There are so many different types of insurance available to purchase that choosing the one that’s right for you can be a bit overwhelming. Accidental death and dismemberment insurance is probably one you’ve heard of before. But what exactly does it cover?
Depending on the insurance company and the policy, AD&D insurance can cover many different accident scenarios. You don’t need to get a medical examination before buying most AD&D policies, and they cover accidents that occur at work, at home, or anywhere else you go. In addition, AD&D insurance is remarkably cheap!
Benefits under this policy will typically pay 100% for death, both feet or hands, loss of eyesight or loss of both eyes, a hand and a foot, one hand and an eye, a foot and one eye, loss of speech or hearing in both ears, paraplegia and quadriplegia.
Losing a hand, foot or eye will generally get you a 50% payout. Speech or hearing loss usually pays the same. Losing two or more fingers (or a finger and a thumb) on one hand will often result in a 25% payout.
Plans that cover accidental death and dismemberment frequently include related benefits, including a waiver of premium and/or double indemnity for paralysis or dismemberment. Additional expenses associated with or incurred by injury or death, such as emergency evacuations, educational retraining, or home renovations and vehicle modifications to allow for disability, may also be covered.
Most plans offer optional family coverage for a very reasonable amount. AD&D rates are very reasonable. For example for $100,000 coverage you would pay about $1.80 a month and a family would pay about $3.50. You can buy coverage that ranges from $25,000 to $500,000.
Some exclusions, which are not covered under most accidental death and dismemberment insurance plans, do exist. These plans often do not pay for self-inflicted harm or attempted suicide, involvement in war or serving in the armed forces, or those who work as pilots.
Accidental Death and Dismemberment provide a lump sum payment either at the time of dismemberment or death that resulted from the accident. Some AD&D policies have a life insurance payout should a death occur. Others strictly provide AD&D benefits. Read your policy.
If you have a claim to file you must do so within 365 days of the accident. You will need to contact the insurer and request the needed forms. Have these forms filled out and signed by your doctor. Most will require a certificate signed by your doctor.
Accidental death and dismemberment coverage is a very specific type of insurance, but is generally reasonably priced. You’ll want to weigh the costs and benefits of this type of coverage as well.
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- Daniel Wright