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- Should you get an accidental death benefit rider?
- August 25, 2010 1:01 PM
Do you work in a job that involves a lot of health risk? Perhaps you do a great deal of heavy lifting, work on a construction site or in a coal mine, or find yourself frequently on the road.
If this sounds familiar, attaching an “accidental death benefit” (ADB) rider to your term life insurance policy may be a worthwhile acquisition. According to New York Life, ADB riders provide additional benefits to your family if you die as a result of physical injuries resulting from accidental circumstances while on the job.
For the benefits to kick in, the policyholder’s accidental death must occur between the start of the policy and before what would’ve been the person’s 70th birthday—but the age limit would vary by company. ADB benefits are generally eligible to be given up to a year after an accident and can double the value of the original policy’s overall death benefit.
So is it worth the extra costs? On one hand, the accidental death of an income-earner can be a sudden and unexpected event that leaves your family with a financial void and unpaid medical bills.
However, if you feel your work-related dangers are minimal and have more pressing expenses to worry about, ADB riders may not be for you.
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