Life can be unpredictable, and accidents can happen at any time.
While we can't always prevent these unforeseen events from occurring, we can take steps to protect our families from the financial impact they may have. And one way to do this is by getting accidental death insurance.
What is it?
Accidental death insurance is designed to provide a lump-sum payment to your loved ones if you pass away due to an accident. This is the key difference between accidental death cover and life insurance, as the latter also covers natural causes like heart attacks or cancer (unless the policy terms and conditions state otherwise). Being less comprehensive, accidental death insurance also tends to cost less than life insurance, all other factors being equal.
How does it work?
Your family can use the payout as they like and need. Many people use it to pay funeral expenses, childcare support, mortgage or other debt repayments, and/or to provide an extra income for their family should the unthinkable happen. It's important to keep in mind that different insurers offer different levels of accidental death insurance. Some may provide additional benefits such as financial planning support, grief counselling, and other optional benefits worth exploring.
Like to learn more?
If you’d like to know more about this type of cover, please don’t hesitate to contact us.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.