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Term Life Insurance vs Accidental Death Insurance

While accidental death insurance only covers accidents, term life insurance covers both accidents and illnesses or diseases. This comparison of life insurance and accidental death insurance is in-depth.

  • Oct 09, 2019

India has seen an increase in life insurance penetration over the last few years. Life insurance plans not only offer life coverage but help you achieve several financial goals.

There are different types of life insurance plans as follows:

  • Endowment policy
  • Such policies have a fixed term and help you earn returns on investment. The policy provides a death benefit as well as maturity benefits.

  • Term insurance
  • It is a pure life cover and pays your nominees policy benefits in case an unfortunate incident takes place during the term.

  • Money-back policies
  • Another type of life insurance plan is a money-back policy that provides periodic returns at pre-determined intervals.

  • Whole life plans
  • The policy continues until you pay the premium and has no fixed term. The maturity age is generally 100 years, and if you survive beyond this age, you receive matured endowment coverage.

  • Children’s plans
  • Insurers offer different types of children’s plans to plan future fund flows to achieve various financial goals.

  • Annuity plans
  • Such policies provide you with financial freedom post-retirement and cover loss of income during these years.

  • Accidental death insurance
  • An accidental death insurance policy offers protection to you and your family in case of severe injuries or death in an accident. Policy benefits are available in case of loss of limb or vision or if you are paralyzed in an accident. These plans do not provide cover for high-risk adventure activities such as motor racing and skydiving.

    Accident insurance coverage is available without medical tests. Additionally, the premium is lesser as limited coverage is available under the policy.

    Often, there may be some confusion between traditional life insurance and accident policies.

    Differences between accidental death and dismemberment vs. life insurance policies:

    1. Cause of death covered

    Term life insurance, if you qualify, pays out for considerably more causes of death than AD&D insurance, and it may not cost much more. If you’re worried about accidents, adding an AD&D rider to a conventional life insurance policy may make more sense than getting a separate AD&D policy.

    However, if you do not qualify for normal life insurance, AD&D coverage may be preferable than none. An AD&D policy may be easier to qualify for because there is no medical exam required, and you can usually receive AD&D coverage faster than a regular life policy.

    2. Death condition

    The primary distinction between term life and AD&D insurance is that an AD&D policy only pays out for accidental death or dismemberment, whereas a term life policy pays out regardless of the cause of death, with some limitations.

    3. Variety in plans offered

    Another difference between life insurance vs accidental death insurance is the availability of options. The former provides multiple options to suit individual requirements, such as retirement, meeting financial goals, and death cover. The latter covers only loss resulting due to an accident.

    4. Partial benefit

    If you want to include covers like partial loss of sight or limb under a regular life plan, you need to pay an extra premium to avail of riders. In comparison, an accident plan provides such benefits without any additional cost.

    Having understood the differences between life insurance vs accidental death, here is a comparison of the payout under these two types of covers:

    Life insurance policy Accidental death policy
    Death due to overdose No No
    Partial loss of limb or sight No Yes
    Centro comercial Moctezuma Francisco Chang Mexico
    Accidental death Yes Yes
    Death due to illness or diseases Yes No
    Centro comercial Moctezuma Francisco Chang Mexico

    It is important to note the inclusions and exclusions. For example, the policyholder’s nominees may not receive any benefits in case of death due to an accident. Moreover, the beneficiaries need to prove that death was the direct result of an accident. Therefore, you must be well-versed in the inclusions and exclusions before choosing a suitable insurance plan.

    If you want to offer financial security for your family, life insurance is a good investment. Accidental insurance can be purchased as a supplement to a life insurance policy. Some life insurance policies provide an accidental death benefit rider that can be added to the base plan for an additional cost. The overall goal of having insurance is to have appropriate financial coverage for you and your family at all times, so choose your insurance cover intelligently.

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Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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