Hi this is Chad McMahan with Protect With Insurance.
I’m here in beautiful Prescott, Arizona in the downtown area right at the County Courthouse.
Today, I’m going to be talking about accidental life insurance with return of premium. Now accidental life insurance, the short version on that is, it is a policy that only pays out if it’s an accidental death. Here’s the good and bad news on it it’s not going to cover things like a heart attack, stroke, cancer, or medical problems.
However, it is going to cover everything from car accidents, falling, off the roof, machinery accidents, kicked by a horse, murder, or anything like that.
Basically anything that’s going to be an “Act of God” – an event that occurs that is a non-medical issue and typically the payout is going to come through as long as death is anywhere from immediately after issue to 12 months after.
The catalyst of the incident as long as it’s decided that the complications were due to the accident or the death was directly due to the accident.
So that is the short version on an accidental policy. There an economical policy so they’re a very important one they are typically one hundred thousand five hundred thousand and coverage now return of premium with an accidental policy.
It’s a beautiful thing, for not much more cost now. By the way, I need to clarify that to qualify for a return of premium accidental with most companies the cutoff age is going to be 50 years old.
You have to be 50 or younger and you can get a return of premium accidental policy.
Health they’re not worried about. Health is a non-issue. This is a kind of policy that is not qualify based on any health questions. It’s based on your sex and it’s based on your age. That’s it.
The way that works is you make your monthly payments or whatever frequency is comfortable for you every three months every six months or every once per year or monthly.
You make your payments and when you turn not every company works this way but most companies do. When you turn 75 they send you a check for every penny that you’ve ever paid into the policy.
You get all your money back and typically it is an extra cost for to get the return of premium option versus getting just the standard accidental policy without a guarantee to get your money back. But, it’s not that much more.
So let’s say for example that a typical accidental policy is going to be $45/month. With the return of premium accidental policy it may be around $55/month or maybe less. $52/month or something like that so it’s not that much more and then you know that you’re getting that money back at the end when you hit 75 years!
I hope that helps you understand a little bit about Return of Premium Life Insurance. If you still need help please don’t hesitate to contact me and I can go over it with you.
Everyone stay safe out there. This is Chad McMahan from beautiful Prescott, Arizona talking about life insurance. Take care 🙂
If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.