Personal accident insurance
Losing a loved one due to an accident is particularly difficult because it’s so sudden and unexpected. It is often a loss that does not make sense. We realize that life is not always fair and that sometimes bad things happen to good people. The sudden death leaves us feeling shaken, unsure and vulnerable.
Personal accident insurance can help ease the financial strain of day-to-day expenses and help your loved ones maintain their standard of living, should a fatal accident happen to you. You can also have peace of mind knowing that your beneficiary will have the funds to pay the expenses of a funeral, burial and final taxation.
If you’re having a tough time getting by on your salary now, how well do you think your family will get by without it? (Carlos Banhelyi)
Understanding Personal Accident Insurance
Injuries are the leading cause of death for Canadians between the ages of 1 and 44 and the fourth leading cause of death for Canadians of all ages. That is why personal accident insurance is so important. It is a flexible and affordable way to help protect the ones you love.
Accidents happen to good people…
Accidental death is a limited life insurance designed to cover the insured should they die due to an accident. Because they only cover accidents, these policies are much less expensive than other life insurance policies.
Often, accidental death policies do not cover an insured who puts themselves at risk in activities such as parachuting, flying, professional sports or involvement in a war (military or not). Also, some insurers will exclude death and injury due to (but not limited to) motor racing and mountaineering.
Accidental death benefits can also be added to a standard life insurance policy as a rider. If this rider is purchased, the policy will generally pay double the face amount if the insured dies due to an accident. This used to be commonly referred to as a double indemnity policy. In some cases, insurance companies may even offer triple indemnity cover.
Personal Accident Insurance Main Benefits:
Top insurance companies offer accidental death policies which are:
- Affordable: premiums start as low as a few dollars per month.
- Easy to apply: no medical or physical exam is required.
- Flexible: you can choose the amount of coverage that is right for you and your budget, from $25,000 to $250,000.
Your acceptance is guaranteed if you are between the ages of 18 and 69 and a Canadian resident.