Do Accident Only/Accidental Death and Dismemberment Insurance policies provide benefits only due to an injury?
Accident Only/Accidental Death and Dismemberment Insurance policies provide benefits only for loss due to an injury. These policies do not pay you due to sickness.
How do Accident Only/Accidental Death and Dismemberment Insurance policies pay you?
Benefits for Accidental Death and Dismemberment (death, loss of limb, or blindness) are usually one-time cash benefits paid in the event of death that results from an accident, or dismemberment (loss of limb or blindness) that results from an accident.
Accident Only policy payment methods can vary greatly from policy to policy. The payment can be a lump sum, or it may be one or more payments based on your actual costs of treatment. It is important that you read these policies carefully, and reach out to your insurance professional or the Maryland Insurance Administration if you don’t understand your policy.
Accident Only/Accidental Death and Dismemberment Pros & Cons
- Lump sum payment in case of death (similar to life insurance products)
- Payments in lump sum or based on actual costs of care in case of an accident
| - Benefits paid out only for loss of life, limb, or vision due to injury
- Benefits may not cover all of the costs of injury
- No benefits for medical conditions that were not the result of an injury.
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SCAM WARNING!
The National Association of Insurance Commissioners (NAIC) and the Maryland Insurance Administration (MIA) are greatly concerned about misleading marketing by non-licensed entities that sell the products described in this document.
If you are looking for MAJOR MEDICAL HEALTH INSURANCE, please contact the Maryland Health Connection or one of the health insurance carriers directly. You can find the most up-to-date contact information for these entities here.
If you receive an unsolicited call regarding health insurance plans, consider ending the phone call immediately. If you must engage with the caller: get a name, phone number to call them back and contact the Maryland Insurance Administration immediately at 800-492-6116 to confirm that that caller has a license to sell health insurance in Maryland.
Before you contact an agent or broker selling STDI or Excepted Benefit policies, contact the Maryland Insurance Administration at 800-492-6116 to confirm the agent or broker is licensed to sell health insurance in Maryland.
Under no circumstances should you skip this step in your search for an STDI or Excepted Benefit product in Maryland. This one step can save you from hundreds or thousands of dollars by avoiding potential fraud, and save you time spent dealing with the consequences of interacting with a scammer.
