Accident life insurance also known as "accidental death" insurance, or "accidental death and dismemberment" insurance (which is partly also health/disability insurance), it is types of life and health insurances coverage in case of the insured suddenly death or injure caused by accident.
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Do I Really Need Life Accident Insurance? And If So, Which Policy Do I Go With?
Most people ask themselves this question at some point in their life. Do I really need life accident insurance? The answer depends on the individual and their particular lifestyle. The majority of people realize just how important overall life insurance is and obtain a policy soon after entering adulthood and maintain an up to date policy all of our lives, so life accident insurance is sometimes not necessary but in certain instances it can be useful. Getting an understanding of what it covers and whether you are the best candidate for the insurance is important.
Before deciding whether you should add life accident insurance on top of your main life insurance policy, there should be an understanding of what exactly it covers and if you are likely to benefit from having it. Life accident insurance or accidental death insurance as it is also known does not cover every type of accidental death. Deaths caused by war or self-inflicted deaths, such as suicide are not covered and your beneficiary would not receive the benefit amount in these situations. Car crashes (as long as you are not intoxicated) and airplane crashes are covered but the odds of dying in these types of accidents are extremely low.
Now that you understand what life accident insurance covers, you can now decide whether it will benefit you. If you are relatively young, under the age of 40 and travel frequently by car or airplane then the insurance may be of use because these factors may increase your chance of accidental death. However, if you are over the age of 40 and are not often in a situation where an accident is likely to occur, then your main life insurance policy will suffice to cover your family because the likelihood of an accidental death is slim to none.
There are many of us however that appreciate the piece of mind life accident insurance affords us and for those the insurance is perfect. This will give you a sense of being covered no matter what may happen and you can rest assured that your family will be taken care of in case of your sudden death.
Gunnar Bengtsson writes about Life Accident Insurance for Life Insurance Facts.
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