Accidents do happen. You may be the best defensive driver on the road but that may not save you from the stupidity of a drunk driver. We don’t like to think of our own mortality but the world is not always a safe place. Being young and healthy does not protect you from death at the hands of a criminal or a freak accident and ignoring the possibility of your unexpected demise isn’t realistic if you have family members who depend on you for support. Worrying about the possibility of an untimely death is only useful if it leads to taking steps to avoid financial stress for your family if the worst should happen.
What is a life insurance policy with coverage for accidental death?
Many life insurance policies will pay two or three times the death benefit of the policy in the event of accidental death of the policy holder. It provides a strong safety net to protect your family from financial disaster if you die in an accident. A life insurance policy may be carefully chosen with a view to providing for your family’s needs but may not be sufficient if an early death of the policy holder leads to beneficiaries relying on the income for a much longer period of time than assumed when the policy was purchased.
Why do you need Columbia accidental death life insurance?
Each year approximately one million people in the US die from accidents. This statistic alone clearly shows the need for including accidental death coverage in your life insurance plan. Policies cover not only death but also have amounts that are paid for serious injuries caused by an accident. These may include:
- Loss of a limb
- Paralysis
- Loss of sight, speech or hearing
One argument against accidental death insurance is that your family will receive the death benefit of your policy no matter when you die. Why, some will ask, should you pay extra for additional accidental death coverage?
This argument does not take into account the long term planning that most of us use when deciding how much life insurance to buy. We may know that in just a few years our income will be significantly higher or assume that college expenses for our children will be finished by the time life insurance is paid out. If you die in an accident before you have realized your savings goal or have built the planned investment portfolio your dependents may need a higher insurance death benefit. If you have two children in college your spouse needs additional funds to pay for the rest of their education.
In the case of homicides, insurance providers may carefully scrutinize the crime before awarding the death benefit. They should not be faulted for this as there have been many cases of murders within families where the purpose was to collect an insurance death benefit.
You’ll find it easy to shop online for life insurance. Get your free Columbia life insurance quotes now!
