Life insurance is one of the most important purchases that you’ll ever make for your family, but it’s vital that you get the insurance protection that you and your family deserve. There is a lot of confusion surrounding life insurance and the differences between a traditional life insurance and accidental death and dismemberment. There are several key differences between the plans that can completely change your coverage.
We look to help applicants get the best life insurance coverage at an affordable price. Not only do we provide quality coverage, but we also help applicants make well-informed decisions about their life insurance needs. Not only do we provide quality life insurance, but we look to protect all areas of your life, everything from your home to your car.
We know that finding the perfect insurance policy can be a long and frustrating process, but it’s vital that you get the best plan for your loved ones. At Longevity Brokers, we are dedicated to helping the Denver, CO. area get affordable coverage and save money on their policies.
Paying out: Accident Death & Dismemberment
One of the main differences between the two types of insurance policies are the situations in which the plans will pay out. With the accidental death and dismember policy, the company will pay out the plan if you die by from an accident. With these types of plans, if you were to die from natural causes, the plan isn’t going to give you any money from the plan. Because these plans don’t cover as many situations, they are typically going to be much cheaper than a life insurance policy.
This is a stark contrast to a typical life insurance plan, which will payout regardless of how you die (minus suicide). It could be from an accident, natural disaster, or illness, regardless your family will get the money from the policy. Because a traditional life insurance plan gives more coverage, you pay more for a traditional life insurance than you would for accidental death and dismemberment policy.
What to know about AD&D Policies
There are some unique qualities that you should understand before buying one of these policies. First of all, you can purchase this coverage as a stand-alone plan, or you can buy it as a rider on a life insurance policy that you already own. If you add is as a rider, you can double death benefit if you were to pass away from an accident.
Another thing that you should take note of is that you can get this coverage without taking a medical exam. Unlike a traditional life insurance, you won’t be required to take the medical exam to be approved for insurance protection. With a life insurance plan, you’ll have to take a medical exam from a paramedic, and it can take up to a month for to get the coverage, but with an AD&D policy, you can get coverage much quicker. In fact, you can get AD&D protection in a matter of hours.
There are other ways that these plans will pay out aside from dying from an accident. Each plan is different and has different circumstances that must be met before your beneficiary will receive the money. Every policy is different, but most will only pay out a portion of the face value of the plan if you receive the money through dismemberment. The requirements could be losing a limb, fingers, losing either speech, sight, or hearing, or some other detrimental harm. It’s vital that you understand your plan and the payout circumstances of the plan and what you will get from the coverage.
Which Type of Plan is Right for You?
It’s important that you find the insurance plan that is going to fit your needs the best. There are dozens of different types to choose from, both AD&D and a traditional life insurance are just two of them. How are you supposed to decide which one fits your needs?
While the AD&D plans are a great additional coverage, they aren’t a great choice as a stand-alone policy if they are your only insurance protection plan. You never know what’s going to happen or if something tragic will happen to you. If you were to pass away from something that isn’t covered under the AD&D plans, which could leave your family with a massive amount of debts and no way to pay off all of these final expenses. That can make an already difficult situation a lot worse.
If you want to get the best coverage, it’s always a better idea to purchase a traditional life insurance plan. In just about every situation, you can purchase an affordable life insurance policy that isn’t going to break your bank every month. If you want to get coverage, that doesn’t have any gaps that could leave your family with a mountain of debt.
If you want to get additional coverage, these AD&D are a great additional rider that can give you double coverage and give your loved ones the more protection. If you want to get one of these plans, you should consider getting one of them as a rider and not as a standalone plan.
Accidental Death and Dismemberment Policies – What you need to know
Life insurance protection is one of the best safety nets that you can buy for your loved ones. Because there are so many different types of riders and life insurance policies that you can choose from, it’s vital that you make the best decision for your family members.
If you have any questions about AD&D or about life insurance plans, please contact one of our agents today, and we would be happy to answer those questions and ensure that you’re getting the best protection for your loved one at an affordable price. At Longevity Brokers, we are proud to provide quality life insurance to the Denver, Colorado area. If you have any questions about life insurance or any of our other quality insurance products, please contact us today.