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About Accidental Death Insurance
Accidental Death Insurance may admittedly not be top of mind in your day-to-day life. However, should you have loved ones that you wish to take care of financially in the event of an accident.
According to Canadian statistics, accidents are a leading cause of death, especially for individuals under 35 years of age. Keeping that in mind, being prepared for the unexpected is not unreasonable if you want to protect your loved ones should unforeseen circumstances arise.
One of the best options to ensure the financial stability of your loved ones is an Accidental Death Insurance policy. This financial tool guarantees that your beneficiary receives an accidental death benefit amount in the event of your death as a result of an accident. (A beneficiary can be your spouse, child, or another person of your choice.)
Why Accidental Death Insurance?
Unlike regular life insurance, this policy provides coverage to the insured in case of disability or accidental death due to an unexpected accident. This type of life insurance is increasingly in demand, especially among those who have financial dependents such as children, a spouse, or even elderly parents. In a worst-case scenario, Accidental Death Insurance helps ensure that your loved ones are able to continue their standard of living should you suddenly become injured or diseased due to an accident.
At Canada-Life-Insurance, we know that risk is everywhere, and we have a policy that offers you coverage with which you will feel more protected.
Who can purchase Accidental Death Insurance?
All Canadian residents between the ages of 18 and 69 can purchase accidental death insurance coverage to provide financial support for their loved ones in the event of the insured's death, or partial or total disability due to an accident.
This life insurance offers an indemnity in the event that the insured suffers an accident resulting in the following sequelae:
- Total or partial loss of a limb- Loss of speech, sight, or hearing
- Partial or total paralysis
So, unlike traditional life insurance, this policy offers complete protection for you and your loved ones if an accident causes an abrupt change in your life.
Common Exclusions to Consider
As we know, this life insurance policy provides a lump sum payment to the beneficiaries if the insured dies due to accidental death. However, it is crucial to mention that there are some exclusions for which it is not possible to access the tax-free benefit offered if the insured dies due to the circumstances listed below.
- Surgical treatment
- Pre-existing illness or health conditions
- If you are part of the armed forces
- Attempted suicide
- If the death is the result of the use of illegal substances
- Driving under the influence of alcohol
- Natural causes
- Accident or injury caused by criminal acts
- Self-inflicted injury
- Riding off-road vehicles
- The practice of extreme sports such as sky diving or scuba diving
- Being a professional athlete, among others
Protect Your Loved Ones From the Unexpected
We work with major Canadian providers to offer you the best rates on Accidental Death Insurance. With their expertise and wide industry knowledge, our qualified advisors are able to find you a plan that matches your budget and unique life insurance needs. If you'd like to know more about your coverage options, please fill out our brief inquiry form for a free, no-obligation quote.
We will find the best quotes for policies that best match your unique circumstances.
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