An accidental death benefit insurance policy provides the peace of mind necessary to know that you and your family will be taken care of financially in the case of a serious injury or an untimely death caused by an accident.
What Is Considered Accidental Death?
According to the Centers for Disease Control and Prevention, accidents account for over 130,000 deaths each year in the United States. They are the fourth leading cause of death in the U.S. today. That’s a shocking number of fatalities occurring because of accidents.
Accidents come in all shapes and sizes, but it’s typically defined as a sudden event that is not planned or intended, causing injury or death. It’s an unforeseen and sudden physical situation you can’t control. Death from accidents involving motor vehicles, machinery, unintentional poisoning, slip and falls, suffocation, choking, drowning and more are usually covered by accidental death benefit insurance. Therefore, if you’re in a car, bus or airplane crash; or if you are hit by a car while crossing the street or you fall off a ladder while trying to fix your roof and you die as a result—these are considered accidental deaths that would be covered.
Additionally, accidental death benefit insurance may also cover dismemberment—the partial or total loss of a limb or limbs—as well as calamities like paralysis, hearing loss, burns that cover more than 20 percent of your body, etc. A licensed True Blue Life Insurance agent can let you know what your specific policy covers.
Why Accidental Death Benefit Insurance?
With so many accidents happening in the world today, accidental death benefit insurance makes perfect sense.
If someone has an accidental death benefit life insurance rider on top of a standard life insurance policy and they die because of an accident (typically within 90 days from the time of the accident), the beneficiary of the policy—that person to whom its proceeds are payable—will receive twice the face value of the policy. That’s why it’s also known as a double indemnity clause.
Accidental death benefit insurance is not usually included in a basic life insurance policy, so adding it to a standard policy as a rider will likely result in a somewhat higher premium; however, it will pay double the amount of the regular death benefit if the insured dies in an accident.
There is also the option to purchase the accidental death benefit insurance on its own, but it doesn’t have all the benefits of a standard policy. You will only be covered if your death is an accident.
What Is Not Covered?
The insurance company that is liable for the payment of an accidental death benefit will conduct a thorough investigation into the cause of death before paying the claim. Obviously, there are exclusions when it comes to deaths—those instances when a death is not an accident. That’s why a thorough investigation takes place. The exclusions vary by state, but here are a few:
- An intentionally self-inflicted injury, suicide, or any attempt at suicide.
- If blood alcohol content is .08 percent or higher.
- If the insured is taking a narcotic—or any drug or medication for that matter unless it’s prescribed by a physician.
- Engaging in any illegal activity.
- Service in the armed forces or injuries sustained in war.
- Participation in hazardous hobbies like skydiving, etc.
Most people can use common sense to guess what the exclusions would be, but a conversation with a licensed True Blue agent will remove any doubt.
Who is Accidental Death Benefit Insurance For?
You probably don’t want to think about the fact that you could be killed or seriously injured in an accident. Who would? It’s an extremely unpleasant thought.
The reality is, it’s better to be safe than sorry, especially when it comes to providing for those left behind. The staggering statistics of accidents tell us that anyone and everyone can benefit from having an accidental death benefit insurance policy on top of a standard life insurance policy.
Alternatively, if your current health, occupation, or any other factors prevent you from qualifying for a standard life insurance policy, a guaranteed issue accidental death benefit policy can offer some protection over having no insurance at all. It is certainly an option to consider if the situation applies to you.
Furthermore, if you need a policy quickly, accidental death benefit insurance might be the way to go. Let’s say you are going to be traveling and you are concerned about the potential of a plane crash or any situation that would fall under an accidental death actually happening. You’re not planning for it, but again, it’s better to be safe than sorry. Rather than applying for a term life insurance policy that could take some time to acquire, an accidental death benefit policy would be far quicker to get—typically the same day.
And lastly, an accidental death benefit policy is less expensive than a traditional life insurance policy.
Your Accidental Death Benefit Policy
If you would like to see what it would cost, the process is quite simple. Just visit the True Blue “Accidental Death Benefit Quotes” page, answer a few simple questions, and you will have a good idea how much the premium will be each month and what insurance company will be providing the coverage. This can be done without having to speak to anyone.
You can get between $50,000 and $250,000 of coverage up until the age of 80.
For example, let’s say you are a 45-year-old man and you want $250,000 of coverage. Just answer a few simple questions and you will get a general idea what you can expect to pay each month.
Best of all, getting an accidental death benefit policy is a relatively quick and painless process.
When you’re ready, just fill out the online application and you will be contacted by an agent to verify and complete your application. The phone call usually takes about 20 minutes, then your application will be complete and ready for signatures. No medical exam policies like accidental death benefit policies can oftentimes be issued the same day, depending on the insurance company selected.
Accidents happen all the time. They are an unfortunate but a very real part of everyday life. It’s better to be safe than sorry with an accidental death benefit insurance policy.