Who Needs Accidental Death and Dismemberment Insurance?
Because accidents can happen anytime, this type of coverage works for just about every person from every walk of life.
Ages 18-25: When it comes to the probability of death, young adults are more at risk for death by accident than by natural causes. Although people in this age group are less likely than older adults to have dependents, the death of a young adult can still have a significant financial impact. An accidental death policy is an inexpensive life insurance option for covering potential medical bills and final expenses resulting from an end-of-life situation.
Ages 25-35: Many people in this age group are beginning careers and starting families. An AD&D policy provides an extra level of protection. It also ensures the financial certainty of any dependents, all at an affordable rate. Many employers offer this type of coverage as part of their overall benefits package. But, it’s important to realize that an AD&D policy obtained through the workplace ends when employment there ends. So, it can be smart to invest in separate AD&D coverage that’s not part of a job-related benefits package.
Ages 35-55: Accidental death coverage provides a great add-on to an overall financial plan for people in this age group. That’s especially true for those who travel frequently. Although death while traveling may be a rare event, it does happen. Investing an extra couple of dollars a month to cover the increased costs related to an accidental death may make sense.
These types of policies work well for everyone — even those who already own a life insurance policy.