What is Accidental Death Insurance?
Accidental death insurance is a type of life insurance that offers coverage in the event of accidental death. It is similar to term life insurance, but with additional coverage for accidental deaths. It pays a lump-sum benefit if you are killed or seriously injured in an accident, regardless of whether it occurs during your lifetime or due to natural causes. The premiums and benefits vary depending on the policy, so it is important to compare plans before selecting one.
How Does Accidental Death Insurance Work?
Accidental death insurance works by providing financial protection for your beneficiaries in the event of your untimely death due to an accident. The beneficiary of this type of policy will receive a lump sum benefit payment upon the occurrence of an insured event. This amount can be used for any purpose that your beneficiary chooses, including paying off final expenses such as medical bills, funeral costs, and debt repayment.
Who Should Consider Buying Accidental Death Insurance?
Anyone who wants additional financial protection against unexpected accidents should consider buying accidental death insurance. This type of policy can provide peace of mind knowing that your family will have access to funds in case something unexpected happens to you – whether it’s from a fall off a ladder or from a car crash. Even if you already have other forms of life insurance (such as term or whole life), having accidental death insurance may be beneficial since some policies may offer more robust benefits than traditional policies do.
Types Of AD&D Insurance
Yes, there are different types of accidental death insurance available. Farmers offer two types: Accident Assurance® and Guaranteed Issue Accident Death Benefit.* A benefit period option is also available with increased benefits payable over time up to five years following the date of death due to an accident.
How Much Does Accidental Death Insurance Cost?
The cost of accidental death insurance depends on several factors such as age, health, lifestyle, and location. Your premium could range anywhere between $10-$50 per month depending on what coverage options you choose and the level of risk associated with them** To get started with finding out how much you might pay for accidental death insurance, look into Farmer's accident assurance.* In just minutes you could find out how much monthly coverage would cost you—so you can decide if this type of policy is right for you and your family.