2007-01-27 14:50:14 · 13 answers · asked by hero 1 in Business & Finance ➔ Insurance
It's like all insurance, you get it and hope you never need it. I get it through work, costs me 62 cents every 2 weeks. So if I am wasting it I can't think of much else I can do with 31 cents a week.
2007-01-27 15:02:12 · answer #1 · answered by b_plenge 6 · 0⤊ 0⤋
Remember it's called accidental death insurance for a reason. Read the fine print. They have many definitions for accidents and dismemberment. You get practically nothing for partial dismemberment. If you can have some use of the limb the insurance doesn't pay. If you sky dive or have a risky job you're not covered. There are many exclusions.
2007-01-27 15:04:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Its better to have a traditional whole life policy because there is a 1 to 1 ratio that you will die one day, which is guaranteed. There is about a 450 to 1 chance that you will die in an accident. Its a long shot that you die in the accident unless you are that 1 out 450 people who will die in the accident. Get the life insurance policy from a mutual company like New York Life. You can put a accidental death benefit rider on the policy if you like. Yes, the type of poliy you listed are a waste of money.
2007-01-27 18:51:23 · answer #3 · answered by redzmoore 1 · 0⤊ 0⤋
Accidental death and Dismemberment Insurance is a rider on basic insurance. You pay extra for the more money you get, provided a certain thing happens.
Insurance is risk covering, its spreading of risk over a group of similar risk effected people.
Insurance is required, if you appreciate the risk.
2007-01-27 16:01:08 · answer #4 · answered by esther_effect 2 · 0⤊ 0⤋
Hi, your friendly insurance guy here, again! :)
As a general rule I advise my clients against getting the Accidental Death and Dismemberment (AD&D) rider on a policy. If you're ready to pay extra, get more face value that pays off in ALL cases rather than extra that pays more only in a specific situation.
2007-01-27 15:39:39 · answer #5 · answered by Bright Future Penguin 3 · 0⤊ 0⤋
Insurance companies make money buy charging the average person more than the average person will cost them. In other words, in the average case no type of insurance will pay off.
You are betting that you will suffer from accidental death/dismemberment and the insurance company is betting you won't. And the odds are in the insurance company's favor.
The main benefit of any kind of insurance is that the bulk of the cost of people who really need it is being paid for by people who don't need it.
2007-01-27 15:02:39 · answer #6 · answered by johnlb 3 · 0⤊ 1⤋
It's kinda a catch 22 u can get seriously injured still use ur body part and they won't pay unless you have a really good lawyer. Death they will pay its that dismemberment that is the sketchy part.
2015-05-15 05:35:30 · answer #7 · answered by Cody H 1 · 0⤊ 0⤋
Of course it pays off, subject to policy provisions. I would never buy it as a stand alone policy. You can add it as a rider to some auto insurance policies for all members of your family, $10,000 in insurance (doubling if you wear your seatbelt) for as little as $2 every SIX months per person. If you're going to pay less than 50 cents a month it's not worth NOT having it. Good luck!
2007-01-28 04:49:39 · answer #8 · answered by AriesJWR 4 · 0⤊ 0⤋
If you are getting it through your employer for cheap then it's worth it if you have a family. I have kids so I have it and its really cheap. In my opinion, if I die, its an accident. They don't see it that way, but I would like to know that if I am killed on the way to work my family is taken care of.
2007-01-27 14:56:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋
My mother was given $78,000 when my step-dad died in a car accident. She only paid $27.00 a month for it, and it paid the funeral expenses and all the bills. She had a little left over for a cetificate of deposit.
2007-01-27 14:54:51 · answer #10 · answered by Sparkles 7 · 0⤊ 0⤋