Life and AD&D

Life insurance pays out a death benefit to beneficiaries upon the insured's death.  ​

• Purpose: To provide financial security for beneficiaries (family, loved ones) in the event of the insured person's death. 

• Coverage: Pays a lump sum benefit upon death, regardless of the cause. 

• Types: Common types include term life insurance (covers a specific period) and whole life insurance (provides lifetime coverage). 
  
   

Accidental Death and Dismemberment (AD&D) insurance covers specific injuries or death resulting from accidents, offering supplemental coverage. 
 

• Purpose: To provide financial assistance in the event of accidental death or specific injuries resulting from an accident. 

• Coverage:

  • Accidental Death: Pays a benefit if the insured dies due to a covered accident. 

  • Dismemberment/Serious Injury: Pays a benefit for specific injuries including loss of a limb, eyesight, hearing, speech, or permanent paralysis.

• Types: AD&D insurance can be a rider (supplement) to a life insurance policy, increasing the payout in the event of accidental death or injury but could also be purchased as a standalone policy, providing coverage for specific accidental events.