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- Personal Accident Insurance
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Personal Accident insurance provides benefits in the event of loss of life, limb, sight, hearing, speech, and loss of use/paralysis because of an accident. A benefit amount is paid directly to the insured in cases of loss of sight, hearing, speech, dismemberment, or paralysis. In the event of death, benefits are paid to a beneficiary. Personal Accident insurance is available for member's spouse or domestic partner.
Personal Accident Insurance FAQ's
- What type of life insurance is this?
- How much coverage should I choose?
- Who provides the coverage?
- How much does this coverage cost?
- What are the new features of coverage?
- Who is eligible?
- When do the rates increase?
What type of life insurance is this?
Personal Accident insurance pays a benefit in the event of the loss of life, limb, sight, hearing, speech, or paralysis because of an accident. It would not cover a loss of life, limb, sight, hearing, speech, or paralysis as a result of a sickness.
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How much coverage should I choose?
It depends on many different factors and will vary by individual. According to the National Safety Council (Accident Facts, 1998), accidents are the leading cause of disability in the United States and the fifth leading cause of death.
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Who provides the coverage?
Principal Life Insurance Company, which is part of the Principal Financial Group, a Fortune 500 company. Principal Life Insurance Company is rated A+ (Superior) by A.M. Best.
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How much does this coverage cost?
Members may purchase $100,000 or $200,000 annual coverage for low quarterly premiums of $12 or $24 respectively. A member's spouse/domestic partner may purchase up to 50% of the member's coverage amount. Premium rates appear in the Group Insurance Application. To inquire on individual custom quotes or to receive more information, you can call NASW Assurance Services at 1-800-355-3869, or the plan administrator, Benefit Services, at 1-800-526-0800.
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What are the new features of coverage?
The Personal Accident Insurance coverage has been expanded at no additional cost to the insured member to include loss of sight, hearing, speech, and loss of use / paralysis. Prior to January 2004, benefits were provided only in the event of loss of life or limb because of an accident.
Numerous "New Features" to benefit the insured member or beneficiary were also added at no additional cost to the insured member. For a complete list of new features, see the Group Life & Disability Insurance Brochure (page 9). Click here
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Who is eligible?
All members of NASW age 70 and younger, and the member's spouse or domestic partner, provided such spouse or domestic partner is under age 70, are eligible.
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When do the rates increase?
Rates are based on the annual coverage amounts ($10,000) selected and do not increase with age.
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