What You Should Know
- Accidental death and dismemberment insurance will pay a death benefit to your loved ones if you are killed or seriously injured in an accident
- Accidental death and dismemberment insurance does not pay out if a person dies of natural causes
- This type of coverage is usually added as a rider to a life insurance or health insurance policy
Each year in the United States, there are over 35 million visits to the emergency room. While none of us wants to plan for accidents, it makes sense to be aware of the possibility to some extent.
If you have been in a serious accident, or if you have a loved one who has had this experience, you may be curious to learn about life insurance companies for people that were in accidents.
While some people will want to consider the best supplemental accident insurance or learn more about how they can find personal accident insurance, this all applies to health insurance.
Unlike a supplemental plan for health insurance that would help you pay for expensive medical bills, accidental death and dismemberment (AD&D) insurance will issue a payout to your beneficiaries if you die or are seriously injured in an accident.
If you have young children, life insurance that covers your loved ones after an accident may be an aspect of finding the best life insurance for parents.
Accidental life insurance is designed to protect your loved ones who might otherwise not receive an insurance payout if you die as the result of an accident.
As you shop around for your life insurance coverage, be sure to use our free quote tool above to compare life insurance rates from top companies in your area.
Which life insurance companies are best for people that were in accidents?
If you have been in a serious accident, that could impact whether life insurance companies are willing to insure you.
For the most part, an accident is not likely to impact your eligibility to purchase a life insurance policy. But if you've been horribly injured or you've experienced dismemberment, some life insurance companies may be unwilling to take you on.
Some of the best life insurance companies for you to consider if you've been in an accident include:
- AIG Life Insurance
- Liberty Mutual Life Insurance
- The Guardian Life Insurance
- Combined Insurance Company Life Insurance
- Buddy Technology Insurance
- Colonial Life Insurance
- Globe Life Insurance
While the companies above are not the only companies to offer AD&D coverage, many people take advantage of their plans as they are able to save money or get better, more comprehensive policies.
If you see a company that interests you above, you can speak with an agent from that company and ask about any questions you have. For example, if Liberty Mutual accident insurance is something you want to know more about, you can reach out to get more information.
And don't hesitate to compare rates and plans from other life insurance companies. This will help you make sure you're getting the best deal on your life insurance coverage.
Not all accidental insurance companies are the same, so you'll never know how much you will pay in monthly rates until you do your research and compare several companies at once.
How does AD&D coverage work?
If you add an AD&D rider to your life insurance policy, it's essentially a double indemnity rider. This means that your life insurance beneficiaries will receive a death benefit from your original policy as well as from your AD&D rider.
There are serious and specific parameters put in place by an AD&D rider. If you die immediately from an accident, your beneficiaries will receive the benefit of your rider.
But if you die from injuries sustained in an accident, you must pass away in a certain amount of time in order for your AD&D rider to payout. This time frame is different for every company, so you will want to make sure you know the specifics of any policy you're considering.
With most AD&D policies, the benefits cannot exceed a certain amount. The amount you receive with your AD&D rider will probably mirror the face value of the death benefit of your original life insurance policy.
This means that if you die or are seriously injured from an accident, your loved ones could receive double the amount of the life insurance death benefit.
What are the disadvantages of AD&D coverage?
If you are considering purchasing AD&D coverage, the main advantage for you is protection for your loved ones if something horrible should happen.
You can also expect certain riders to be fairly inexpensive while adding a good deal of coverage.
The disadvantages of purchasing an AD&D policy include:
- AD&D coverage only pays upon certain events
- AD&D premiums that are not utilized are forfeited to the insurance company
- If the AD&D coverage is part of a group plan, the policy may end if you ever choose to leave your place of employment
- AD&D coverage can offer a false sense of security if your original life insurance policy does not offer enough coverage
While AD&D coverage could potentially be a helpful benefit, it does have its disadvantages.
When you shop for accidental death life insurance, be sure to shop around for rates and learn how much your life insurance should cost before you purchase the coverage.
Should I get AD&D insurance?
If you engage in risky scenarios either as a part of your career or because of your hobbies, adding an AD&D rider to your life insurance policy is a good idea.
Your employer may even offer this coverage as part of a group plan, allowing you to purchase an AD&D rider for little to no money a month.
However, if you don't live a dangerous lifestyle, you may not need to consider purchasing AD&D coverage.
If you have questions about the coverage, you can ask life insurance agents to clarify the parameters of the AD&D rider and let you know if certain scenarios would be covered.
And as you shop around for life insurance, be sure to use our free tool below to find and compare rates from multiple companies at once.