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Life Insurance for Accidental Deaths: What You Need to Know

July 27th, 2022 by

When your family suffers an accidental death, it can seem like the world stops. There are so many questions and so much to handle after an unexpected death – but you can help to ease the burden on your loved ones with an accidental death policy. 

What is an Accidental Death Policy?

An accidental death policy is a rider or provision that can be added to a life insurance policy. The benefit produces a payment to the policy’s beneficiaries in the case of accidental death.

While it’s not typically included in standard life insurance policies, many people (especially those who work in high-risk environments) choose to add this optional rider to ensure that their family is protected. If you decide to add this rider, it is important that your agent thoroughly explains to you what your policy considers an “accidental death.”

In some cases, you can add an accidental death and dismemberment policy. In addition to death, these riders cover the loss of limbs, burns, or paralysis.

What is Considered an Accidental Death?

Accidental deaths are described as any death that occurs due to an accident. The exact definition may vary depending on the insurance company and the language of the policy.

Typically, this includes deaths that result from drowning, motor vehicle accidents, slips and falls, choking, machinery-related accidents, firearms, or any situation that cannot be controlled. There is usually a specific time period between the accident occurring and the person passing that will be considered in order for the death to be directly related back to the accident.

Some accidental deaths, however, may not be covered. This is due to the idea that some activities include an acceptance of risk. Examples include specific recreational activities, overdoses, accidents that occur while under the influence of drugs or alcohol, or death by suicide.

Is Accidental Death Insurance Worth It?

In certain situations, an accidental death policy is absolutely worth it. But, like all types of insurance, this really depends on the individual purchasing the policy!

The percentage of people who die in accidents is much higher in a younger population. Therefore, if you are between the ages of 25 and 44 years old, you should at the least discuss this option with your insurance agent. He or she will be able to take into account all of your personal factors and make a determination as to whether an accidental death policy is something that is necessary for you.

You should especially consider accidental death insurance if you work in a high-risk line of work such as construction, manufacturing, commercial fishing, trash collection, or any other industry that regularly works with heavy machinery.

Some professions, such as firefighting, law enforcement, or the military may not be eligible for this type of policy. When purchasing an accidental death rider, be sure to make your profession very clear to your agent so they can tell you, definitively, whether or not you qualify.

Have more questions about whether or not an accidental death policy is necessary for you? My team and I would be happy to sit down and walk you through all of your options! Schedule your appointment today.

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