Washington National adds new accident insurance product

CARMEL, Ind., June 6, 2023 /PRNewswire/ -- Washington National Insurance Company today announced its new Accident Insurance product. Available for individual and worksite sales, Accident Insurance offers financial protection in the form of lump-sum cash benefits paid directly to the policyholders when a covered accidental injury occurs.

Accident Insurance benefits can help policyholders pay for accident-related costs that aren't covered by a traditional health or disability insurance plan. It includes four levels of coverage, six optional benefit riders, and built-in accidental dismemberment and death benefits. The optional Return of Premium/Cash Value benefit rider is a distinctly competitive feature in the marketplace that allows customers to get back 100% of their premiums paid, minus any claims incurred, at the end of the rider period.

"With the new Washington National Accident Insurance product, customers gain the extra protection they need in an emergency," said Kari Desai, vice president, product development, CNO Financial Group, the parent company of Washington National. "Policyholders and their families have control over how they can use their Accident Insurance benefits, so that they can focus on healing and returning to everyday activities without additional financial stress, giving them peace of mind and financial security."

According to the U.S. Department of Health and Human Services, the average cost of a non-fatal injury treated in an emergency room is $6,620, and 57% of Americans can't afford a $1,000 emergency expense. Washington National's new Accident Insurance complements consumers' existing health insurance plans by paying lump-sum cash benefits directly to consumers, not to the doctor or hospital. This gives individuals and families the flexibility to use cash benefits without restrictions, including paying for everyday bills and expenses if the policyholder is unable to work.

Accident Insurance is available in 30 states: AK, AL, AR, AZ, FL, GA, HI, IA, IL, KS, KY, LA, ME, MI, MO, MS, MT, ND, NE, NH, NV, OK, PA, SC, SD, TX, WA, WI, WV, and WY, with additional states being added later this year.

To learn more about Washington National and its suite of voluntary benefits, which include accident, cancer, critical illness, heart and stroke, life, and hospital, visit WashingtonNational.com.