Is Accident Life Insurance Right For You
According to the National Safety Council, someone dies from an accident once every five minutes. Given this information, you may be wondering whether or not accident life insurance is right for you. After all, you want to make sure your loved ones are financially protected if an accident should occur. At the same time, not everyone needs to have accident life insurance. Therefore, it is important to take several things into consideration when deciding whether or not you need to purchase this special form of life insurance.
In most cases, individual people do not purchase accident life insurance. Rather, this form of insurance is typically purchased buy companies who have employees that travel on a regular basis. Since employees you travel regularly are at a greater risk of death or injury than those who do not travel, employers may choose to purchase accident life insurance on behalf of those employees. In this way, the costs associated with accidents while the employee is traveling will be covered.
Although accident life insurance is typically associated with businesses in need of coverage, individuals may purchase this type of coverage as well. In most cases, individuals who purchase accident life insurance are looking for a greater amount of coverage than what is provided by a traditional life insurance policy. This is because accident life insurance provides a set payout amount to the policyholder if he or she is hospitalized due to an accident. Generally, this payout is provided on a monthly basis.
When life insurance is used in combination with accident life insurance, you receive the maximum amount of coverage possible. In addition, when you buy both policies from the same company, you can usually receive a discounted rate for the additional coverage.
Although the amount of coverage you can receive will vary from one company to the next, the maximum benefit provided by most policies is $250,000. Furthermore, most companies do not require a medical exam and will provide coverage for individuals up to 69 years of age.