It is not anything anybody likes to think about. However, as the old adage says, “accidents do happen.” Did you know that more than one million people die each year in the United States from an accidental death? In fact, if you are young and relatively healthy, you are far more likely to die of a sudden and unexpected accident than any other reason. So if you have taken the precaution of buying life insurance, or are just realizing the need for purchasing Life Insurance to protect your family, you should go one step further and think about Accidental Death Life Insurance.
Quite simply, Accidental Death Life Insurance is a traditional life insurance policy with the added advantage of paying additional benefits; sometimes more than double—if the death of the policyholder is deemed to be an accident. You may have heard of such policies as paying “double indemnity.”
Life insurance professionals suggest that any one who is the primary or only income earner for a family should add accidental death coverage to any Life Insurance policy. Many Accidental Death Life Insurance plans are known as accidental “death and dismemberment” policies. As gruesome as that may sound, such Life Insurance policies provide income to your family for disabling injuries that are not fatal—such as the loss of limbs or eyesight.
An Accidental Death rider can usually be added to any life insurance policy, even a Term Life Insurance policy at any time.
Will you pay more for the addition of accidental death coverage to a life insurance policy? Yes, but for many, the additional piece of mind is well worth it.