Life is crazy. We never know when it can be taken away from us in an instant. Celebrity deaths in recent years have brought this topic to light even more. Comedian Bob Saget died from hitting his head in a hotel bedroom in early 2022. Basketball legend Kobe Bryant perished in a helicopter crash near Los Angeles in January 2020.
If you die from an accident, there could be catastrophic financial consequences for your loved ones. This is where it is important to prepare for accidents such as these.
Accidental life insurance quotes are much cheaper than term life insurance quotes. This is because accidental life insurance quotes are solely for payouts that occur after death from an accident. We’ll cover some of the ways you can get better life insurance quotes in case of an accident.
Accidental Death Insurance vs. Term Life Insurance
This is an important distinction to go over with your life insurance company when you are shopping for policies. Accidental life insurance, also referred to more commonly as accidental death insurance, is strictly to provide for your loved ones in case you die from something that is completely unexpected and accidental.
Accidents that can be covered by accidental death insurance are often automotive. Car accidents are one of the leading causes of accidental death every year around the world. Other vehicle accidents are also covered.
Accidents at work would also be covered by accidental life insurance. Some jobs are riskier than others. A construction worker would want to have accidental life insurance for this reason, while an office employee might feel it is not needed.
Because accidents have nothing to do with your health or your age, these are things that become irrelevant when applying for accidental coverage. Accidental deaths are less likely to happen than death from natural causes or illnesses, so the insurance is much cheaper than term life insurance.
You also don’t have to worry about losing coverage or getting higher prices due to age, health history, or other personal information. The policies given out are simple and straightforward. They are not affected by the choices or lifestyle you lead.
Term Life Insurance
Term life insurance is usually bought to protect against passing away due to natural causes. It lasts for a certain period, and you either have to renew the policy or it ends.
You typically have to get a medical exam to prove you’re relatively healthy, and the time period you’re covered by term life insurance usually goes in 10-year increments. You sometimes have to pay more for a longer term covered.
Term life insurance is important for people to buy if they’re married or have children and they’re financially responsible for those people. Term life insurance makes sure the loved ones in your life receive the money they need to live after you pass away.
Examples of Deadly Accidents
To some people, accidental death is an unclear thing to discuss. What exactly differentiates an accident from a non-accident? Let’s cover several examples below to see whether you would be able to receive coverage from an accidental policy.
Car-Caused Accidental Death
Working as a car mechanic is a career you should always think about getting life insurance for, specifically an AD&D policy (accidental death and dismemberment). Statistics show fixing cars is actually a dangerous career choice. If you are injured or killed by a vehicle while you’re fixing it, you need to have a life insurance policy.
Being an athlete can actually be very dangerous. If you suffer a serious injury on the playing field, it could lead to near-fatal consequences. For example, NFL quarterback Alex Smith almost passed away from an infection that spread through his legs after a lower body injury on the field. Life insurance would have served his family well in case he didn’t make it.
Working as a landscaper is a very dangerous career because of the lawn mowers, cutters, saws for trees, and other power tools used to do the job. You should always get an AD&D life insurance policy to protect against cutting of a limb or receiving a fatal blow from a power tool.
Let’s say you go over to a foreign country and get bitten by a poisonous insect or animal. If you die from such an event, this would also be an accident. If an animal that someone owns inflicts death upon you, though, then that person’s insurance should have to pay your family. Often, homeowners are responsible for animal-inflicted injury or death.
Examples of Non-Accidental Death
Non-accidental death is not going to be covered by accidental life insurance. You will need term life insurance to cover death caused naturally or by a disease.
If someone dies from a heart attack or a stroke, this is not covered by accidental insurance. If a Type 2 diabetes patient dies from complications of the disease, this would also be covered by term life insurance, not accidental life insurance. Dying from coronavirus would also be an example of non-accidental death.
Staying Safe in Life
If you want to try and avoid dying from an accident, there are many precautions you can take. You can limit your risk of dying in a car accident by driving a safe car, avoiding states with the most fatal car accidents, buckling your seat belt, and having air bags turned on.
You can go a step further and avoid recreational activities that could lead to death. This means not going snowboarding, skiing, water sailing, and mountain climbing. The difficult thing about avoiding these activities is fear can lead to living an unfulfilling life. You don’t want to eliminate every fun thing from your existence just to avoid accidents.
Sometimes you simply need to accept that life is dangerous, and risk is part of the equation. As long as you do these activities as safely as you possibly can, there is no reason to miss out on unforgettable experiences.
Accidental life insurance gives you the peace of mind that you can take a few risks and still have money for your family if something bad happens.
Shawn Laib writes and researches for the life insurance site, QuickQuote.com. He wants to let people know about the importance of getting life insurance in case of an unexpected accident.