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If you look at the numbers, accidents are a leading cause of death according to the US National Center for Health Statistics. Of all the hundreds of thousands of American families who suffer a sudden death of a loved one, some have chosen accidental death insurance, a way to provide financially after an accident.
If someone died during an accident or endured dismemberment as a result, accidental death insurance can help with financial resources, for example, when a limb is lost. With a death, beneficiaries receive a payment for the amount guaranteed by the policy when everything is in good order with the agreement.
Accidental death and dismemberment insurance (AD&D) is distinct from life insurance, so explore the discussion below to see how they compare. You’ll see which policy form might be best for you and be able to collect quotes with Sproutt.
What Accidental Death Insurance Is
AD&D insurance pays a sum of money if you lose limbs, functions, or your life as the result of a covered accident. In many cases, you can add accidental death and dismemberment insurance as part of your traditional life insurance policy. Or, you can elect to secure coverage on your own and separately.
Because accidental death insurance pays out according to the injury and type of loss, the payouts after an accident will vary. But, the full value of the policy is received after a qualifying accident, delivered to your beneficiaries. On the other hand, dismemberment or loss of function might pay out just 50 percent of its total value.
Which Accidents Are Covered by AD&D
Since accidental death insurance is a more limited policy than life insurance, only death and loss specifically from an uncontrollable event activates the policy. If tragedy strikes your family in some way, it’s there for the sole purpose of giving financial support for living expenses and with death benefits.
Some accidents are covered, and some are not. Life insurance companies decide these conditions individually, so every policy will cover you differently. Still, many important accident areas are covered. Consider these situations:
- Death or dismemberment after prolonged outdoor exposure
- Loss of life or limb as the result of traffic accidents
- Death after a homicide involving a perpetrator
- Accidental death or dismemberment after a fall
- Drowning accident causing the death of a loved one
- Death as the outcome of malfunctioning equipment
When circumstances were out of your control, AD&D provides more financial security and protection. In some of the most unexpected and worst-case situations, accidental death insurance is there to help. Read your agreement closely for relevant accident types. You’ll also see a few exclusions.
What Accidental Death Insurance Won’t Cover
Not all events leading to death or disabling injury are considered accidents by life insurance companies. They each have their own, unique definition of what qualifies, and they make decisions about what to exclude to minimize their risk. Some common exclusions you’ll see involve illness and recklessness:
- Death while driving under the influence or intoxicated
- Dying of natural causes even after an accident
- Physical illness that is not the result of an external accident
- Injury or death from engaging in high-risk activities (skydiving, etc.)
- Dying in the line of duty and during times of war
- Suicide-related deaths caused by the individual dismembered or killed
- Overdoses with the result of death or dismemberment from drug use
In addition to these kinds of excluded events, insurance companies also determine how long after an accident that death or dismemberment will be covered. If a significant amount of time has passed since the accident before death occurs, the life insurance company may, also, not be compelled to pay beneficiaries.
Buy AD&D Insurance with Sproutt
Unless you choose to add accidental death and dismemberment insurance to your existing life insurance policy, you’ll want to start looking for a good rate on a separate policy. Accidental death insurance is reasonably and affordably priced, and it may be much easier to get than you think.
Some people find accidental death insurance easy to find with many employers offering this kind of coverage. In fact, most companies with benefitted employees enjoy this perk and its peace of mind. But, when your employer doesn’t offer it, you can very simply find accident-related insurance as a stand-alone policy through Sproutt, an online broker with market insight and online quoting tools.
You’ve seen what AD&D is, what it covers, and what it doesn’t. If you’re finally thinking about getting this essential coverage, you should realize it’s very simple to maintain, costing just $8 to $15 per month which is much less than a term-based or permanent policy. The next step is to see what kind of rates you can secure, and get AD&D insurance quotes from Sproutt.
Photo by Dominika Kwiatkowska from Pexels
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