Consumer Tips

Term Life or Accidental Death Insurance — Which is Right For Me?

Choosing the right insurance products can be challenging – especially because many of us do not like to think about needing insurance at all! But insurance can be an important part of financial planning for any family. Understanding the different types of insurance available to you is an important part of deciding which option is best.


Simplified Issue Term Life Insurance often has age-banded premium rates that change when you reach the next age bracket. Acceptance into the plan is based on a few quick health questions, but no medical exams or tests. For the first few years only deaths due to an accident may be covered. But once through the exclusionary period, all causes of deaths could be covered.

Term Life Insurance would be most valuable if you have a lot of recurring payments; homes, cars, education, all require financial resources and planning. Term Life can offer higher coverage levels that helps protect the lifestyle you are building with your family. In the event of your passing, your family can use the money from the insurance in any way they need.  

Accidental Death Insurance may be a better choice for people with fewer obligations; houses paid off and an empty nest, or people just starting out on their own. Accidental Death policies are usually guaranteed issue – simply enroll and pay your premium to get coverage – because they only pay benefits for death due to a covered accident. The lower coverage amounts – and premium rates – can still give you the additional peace of mind knowing that you will not leave unpaid debt or expenses if the unexpected happens. And, here again, your beneficiaries can use the cash benefit in any way they need.

Considering insurance as part of your financial planning makes sense no matter where you are in your life. Helping to protect your family and assets with insurance can give your family more financial security and give you more peace of mind. 

Go to www.unionplusinsurance.com for more information about the insurance offers available to you as a union member.