Accidents can happen when you least expect them, and the unexpected costs can be a serious hit to your wallet. But here’s some good news: you don’t need to break the bank to get solid accident insurance! In fact, you can get coverage for as low as $7 a month. Yes, you heard that right – just $7!

This budget-friendly protection ensures peace of mind without making your wallet weep. Let’s dive into five affordable accident insurance options that offer good value and great coverage!

Accident insurance isn’t just for athletes or adrenaline junkies. It’s for anyone who wants to stay financially secure when life throws a curveball. The best part is you don’t need to empty your wallet to get good coverage. For just $7 a month, you can have peace of mind knowing that a wide range of potential expenses are covered if the unexpected happens.

Why Accident Insurance Matters

Accidents don’t check your bank balance before happening. Whether it’s a slip, fall, sports injury, or something more severe, unexpected medical costs add up quickly. Accident insurance gives you a financial safety net to help cover medical expenses, hospital stays, rehabilitation, and more. It’s the safety cushion you didn’t know you needed – until you do.

How Does It Work?

Accident insurance is straightforward. You pay a low monthly premium and, if you have an accident, the policy pays out a lump sum or reimburses specific medical expenses. It’s a no-fuss insurance plan that offers coverage on top of your existing health insurance or workplace benefits.

5 Affordable Accident Insurance Options at $7 a Month Each

1

Disability in case of accident

Whether you’re employed or not, a non-integrated monthly benefit of $700 per unit (1 or 2) is paid for total disability in case of an accident resulting in: hospitalization, dismemberment, fracture, major burn or major laceration. The payment is not subject to a waiting period. Benefits may be payable multiple times for a period of 7 months per accident.

2

Accidental death, dismemberment or loss of use

This coverage provides protection in the event of death, dismemberment or loss of use resulting directly from accidental bodily injury, up to $70,000 per unit, to a maximum of $350,000 (5 units). Benefits vary depending on the loss.

3

Accidental fracture

This coverage provides a lump-sum payment of up to $7,000 per unit (1 or 2) in case of accidental bone fracture. In the event of multiple fractures, only the fracture with the highest benefit amount will be paid. This coverage is very useful for manual workers such as construction workers, hairdressers, plumbers, etc., who might face work stoppage due to a fracture.

4

Extended medical care further to an accident

This coverage reimburses medically necessary expenses incurred in Canada after the accident. Expenses must have been incurred within 12 months of the date the accident took place. The lifetime limit for reimbursement of expenses is $100,000. Examples of expenses covered include: hospitalization, ambulance, private home care, laboratory analysis, equipment rental, professional fees (physiotherapist, chiropractor, etc).

5

Hospital benefit

You can choose between coverage in case of accident or in case of accident or illness. A daily benefit of $70 to $350 per day is paid for hospitalization in Canada or the United States, for a period of 18 hours or more, including day surgeries. You just have to answer a few additional questions for the hospital benefit coverage for accident or illness.

Basic Personal Accident Coverage

Think of this as the starter pack for accident insurance. For just $7 a month, this plan covers a range of common accidents, from broken bones to minor injuries. Here’s what you can expect:

• Payouts for minor injuries: Fractures, dislocations, or burns? You’ll receive a lump sum based on the injury type.
• Emergency room coverage: This plan can help with the costs of ER visits following an accident.
• Fast claims process: No complex paperwork—just simple forms to get your payout quickly.

This is a great entry-level option for those new to accident insurance or anyone looking for basic protection on a budget.

Enhanced Accident Recovery Plan

If you lead an active lifestyle, this plan might be for you. For $7 a month, the Enhanced Accident Recovery Plan offers:

• Lump sum payouts: You get a cash payout for serious injuries, like concussions or broken limbs.
• Rehabilitation support: If your recovery requires physiotherapy or chiropractic care, this plan helps cover those costs.
• Transportation expenses: Need help getting to follow-up appointments? This plan has you covered.

The Enhanced Accident Recovery Plan is perfect for anyone who loves sports, outdoor adventures, or an active lifestyle.

Family Accident Protection Plan

For just $7 a month, this plan extends accident coverage to the whole family, making it a top choice for parents or guardians. Here’s what it includes:

• Coverage for children and spouses: Accidents can affect anyone, and this plan ensures your loved ones are protected.
• School and sports accident coverage: Kids are always on the move, which means higher chances of injuries. This plan helps cover accidents during school activities or sports events.
• Daycare and domestic help: If you need childcare or domestic assistance while recovering, this plan offers financial support.

It’s an ideal option for families looking to protect their most precious assets—their loved ones.

Workplace Accident Coverage for Freelancers and Self-Employed

Freelancers and self-employed workers often don’t have access to traditional workplace benefits. For just $7 a month, this accident insurance plan is designed specifically for them. Here’s what it offers:

• Income replacement: If an accident keeps you off work, this plan offers financial support until you’re back on your feet.
• Emergency room and medical bills: Covers medical costs if you’re injured while working or commuting.
• Home modifications: If your accident requires home modifications for mobility, this plan helps cover those expenses.

Whether you’re a gig worker, consultant, or small business owner, this plan provides essential protection while keeping costs low.

Senior Accident Insurance

Accidents can be particularly challenging for seniors, and recovery times can be longer. For just $7 a month, the Senior Accident Insurance plan offers age-appropriate coverage, including:

• Hospital cash benefits: Receive daily payouts for hospital stays due to an accident.
• Fracture and injury payouts: Specific payouts for fractures or injuries that are more common among seniors.
• Home care assistance: Covers expenses for home care services during recovery.

This plan is perfect for retirees who want affordable protection without complicated terms or high premiums.

How to Choose the Right Plan for You

With so many affordable options available, how do you decide which one is best for you? Here’s a quick guide to help you choose:

• Assess Your Lifestyle: If you have a more active lifestyle, opt for plans with rehabilitation and recovery support. If you have a family, consider family-oriented coverage.
• Evaluate Your Work Situation: If you’re self-employed, the workplace accident coverage plan can be a lifesaver during recovery downtime.
• Consider Your Age: Seniors may benefit more from plans that offer hospital cash and home care support.

The Benefits of Budget-Friendly Accident Insurance

Accident insurance doesn’t have to cost a fortune. Here are some of the perks of opting for these affordable plans:

• Easy to understand: No complex terms or hidden fees.
• Fast payouts: Claims are straightforward, with minimal paperwork.
• Adds peace of mind: Knowing that you’re covered can help reduce stress during an already tough time.
• Portable coverage: Most accident insurance plans are portable, meaning you can take them with you even if you change jobs.

Why wait until after an accident to realize you need coverage? Be proactive—protect yourself today, and enjoy the peace of mind that comes with knowing you’re financially secure.

Contact insurance broker Olga Ryjkova for more information:

416-822-2698

info@insurancestoronto.ca