Prudential Group Insurance offers new accident insurance product

Simplified claims process pays lump sum payment without restrictions on use of benefit

NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Group Insurance, a business of Prudential Financial, Inc. (NYSE: PRU), today announced the addition of accident insurance to its suite of products available through the workplace. Prudential’s accident insurance solution provides employers with more than 500 employees an optional benefit that helps workers deal with the financial impact of an accident such as a fracture, dislocation or concussion.

“Accidents are more common than we think and out-of-pocket costs during treatment and recovery can add up quickly,” said Bob Patience, vice president, Voluntary Benefits, Prudential Group Insurance. “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.”

According to the Center for Disease Control, one in eight Americans visit the emergency room each year. Yet, according to Prudential’s 2014 report, Financial Wellness: The Next Frontier in Wellness Programs, 52 percent of households say they have less than $10,000 in liquid assets available for use in an emergency.

Prudential’s accident insurance 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 dependant 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, 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, the product’s simplified claim process requires minimal documentation. With certain traditional accident plans, a separate piece of evidence would typically need to be submitted at the time of the claim for each treatment or procedure. 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.

“Including accident insurance as another employee benefit can help individuals protect against a risk that may have significant consequences and supports overall financial wellness,” continues Patience. “Just as important is the streamlined and easy-to-understand claims process we’ve employed that minimizes a lot of paperwork and administration.”

For more information visit www.prudential.com/financialwellness.

Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability and corporate and trust-owned life insurance in the U.S. to institutional customers primarily for use in connection with employee and membership benefit plans. The business also sells critical illness, accident, accidental death and dismemberment and other ancillary coverages and provides plan administrative services in connection with its insurance coverages. Group Insurance coverages strive to facilitate protection from risks that are difficult to predict, thus fostering overall financial wellness for employees and their families.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Group coverages issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ.

Group Accident Insurance coverage is a limited benefit policy issued by The Prudential Insurance Company of America, a Prudential Financial company, 751 Broad Street, Newark, NJ 07102. Prudential's Accident Insurance is not a substitute for medical coverage that provides benefits for medical treatment, including hospital, surgical and medical expenses and does not provide reimbursement for such expenses. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions which may apply. If there is a discrepancy between this document and the Booklet-Certificate/Group Contract issued by The Prudential Insurance Company of America, the Group Contract will govern. Please contact Prudential for more information. Contract provisions may vary by state. Contract Series: 83500.

This policy provides ACCIDENT insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by New York Department of Financial Services.

IMPORTANT NOTICE - THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS.

This Accident coverage is not comprehensive health insurance coverage (often referred to as "Major Medical Coverage").

It does not satisfy the individual mandate of the affordable care act. It does not meet the requirements of minimum essential coverage as defined by federal law.

0275816

0275816-00001-00

Prudential Financial, Inc.
Janet Gillespie, (973) 802-8012
[email protected]

Source: Prudential Financial, Inc.

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