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There is a lot of confusion around accidental death insurance, and whether it truly adds value to your family. Generally speaking, accidental death and dismemberment insurance (AD&D) only pays when your death is not due to natural causes, or when you suffer a debilitating injury. This is very different from term life insurance, which protects your family regardless of your cause of death. As accidents are not the leading cause of death for Americans, you may want to think twice before investing in yet another form of insurance.
Term Life Insurance
If you decide to go with only a term life policy, your family is covered regardless of the cause of your demise. There are some exceptions in regards to suicide, but this varies based on the type of insurance you purchase and your insurance provider. Generally speaking, term life insurance is the best option for most families.
Accidental Death and Dismemberment Insurance
Purchased through your work or directly, accidental death and dismemberment insurance may seem like an inexpensive way to provide additional support for your family. However, the reason this type of insurance is relatively inexpensive is because it so rarely is required to pay out. Unless you have lost a limb or other significant body part or the ability to see, hear or speak, this policy will not provide support for your family unless you die in a car crash, plane crash or similar type of accident. Death or injuries that occur later as part of an accident may negate the policy, too. High-risk activities and those accidents that occur while you’re under the influence are likewise not covered.
Selecting the right insurance for your needs is crucial to the long-term financial stability of your family. One type of insurance you may not have considered is funeral insurance. With funeral insurance, you’re able to pre-pay for a fixed death benefit that can help cover the cost of your final expenses. If you have questions, contact the knowledgeable professionals at Mountain View Funeral Home and Cemetery today at 480-832-2850 or via email to firstname.lastname@example.org.