Popular Courses. Part Of. Employer Provided Insurance Definitions. Types of Employer Provided Insurance. Employer Provided Insurance Considerations. Insurance Life Insurance. Table of Contents Expand. Special Considerations. The Bottom Line. Pros Provides financial assistance resulting from an accidental death or loss of limb Supplements loss of income beyond initial loss Costs less than traditional life insurance. Cons Pays only for certain events Terminates upon the insured's termination with the sponsor issuing coverage Gives a false sense of security if regular life insurance is not adequate.
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You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Reading Into Accidental Death Benefits The accidental death benefit is a payment due to the beneficiary of an accidental death insurance policy.
Accidental Means Accidental means is a condition for losses covered under an insurance policy that requires the loss to have been the result of an accident. Accelerative Endowment Definition An accelerative endowment is an option in a whole life insurance policy to withdraw the dividends that have accumulated in the account.
What Is Travel Insurance? Travel insurance is a type of insurance designed to cover the costs and losses associated with unexpected events incurred while traveling. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site.
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However, few employees are familiar with what this actually means and how it can help. One of the most common questions that HR departments frequently are asked is whether accidental death insurance is worth it.
This type of policy covers you if you are killed in an accident, as defined by your insurer. This may include anything from drowning to getting hit by a falling tree. They also often feature lower payouts than term life insurance, especially if they are a free benefit in the workplace.
Although there are few requirements, it is generally easy to receive approval for coverage. Accidents unintentional injuries are the third leading cause for deaths in the United States, which is especially of importance in the workplace.
It is an optional coverage that is typically added as a rider to a life insurance or health insurance policy, in order to supplement a traditional life insurance policy.
If an applicable injury occurs, such as loss of limb, the protections from this policy provide your designated beneficiary with financial compensation. Other qualifying injuries may include loss of speech, hearing or movement. Not all injuries are eligible for the same payment amount.
For example, while death could result in a full payout, you could receive just half a payout for other kinds of injuries, such as permanent hearing loss. But remember it will only pay out if your death or dismemberment is accidental — it does not apply to deaths due to illness or other causes.
This coverage is not sold or guaranteed by your Credit Union. Yes No Loss of a limb, sight, hearing or speech See paragraph below. No Yes Loss of use of limb s due to partial or permanent paralysis See paragraph below. Share this article:. Recommended Articles The loving gift of life insurance.
All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries. Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries.
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