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What Exactly is AD&D Insurance?

May 26, 2008
AD&D Insurance, also called Accidental Death and Dismemberment Insurance, is additional insurance which provides benefits for certain injuries and death due to an accident. It is designed to pay out a large financial benefit to you in the event of a dismemberment (which can include either loss of limb or of sight), or to pay your beneficiary in the cause of an accidental death.

AD&D Insurance is typically provided at no cost for some regular life insurance policies, and some companies provide an AD&D Insurance policy to their employees at no additional cost. If you are a younger family or couple, than it is ideal to look into, as younger people are more likely to die from accidents than from natural causes.

Benefits

The amount of payout from your AD&D Insurance policy varies from policy to policy, though typically this type of policy is in the range of hundreds of thousands of dollars. If you purchase a policy yourself, the premiums are low because there is only a small chance that there will be a payout. Any death resulting from a self-inflicted injury or suicide while sane or insane, infections (unless the infection occurs as part of an accidental wound or cut), disease, war, or acts of war do not qualify as an accident to be paid out on your AD&D Insurance Policy.

Typically, the benefits you will be paid in the event of a life-altering accident will vary by the severity of the injury. To make things a little easier, benefits are not affected by other life insurance plans, meaning that if you die in a crash, your loved ones will receive the payout from the life insurance policy you have, as well as the payout from your AD&D Insurance policy. Also, in most cases you are covered worldwide, so that if an accident occurs while you are on vacation, you will still receive the benefit.

Accidents

AD&D Insurance benefits are payable if you sustain bodily injuries while you are actively employed, through violent, external, and accidental means and as a direct result, you lose your life, limb or eyesight within 90 days of the accident. AD&D Insurance is subject to medical underwriting. You need to assess the financial burden on your loved ones if you suddenly lose your life by accident.

AD&D Insurance is something I believe in completely. It is a fabulous way for young and middle aged people to cost effectively cover their loved ones in the event of an untimely death. You can procure hundreds of thousands of dollars worth of insurance for next to nothing. I have an AD&D Insurance policy that provides $100,000 worth of coverage, for less than $10 per month, through my current employer, as long as I am employed with the company.
About the Author
Get more great finance and investing tips at Jeffry Evans' personal finance blog.
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