Accident Life insurance“Know your policy”Purchasing accident life insurance or any life insurance for that matter is a big commitment. It’s very easy nowadays to purchase online and get cheap life quotes. But is accidental life insurance right for you? Watch out... because you may not be fully protected if you do choose to purchase accidental life!
Disadvantages of Accident life insurance
It could be absolutely devastating if you would unknowingly purchase an accidental life insurance policy thinking that you’re covered in any situation. The ones that would really be affected, would be your family. You might be better off purchasing a more reliable policy that will cover any death (no matter if it was an accident or not).
Read up on some of the questions to ask your salesperson before purchasing online Accidental life insurance here. What you don’t know may surprise you!
Accidental Death Life Insurance- Before you get your life quotes“Understand your policy”Please Note: The following is an example just so you will be aware of what might be possible. As always, please speak to a qualified, knowledgeable agent for advice on what is best for you and your family. Everyone’s situation is different and each company has different policies.
One of the main reasons you need to fully understand your policy is because even if your death is accidental your company may not be obligated to pay the death benefit… read on.
Car Accident scenarioLet’s use a car accident as an example. Now let’s say you are in a car accident and you’re taken to the hospital and you have fallen into a coma for 2 months. You later die from your accident injuries in the hospital. According to some accident life insurance policies, since you didn’t die at the scene of the accident or within the “specified time frame” in your contract, the company may not be obligated to pay the accidental death benefit! Your death might have to occur within 30-45 days of your accident or something to that effect. And if you die after this period (like on the 46th day) your beneficiary may not receive the death benefit.
Read more about what makes Term vs permanent life insurance so unique!
But remember, with some accident life insurance policies the death might have to occur during the “stated period” and be a true accident. This is why it is so important to know your policy.
This may sound like a trivial technicality but it is really something you should be fully aware of before purchasing. Please always read your policy and understand it before making a long commitment to it. Talk to an agent today to review what kind of coverage will be right for you!
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