Tragic accidents can happen to anyone, in any place or at any time. Statistics show that such accidents are more common than you might think and can take place at work, while you travel or even in your own home. If you want to protect your family and loved ones from such unfortunate events, then accidental death insurance can help you achieve that goal.
The protection policy will pay the full amount of the coverage to the designated beneficiary in the unfortunate event of your death, this coverage will usually not cover deaths caused by illnesses. In a nutshell this coverage will pay off all your debts or it can cover the funeral expenses that can accrue. On the other hand you will also be buying peace of mind when you know that there will be someone to take care of your loved ones once you are gone.
The coverage sums for this type of coverage usually ranges from £ 10,000 to £ 100,000 and the customers that can obtain this coverage need to be between the ages of 18 to 65. The coverage usually terminates around the age of 75, where the benefits are reduced by a certain amount by the age of 70.
Some companies keep a list of incidents that exclude the insured from the entitlement to the death benefit. Death by an illness, lawsuit, war injury and natural causes are just some of the situations that will exclude you from a lump sum payout. Additionally dye while under the influence of alcohol or some non-prescribed drugs can also exempt you from coverage. A professional athletic injury also falls into this category as well as an overdose of toxic substances. This means that claiming a death insurance policy can be a pretty lengthy process, because it is habitual that insurance companies perform autopsies and even send their own investigators to determine the cause and circumstances of death.
There are usually four main types of death insurance coverage.
Group life supplement includes a group life insurance contract which means that more than one person is covered, which makes this policy excellent for a working family. Voluntary coverage divides a part of your income and uses it as premiums, it is basically an electrical benefit. Travel accident coverage is usually offered to employees who are traveling on business trips. Dependents basically covers dependents but only a few companies offer this type of coverage.
The following three companies are known to offer good value death insurance to their customers in the UK: rarely Aviva, Barclays and Scottish Widows.