Whether you are new to the world of life insurance or you simply haven't spent the time needed to fully understand the ins and outs of it, you might be considering accidental death insurance and wondering if you need it. What is it? Do you need it? An accidental death can be devastating no matter what age an individual is. However, if you leave behind a spouse and children without providing financial safety for them, the results can be devastating. Therefore, this type of affordable policy is essential if you want to ease the burdens that your family faces once you die as the result of an accident.
What Is Accidental Death Insurance?
Accidental death insurance adds an additional layer of insurance coverage to your policy. It is designed to provide an extra sum of money should the insured individual die as the result of an accident.
Fatal accidents occur all of the time, however, some individuals have a higher than average risk of dying from an accident. Typically, this increased risk is the result of participating in a certain type of career that naturally delivers a higher element of danger.
This type of coverage only pays out when the insured individual dies as the result of an accident. It is recommended for anyone whose work includes a constant element of danger such as electrocution, falling from a great height, or explosion.
What Are the Benefits of Getting an Accidental Death Insurance Policy?
Accidental death insurance provides death benefits for your loved ones should you die an untimely death. It protects them once you are gone and cannot do so yourself. It offers financial security that is often greater than what you can get with other types of life insurance.
This type of policy offers affordable premiums, particularly since it only provides a payout when the insured dies as the result of an accident or after dismemberment if the policy also includes that kind of coverage.
Most insurers offer immediate acceptance for anyone between the ages of 18 and 70. Of course, there are exceptions to this, so it is best to speak with your insurance representative if you have any concerns.
What Types of Incidents Does an Accidental Death Insurance Policy Cover?
Even if you do not have a dangerous career, an accidental death life insurance policy can come in handy if any of the following types of accidental death occurs:
- Transportation accidents when traveling as a fare-paying passenger (includes airplanes, trains, buses, and subways)
- Motor vehicle accidents (includes automobiles, motorcycles, and ATVs)
- Accidents taking place at home, work, or vacation travel
It is important to check with your insurer to determine exactly what is covered.
What Is an Accidental Death Insurance Policy with Dismemberment?
For some individuals, the risk of dismemberment is higher than for other people who have a career that does not include inherent risks for the loss of an arm or a leg. Therefore, obtaining an accidental death policy that also features the dismemberment clause is important for them. This type of policy offers a payout should the individual become involved in an accident resulting in the loss of one or more limbs.
Sam Jones the author of this article advises everyone to shop around to get the cheapest life insurance for your needs.