Ad&D are one of the leading life insurance providers in the world. Ad&D provide a wide range of insurance products including term life, whole life, endowment life and health insurance. The company was founded by Frank Vandersloot, who developed a technology that would allow customers to buy insurance from a computer application. Vandersloot believed that the way insurance was sold would change greatly based on where it was purchased. He designed Ad&D to be user-friendly so that the typical customer would not have a hard time understanding what it was that they were buying.
An ad&d policy would provide the usual benefits of life insurances such as beneficiaries and death benefits when the insured individual dies as a result of an accident, illness or injury. This is actually a comprehensive form of life coverage that is usually cheaper, or at times is also an added bonus on an existing standard life policy. When you purchase ad&d policies, you are covered for both accidents and injuries that might occur within the company’s service area.
Natural causes of death are typically excluded from most ad&d policies. Ad&D provide coverage for accidental deaths that occur due to traffic accidents, fire, theft and explosions. They do provide coverage for other types of accidental deaths caused by self-negligent acts or fraud, such as suicide, homicide, birth defects, child abuse and neglect and wrongful death caused by these incidents. If these natural causes of death are excluded from the coverage, ad&d policies typically will provide coverage for the remaining balance of the policy.
When purchasing ad&d coverage, it is wise to shop around for several different insurers. Compare the price, the services and the features that each insurer offers. It is also wise to compare the cost per month and the level of coverage provided. If the monthly premium is too high, ask if there is a way to decrease the amount of coverage without decreasing the value of the policy itself. Many insurance agents will be happy to work with clients to find a combination of premium and benefits that make the policy affordable and still allow them to offer competitive rates.
One reason ad&d coverage has become so popular is because it is very flexible. Unlike most polices, policyholders can choose what kind of benefits they want. They can choose to have medical coverage, personal accident, dismemberment or funeral payment benefits included, for example. They can also choose to have a lump sum pay out of their pocket. They can also decide whether to just receive an amount their insurance carrier pays, or to receive a credit equal to their policy’s full face value.
In addition, many companies have begun offering ad&d policies in combination with term life and whole life policies. A term life policy can be purchased for up to 30 years, while a whole life policy can last the life of the policy (subject to age). Ad&d policies pay out the same amount no matter who is responsible for an insurance claim. These policies help protect policyholders from incurring unneeded expenses in the event of a death, regardless of whether they were insured under a term life or whole life policy.
The biggest perk to ad&d insurance policies is the fact that they are less expensive than traditional policies. In addition, policyholders do not have to worry about paying an accidental death benefit, which many people mistakenly believe is required by law. Although accidental death benefit requirements vary from state to state, they are usually a minimum dollar amount paid by the policyholder for every person they cover. Most insurance companies provide ad&d insurance policies free of charge, but some companies require potential policyholders to purchase a fabric of cotton or other material and pay an upfront fee. Because this type of accidental death policy is so much cheaper than traditional polices, many people prefer it.
If you are currently covered by an ad&d insurance policy but want to switch to a more comprehensive one because your employer offers ad&d coverage, you can do so by contacting your insurance company directly. Many insurers offer their ad&d services via their websites, so it is very likely that your insurance company will be happy to accommodate your needs. Ad&d policies are available from many different companies, so you should easily be able to find a suitable coverage option.