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The coverage you have in any insurance plan does depend on the company that issues the protection. A double indemnity provision may be included on some life policies or added as extra coverage on others. To determine if this feature would be beneficial to you, you first need to understand what the provision means.
What is Double Indemnity?
A standard policy provides a certain amount of financial protection when the insured dies from almost any cause. Some activities may be excluded and suicide is normally not covered for two years, or longer, from the date the coverage is issued.
The double rider provides twice the amount of coverage if the insured dies due to a covered accident. For example, if you have $50,000 in coverage as a standard plan and were to be killed in an auto accident, your beneficiaries would receive $100,000.
Accidental death policies are normally much lower in cost than whole or term life policies. The coverage in an accidental death plan is restrictive. This also makes adding the additional rider to a regular plan a low cost option.
Some insurers also offer a triple protection rider. Examine your risks of an accidental death. While this can happen to anyone, certain lifestyles or hobbies could make you more prone to accidents.
If you have any questions about your life insurance policy in Maryland, get in touch with us. As an independent agent, we offer the ability to compare quotes from a variety of carriers online. This allows you to choose the policy that meets your unique needs. You can also purchase additional protection on a temporary basis, similar to a term plan.