What is an Accidental Policy?
An Accidental Insurance Policy is not car insurance. It’s life insurance. Accident or accidental insurance is a type of insurance where the policyholder is paid directly in the event of an accident resulting in injury or death of the insured. So it’s not a full coverage policy, but they’re really a wonderful policy because they’re priced to be very economical.
Typically you can get $100,000 to a $500,000 in coverage. Let’s say you have a $300,000 policy for one person. That will cost you anywhere from $20 to $60 per month. Now, there are some restrictions with an accidental policy, It’s unavailable if you are past the age of 70. It’s not based on your health. It’s based on your age. The other thing to be aware of is that these policies do expire just like a term. But rather than being a fixed length of time, these policies are going to expire at 70 or 75 and then they’re gone forever and you can’t get them again. Some insurance companies like ours will let you have your external policy like this until you’re 80.
Return of Premium
If you are under the age of 60 or 50 years old, which is even better, there’s one other version of an external policy called a Return of Premium Accidental policy. The way this works is just like it sounds. You pay into it and then after a period of time, you can have all your money back. So it depends on the company and on their accidental product. However, for accidental life insurance policies with a return of premium, they may give you every penny back when you reach 75 years old. So it’s a great way to go. Accidental life insurance policies are fantastic. They are very different from the term life insurance, full coverage policies, whole life insurance or final expense insurance.
Accidental policies are an economical way to go. It’s also a great way to add additional supplemental insurance for more protection for your family. And so it’s just a great way to go.
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