What is Accidental Insurance?
Accidental Life Insurance insinuates there is a death by an accident. Insurers define an“accident” as an unfortunate incident that happens unexpectedly and unintentionally resulting in damage or injury. Accidental Means involves acts that caused damage or harm, but which were themselves accidental. Both the injury and the event have to be considered accidents in order for a claim to be covered. A basic Accidental Life Insurance Policy is the short version of an Accidental Life Insurance with Return of Premium. It is a policy that only pays out if it’s an Accidental Death. It’s not going to cover things like a heart attack, stroke, cancer or any medical problems.
Accidental Life Insurance is going to cover accidents like falling off the roof, machinery or car accidents, being kicked by a horse, even murder or natural disasters. Basically, anything that’s going to be an unpredictable, unpreventable accident that is a non-medical issue will be paid out immediately after death. If death is due to complications of your accident, most carriers will pay you up to 12 months following that accident. Accidental Life Insurance is an economical and affordable policy. They typically range from $100,000-$500,000 in coverage.
What is a Return of Premium with an Accidental Policy?
A return of premium rider is a supplemental insurance product that can offer a financial safety net to your standalone accidental death benefit policy (ADB). … If your standalone accidental death benefit expires or you discontinue your policy, you will be refunded a set percentage of your total premiums paid.
Now, let’s talk about a Return of Premium with an Accidental Policy. It’s a beautiful policy and it doesn’t cost a lot more. In order to qualify for a Return of Premium Accidental Policy, you have to be 50 years or younger. This policy rule is not about your health. That’s a non-issue. This type of policy is based solely on your sex and your age. That’s it.
You must stay current on your premium payments for the entire term of your policy. When you turn 75 years old, they will send you a check for every penny that you’ve ever paid into the policy. With the Return of Premium Accidental Policy, you get all your money back. Typically, it is an additional cost to get the Return of Premium Option versus getting just the Standard Accidental Policy without a guarantee to get your money back. 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. So, it’s not that much more and you can be reassured you’re getting that money back at the end when you turn 75!
This should help you understand a little bit more about a Return of Premium Accidental Life Insurance.
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