Prudential Group Insurance, a business of Prudential Financial, has launched an accident insurance product.
The product provides employers with more than 500 employees an optional benefit to help workers deal with the financial impact of an accident such as a fracture, dislocation or concussion.
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The offering is an "incident based plan", which means it pays a lump sum for a loss resulting directly from an accidental injury, and those benefits are not dependent on the services performed to repair the injury.
The benefit varies depending on the severity of the injury and the money can be used to cover out-of-pocket medical and non-medical costs, without restriction. As an example, Prudential Financial said a standard benefit amount for a broken leg could pay up to $1,200 compared to a broken finger in which case the payment would be about $100.
Unlike most traditional treatment-based plans, Prudential Financial said the product’s simplified claim process requires minimal documentation.
Prudential’s accident insurance product requires only evidence of the injury itself; there is no need to provide evidence of various treatments such as X-rays, ambulance trips or physical therapy. Employees can also choose coverage for qualified dependents.
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By GlobalDataBob Patience, vice president, voluntary benefits, Prudential Group Insurance, said: "Accident insurance can provide cash to help pay any expenses, including some injury-related expenses not typically covered by medical insurance, such as transportation, housekeeping and home modifications."
He added: "Including accident insurance as another employee benefit can help individuals protect against a risk that may have significant consequences and supports overall financial wellness."
