Personal Accident Insurance combines two types of coverage: an accidental death policy that pays out if you die in an accident, and a dismemberment policy that pays out if you have a serious injury such as losing a limb or becoming paralyzed because of an accident. The beneficiary of your policy (such as your spouse) collects the money in the case of an accidental death, and you collect it if you suffer one of the injuries outlined in the policy.

Plan features: 

• Year-round, worldwide, 24-hour protection
• Benefits that are payable in addition to any other insurance you may have
• Convenient payroll deduction
• Group rates – group plans are usually less expensive than individual plans
• Coverage can continue when you retire
• Conversion option available if you terminate employment with the Federal Reserve System

You have the following options for this coverage. You must be enrolled to elect dependent (spouse/children) coverage:   

Coverage for you: $10,000 to $500,000 in $5,000 increments. Coverage cannot exceed the lesser of 15 times your annual base salary or $500,000.

Coverage for your spouse: $10,000 to $300,000 in increments of $5,000. Coverage cannot exceed employee coverage amount.

Coverage for your child(ren): $10,000 to $100,000 in increments of $5,000. Coverage cannot exceed employee coverage amount.

Accidents are the fourth leading cause of death in the U.S., and the No. 1 cause of death for adults ages 25 to 44, according to the Centers for Disease Control. Only heart disease, cancer and Covid kill more Americans than accidents.

As the name suggests, personal accident insurance provides coverage for a death due to an accident. It also pays if you lose a limb or a function such as sight, hearing or speech in an accident.

Refer to the Certificate of Insurance for coverages and enhanced benefits.

Certificate of Insurance