Month: October 2013
Accidental Death Dismemberment
Most people understand the benefits of more obvious types of insurance such as life, health, disability, etc. While accidental death dismemberment coverage is often overlooked; a good AD&D policy can offer added value by filling in the gaps. Accidental Death Dismemberment insurance does serve its purpose by insuring against an accidental death or permanent injury such as a loss of limb.
Now AD&D insurance is not meant to replace any existing life insurance, but instead enhance your insurance coverage. An accidental death dismemberment is an easy and inexpensive way to increase your overall coverage limits, especially in situations where due to a medical condition, life insurance has either become too expensive or unavailable. People working in high risk occupations, where accidents are considered “part of the job” should consider accident insurance as a complement to any employer provided insurance or disability.
A great feature of an AD&D policy is the fact that it payout a lump sum, rather than a monthly stream of income in the event of a permanent injury or disability; providing a substantial financial cushion during the initial adjustment period.
Accidental Death Insurance
An accidental death insurance policy provides coverage in the event you, the insured dies as a result of an accident. Some of the covered accidents include motor vehicle, drowning, unintentional falls, fire, forces of nature, electrocution, heavy equipment, homicide, and even war & terrorism. And what most people are not aware of is that these policies will pay benefits in addition to any other existing life insurance. So if you die in a car accident, plane crash, or any unforeseen event, your beneficiary (s) will receive any life insurance proceeds, as well as the benefit of your accidental death insurance policy.
Unlike traditional life insurance, where acceptance is really dependent on your medical history and health status; accidental death insurance does not require any medical exams. Qualification is mainly based on current occupation and annual income. So persons with pre-existing medical conditions can apply for accidental death coverage. What may be surprising is that an accidental death insurance policy is relatively inexpensive. Premiums can be less than $70 a month for a $1 Million policy.