Finance Articles

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?

AD&D will cover many different accidents depending on both the provider and the policy purchased. Insurance companies do not require a medical clearance for the purchase of AD&D. This policy will cover all sorts of accidents whether they occur at work, home or play. The biggest asset is that this coverage is extremely affordable!

You will typically get full coverage for loss of life or a limb, loss of one or both eyes, loss of eyesight, speech loss, double hearing loss, or total or partial paralysis as a part of a standard benefits package.

50% is generally paid out for loss of one hand, loss of one foot, loss of one eye, loss of speech, hearing, or hemiplegic. While a 25% payout occurs for loss of a thumb and index finger on the same hand, or a variety of other finger combinations.

Accidental death and dismemberment insurance also includes additional benefits such as emergency evacuation and home renovations to accommodate disability. Some other valuable benefits include vehicle modifications as needed and waiver of premiums. Educational retraining and double indemnity for paralysis or dismemberment may be offered as well.

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.

Most of the accidental death and dismemberment insurance plans do have a few exclusions for which they will not pay out. Self inflicted injuries, attempted suicide, war, a career in the armed forces, or a career as a pilot are a few of the exclusions that are part of the policy.

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.

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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