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When it comes time to choose your insurance policies, you know you need health, dental, vision and life insurance, and you understand your property needs coverage. However, when it comes time to decide on specialized insurance policies, such as Mt. Prospect accidental death and dismemberment insurance, it can be hard to know what you actually need and what would just be a waste of money. It helps to understand exactly what the policy does and does not cover.
The Specific Definition if Accidental in Regards to Death and Dismemberment
As with most insurance policies, an accidental death and dismemberment insurance policy has specific definitions for “death” and “dismemberment.” In this case, a death must be accidental and unforeseen. For example, if a person has cancer and it causes their death, it is not unforeseen, so it is not covered. The same applies to dismemberment, and many AD&D policies will cover unexpected blindness or deafness. Commonly, the policy covers accidents that occur in the workplace.
What AD&D Insurance Does Not Cover
In addition to cancer, Mt. Prospect accidental death and dismemberment insurance will not cover body malfunctions that result in an accident or death. For example, if a person is fixing a roof and suffers a heart attack that results in falling to his or her death, AD&D insurance won’t pay for it. It also does not cover suicide or drug overdose in most cases. Dying or dismemberment due to surgery or infection isn’t covered, nor are risky activities such as skydiving or fighting in a war. However, some companies do allow you to purchase an additional premium for cases such as war.
The Payout for AD&D Insurance
The payout for accidental death and dismemberment insurance will depend on your premium, and is typically divided into percentages. If you lose one limb, go deaf or can no longer speak, you typically receive 50 percent of the payout. If you lose two or more limbs, go blind or die unexpectedly, you or your beneficiaries will receive 100 percent of the funds.
Determining whether you need Mt. Prospect accidental death and dismemberment insurance depends greatly on your own day-to-day experiences. If you work in a high-risk job, such as in construction or other jobs that involve large machinery, you should consider purchasing the insurance.
Mt. Prospect accidental death and dismemberment insurance is important for people who work in high-risk industries. Speak to a professional insurance agent about Mt. Prospect accidental death and dismemberment insurance.