Insurance is an excellent choice for your clients
When it comes to meeting the varied needs of each of your clients, you need to provide options. With Guardian, you can offer three levels of group accident insurance:
The main difference between our plans is the coverage amount paid to insured employees. Our plans provide increasing coverage levels so that you can recommend the best accident insurance coverage for each of your clients.
Benefits are paid for over 40 different circumstances
Guardian Accident Insurance can help with expenses that medical and disability insurance do not cover, such as deductibles, copays and other out-of-pocket expenses.
There are over 40 different circumstances that will pay a benefit to a covered employee, including:
- Common injuries, such as burns, dislocations, fractures, concussions, eye injuries and lacerations and more.
- Services during treatment and recovery, such as ambulance, emergency room treatment, x-rays, hospitalization, surgery, occupational therapy, physical therapy, chiropractic visits and more.
To help your client's employees focus on getting better, not on finances, payments go directly to covered employees, instead of doctors or hospitals. And the money they receive can be used however they wish, including medical bills, child care, mortgage payments, groceries, or any other expense.
An advantageous selling point: child organized sport benefit
Youth sports are becoming increasingly popular. Millions of children participate in organized sports every year. Chances are this includes children of many of your clients’ employees. Some of your clients may even sponsor a local sports team. But while staying active is important for children, it doesn’t come without risks. It’s safe to say that children have a greater risk for accidents when they play sports.
Guardian’s accident protection insurance has this covered. Benefits are increased by 20% if a covered dependent child (aged 18 years old or younger) is injured while participating in an organized sport.
Optional riders* for extra coverage
To ensure your clients get an accident insurance policy that fits their needs, you can offer optional riders. Each of Guardian's three plans can include the following riders:
- Wellness rider. Encourages employees to stay healthy by including a wellness benefit payment of $50 - $150 per year when they complete certain routine wellness procedures or screenings.
- AD&D rider (accidental death & dismemberment). Provides an additional benefit payment if there is an accidental death, dismemberment, catastrophic loss, or an accommodation to home or vehicle is needed.
- Hospital confinement for sickness rider. Offers an additional benefit payment for each day the insured person is in the hospital due to sickness.
- Disability rider. Additional benefit payment if employee or covered spouse becomes disabled and unable to work (weekly payments can be for 26 – 52 weeks).
Support to attract and keep clients
Guardian reduces the administrative workload for your clients by creating the most optimal enrollment strategy for their employees. Guardian:
- Educates about accident protection insurance at enrollment meetings
- Offers online enrollment or personalized enrollment kits
- Provides an employee benefits hotline