It will pay out whether you die of an illness, accident or other cause. The only exception is suicide, which is usually not covered within the first two years of owning the policy. Your policy will have the exact details. With term life insurance, you choose the amount of coverage and the policy length. You can get life insurance quotes online. Term lengths typically range from 10 to 30 years. To qualify for a payout for injury, you must lose a body part or the ability to hear, see or speak.
If you suffer an injury, the policy generally pays out only part of the full benefit. The exact payouts will be listed in your policy. Percent of policy face value paid out. Source: Sun Life Financial. Three main reasons to consider PAI are:. In , the CDC issued a report on the top causes of death in the nation.
Unintentional injury deaths were ranked as the fourth most frequent cause of death, just behind heart attacks, cancer, and chronic lower respiratory disease. At Member Benefits, we encourage you to look into purchasing both a life insurance policy and a personal accident insurance policy. Life insurance should be the cornerstone of your protection plan, while a PAI policy should supplement your coverage.
To sign up or enroll, contact Member Benefits today. According to CDC mortality statistics , in there were over thousand accidental deaths, with the top causes including: Unintentional falls Motor vehicle traffic accidents Unintentional poisoning While you can take steps to lessen your chance of dying an accidental death, you cannot eliminate the possibility. What is Personal Accident Insurance? Three main reasons to consider PAI are: Sudden accidental deaths allow less time for dependents to prepare financially.
PAI coverage can be a more affordable way to provide additional financial assistance to your dependents in the event of your sudden accidental death. Traditional life insurance should be adequate to provide necessary financial support to the beneficiaries.
It adds an extra benefit for the sudden and unexpected departure of the insured. In contrast, coverage is broader with life insurance. Life insurance policies pay death benefits upon the death of the insured, despite how the death occurred exceptions apply per policy. Not all accidental deaths are covered, however. For example, accidental deaths caused by the insured's felonious act and wartime acts are generally not covered.
Each policy provides policy specifications and a list of exclusions. There is one exception to this exclusion. For example, if an insured, with no underlying heart issues, has a heart attack immediately after a catastrophic car accident and subsequently dies, the policy will pay. Costs can be as little as a few dollars per month. No benefit is payable if the death is due to natural causes or other excludable events. Centers for Disease Control and Prevention.
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