We get a lot of questions about the accidental death benefit and how it works in terms of life insurance. An accidental death benefit is generally something that pays out, or a type of insurance that pays out, if the person dies in an accident. Now, keep in mind that probably less than 2 per cent of all life insurance claims are related to an accident. A lot of people think it’s a higher figure, but most of the life insurance claims are going to be caused by some type of illness—cancer, stroke, heart attack. Some type of illness-related death is going to be the primary cause of most deaths, and the chances of dying by accident also generally go down as you get older. Someone in their 70s is less likely to die by accident than someone in their 20s or 30s. Accidental death insurance can be less expensive than a regular life insurance policy, but you have to question if it really provides a value to you and your family, and if you really are covering yourself the way you think you are covering yourself.
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