It can be very daunting to try and select the proper type of insurance since there are so many different types available on the market. But what types of issues does accidental death and dismemberment insurance actually cover?
AD&D covers a variety of accident scenarios depending on the policy and the provider. To purchase AD&D you generally do not require a medical before obtaining the policy. Coverage includes all accidents that occur at work, home, or at play. Best of all this type of insurance is very affordable!
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.
Accidental death and dismemberment also includes some additional benefits such as emergency evacuation, home renovations to accommodate disability, vehicle modifications as needed, waiver of premium, educational retraining, as well as double indemnity for paralysis or dismemberment.
You will be able to choose an optional family coverage for a very reasonable price, and accidental death and dismemberment is similarly reasonable. $100,000 worth of coverage should cost you about $1.80 per month for an individual, or $3.50 for an entire family.
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.
You must be absolutely positive that you file your claim within 365 days of the accident. You must fill out the requested forms completely after you have gotten them from the insurer. Your doctor will need to sign the fully completed forms, and most claims will require the certificate to be signed by your doctor.
If you think the type of coverage is appropriate for your specific needs, accidental death and dismemberment insurance is a cheap if limited form of insurance.
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- Dan Wright
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