What is Accidental Death Insurance?
Wouldn't you feel better to know that in case you meet with an accidental death, you family will be assured proper financial help? With accidental death insurance, you can ensure that your family is atleast well cared for financially.
Accidental death insurance, as the name suggests, is designed to offer life insurance protection to an insured individual who is killed in an accident. The death insurance policy covers death due to accident and is usually in combination with dismemberment insurance. If death is due to accident, payment is made to the insured's beneficiary. On the other hand, if the insured receives bodily injury as the result of an accident (such as the loss of a limb or eyesight), he or she receives a specified sum. Accidental death and dismemberment insurance also known as AD&D generally pays benefits for loss of limbs, fingers and sight. Death by illness, suicide or natural causes is generally not covered by AD&D. The type of injuries covered and the amount paid vary by insurer and package and are explained in detail in the policy.
The insurance premium, or the installment that you need to pay every month is calculated on the basis of the total period of insurance and the amount insured. The insurance company calculates the premium amount for each policy amount for the convenience of its clients. The calculations are based upon the actuarial tables compiled by the companies relative to the pound value of the insurance policy.
The pound amount is the actual insurance amount that the company pays to the beneficiaries when the insured person becomes a victim of an accidental death. You could pay a small amount each month and your beneficiaries could receive anything from £75,000 or £100,000 depending on the plan you have chosen.
Accidental death insurance is available to UK residents aged 16 – 75 years. No medical required to take out the plan. Your children can also be added to your policy and they would be covered for an additional amount. Benefits of the plan vary from company to company. Some accidental death insurance policies also include a range of support services to help you during a difficult time. These can include:
- Healthcare support team
- Medical second opinion
- Medical helpline
- Trauma and bereavement counseling
Search the Internet and you will come across many companies offering accidental death insurance plans. You can study the benefits of the various policies, do a comparative study and then decide which policy suits you best. An alternative is critical illness cover, a good site for critical illness cover is criticalillnesscover.org.uk