Term Life Insurance Or Accidental Death. Do I Need Both Or Just One. If One Which Do I Need To Get?
Posted August 28, 2009 – 4:33 pm in: term life insurancewhat are the main differences in them
Tags: Accidental, Both, Death, Insurance, Just, Life, Need, One., Term, Which
3 Comments
Do you buy car insurance in case you get hit by a car, or car insurance in case you get hit by a YELLOW car?
Accidental death is like that. It’s usually a ripoff, and is cheap because MOST people don’t die by accident – they die by natural causes.
You don’t need accidental death.
Do you need term? Well, there’s no way to know. You don’t go into Home Depot and look at a router and say, ok, do I need this router? and try to fit it into your life. Ok, maybe you do. But you shouldn’t.
First set the goal, what you want the insurance to ACCOMPLISH for you. Then say to yourself – does this term life policy meet my goal? If not, don’t buy it.
An accidental death policy is really useful if you are worth more by dying in an accident than by other causes. If you are worth the same amount in all cases, it’s better to get the amount of regular life insurance you really need and save your money.
I thought this would be obvious.
An Accidental death policy pay only if you die in a covered accident.
Term life pays if you die any covered way.