What Is Voluntary Accidental Death Low Cost Life Insurance?

By Lisa Olsen Posted in Life Insurance News

Low Cost Voluntary Accident Death Insurance is just that. It pays a benefit if you suffer an injury as a result of an accident while you are covered. It includes accidents on and off the job, while traveling or at home. The premiums are low cost, no medical underwriting in involved, and family coverage may be available also. It is an employee paid benefit offered as standalone coverage. Some policies cover spouses and dependents also.

What Exactly Does Coverage Include?

It is actually quite simple if you (or a covered spouse or dependent) sustains a “covered injury” you get a percentage of the principal. How much depends on exactly what type and the seriousness of the accident. The maximum percentage paid is 100%.

What Type Of Injuries Are Covered?

For example a payout of 100% of the principal would be for things such as loss of life, sight in both eyes, speech and hearing of both ears, both hands or both feet, one hand and one foot, or loss of use of four limbs. Loss of use of three limbs would pay 85%, two limbs 75% and one limb 50%. Other injuries that pay 50% include loss of either hand or foot, sight in one eye, speech or hearing of both ears, hearing of one ear pays 25% as does the loss of thumb and index finger of the same hand. If you are actively working at age 70 or older, the percentage payable goes down as you age.

What Is Excluded From Coverage?

Things like suicide or self-inflicted injury, bacterial infections unless they happen with a cut or wound at the time of the accident, injuries sustained in war, drug use unless prescribed by a licensed physician, and accidents or injuries sustained while under the influence of alcohol or illegal drugs.

Related posts:

  1. What Is Accidental Death And Dismemberment For Cheap Life Insurance?
  2. What Is The Difference Between Accidental Death Vs Whole Life Insurance?
  3. What Determines Accidental Death Life Insurance?
  4. How To Get A Good Deal On Low Cost Short Term Disability Insurance
  5. What Are Life Insurance Policy Exclusions?

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