Life cover vs Accidental death cover?

Question

Hi,

I am a 30 year old guy, who is thinking of taking an insurance cover against any premature death. I am unable to make up my mind here, which one is better? the life cover or the accidental one? What I understand is if I take accidental death cover it would cover only deaths resulted from an accidental bodily injury whereas if I take a life insurance that will cover any forms of deaths. Your advice will be very much appreciated.

Thank you,

M.

Answer 1

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Answer 2

Not that you should always do what everybody else does, but everybody buys life insurance.  Accidental death is like driving down the road with all four windows down, but when it starts raining you only put up one window.  Life insurance gives you complete coverage.  That's why accidental death is so cheap as most people don't die from accidents.

Buy life insurance.

http://insurancepickle.com/life-insuranc...

Answer 3

Yes. You are Right.

The accidental Insurance cover covers only the deaths which occured through an accident only.

Whereas the Life cover Covers Both Accidental and Natural deaths in a single policy.

So it is alwys better to go for Life Insurnce Cover.

The Thing is that the premium amount will be less in accidental cover whereas you have to pay regular premium for Life Insurance Cover which will be higher

Answer 4

You might want to get a term life insurance policy. They are not very expensive at your age and the price will stay the same for the term of the policy. The terms are usually from 10 - 30 yrs. Better to get it now, before you're married (you don't say), and before your health may deteriorate which could make it very hard to get reasonably priced insurance and your family wouldn't be protected.

Accidental just covers you for accidents and unless you're in an airline crash or something like that your beneficiaries won't get too much unless you pay almost as much or the same as a term life will cost you anyway. Although I've had accident policies that paid me back all my money after a certain amount of time, that cost just a little more than regular accident policies. No interest, but still, I was covered during the policy years for nothing when you think about it.

Whole life is more expensive, but more like an investment and you can borrow against it. Universal is similar to Whole Life.

Also, you might want to look online (search google) for advice before you get the medical testing for your policy. Like you can find out if your weight is borderline for an upcharge, so you might want to drop a few pounds.

There are websites that will give you anonymous quotes for several companies to give you an idea of price and what you might want.

This article explains the types of life insurance:

http://www.physiciansnews.com/finance/59...

Hope this helps.

Answer 5

Depending on your budget, make your decision.

A. Accidental Death cover - cheapest premiums, do not offer a refund of premium in the event of no claim, only covers accidental death.

B. Life Insurance cover - moderate premiums, do not offer a refund of premium in the event of no claim, covers all deaths including deaths due to medical events. Some life insurance policies cover suicide deaths (check the waiting period clauses), diagnosis of terminal illness (certified by a panel of doctors), missing person (have to pass 7 years).

C. Whole of Life insurance cover - highest premiums, but offers a surrender/cancel value at the maturity date. Covers all death. Your premiums/capital may be guaranteed to return to you with some insterests, depending on the years you have invested in the policy.

Work out your budget.

Answer 6

There is

"Whole Life,"

"Accidental Life" and "

Term Life ".

Whole life is a policy you can pay out on and never have to pay another penny on in fact once it is paid up they send you and annually check, this is the good one You can win you can even borrow against the moneys you have paid in to a predetermined portion.

Accidental Life is very cheap and unless your death is ruled accidental by a court of law you get nothing You lose don't pay you lose.

Term life is a cancellation policy meaning if you miss a monthly payment or are late the policy is no longer in effect, You Lose.

Answer 7

The biggest difference in the 2 to my knowledge is that LI does not cover loss of limbs, being paralized, severe things in that nature, whereas AD does...

Answer 8

Typically only 2-3% of Accidental Death & Dismemberment insurance pay out a claim.  Chances of an accidental death is quite rare.  You are far more likely to have an accident than die at age 30, but it likely won't kill you.

For a 30 year old the premiums for Life, Disability, Long Term Care, and Critical Illness insurance is CHEAP!

See a liscensed Insurance broker that can find you the best combination of whole and term insurances.  Any advisor that strictly sells one brand name or one type of insurance product (like term insurance and the 'buy term and invest the rest' strategy only) is a one trick pony and avoid them like the plague.  There is no one size fits all solution for people financial needs, so don't accept a one size fits all company.