accidental death/dismemberment insurance

[rackemup]

Sorry for the morbid topic but I'm getting solicitations from everybody like my credit union and the NRA offering insurance mentioned above.  Did a search for this topic and came up empty.  How many of you have some kind of accidental death/dismemberment insurance and who's (or family) filed a successful claim?

[kickstand]

I belong to a credit union and we get like $1000.00 free and you can get more for a small fee each month I collected $1000.00 when I lost my leg in 2002 you can talk to someone at the credit union they well tell you better than me

[Jess from VA]

NRA, and various other outfits often will give 1$K free in accidental death ins coverage.... as an inducement to buy greater amounts of such coverage.  This is usually a quid pro quo partnership between NRA and others, and insurance companies, offered as a pretty economical (cheap) benefit for their membership.  

Nothing wrong with it, but you need to understand that terms of payment are very limited.... accidental death (or loss of limb) strictly in accord with the terms of the policy, no coverage if you get sick and die of disease, or injury which takes a long time to kill you.  So premiums are also very cheap, compared to ordinary term insurance.  And you never have to take a physical for these accidental policies, and they are not worried about preexisting conditions, since your death by a preexisting condition (disease) would not qualify for accidental death insurance payment.  Death by suicide is usually covered after one year of ordinary term ins coverage, but it is never covered in these accidental death policies.

I have two or three of these policies in the safe... I always sign up and take the free 1$K coverage (why not??), but never sign up for anymore with required premiums.  Understand, this is not adequate coverage for a family man with wife and kids who wants to provide for them in his absence.  

If you love riding motorcycles and often fall off of them and have accidents, or you have other dangerous hobbies or are seriously accident prone, buying this type of coverage may be a good idea if you have family or other beneficiaries you would like to benefit from your death.   But it is never an acceptable substitute for normal life insurance.

[MNBill]

My friend mentioned he bought a 1 million policy, I think just accidental death though, for him and his wife very cheap through State Farm. I do not think it covered dismemberment though. Not recommending any company, just a place to start.

[Valker]

Sure would have helped my son when his leg got amputated.....but I've been riding longer and it would not have ever paid.