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Unlike Workers’ Compensation, which covers only work-related accidents, AD&D insurance applies wherever covered accidents happen, such as at home or on the road for your employees.
Life and Accidental Death & Dismemberment Insurance helps pay a lump sum in the event of a covered accident. Specifically, these covered accidents are ones that could not be foreseen and are fatal or dismembering. Deaths that come due to prior medical conditions are not covered under this accidental death and dismemberment policy.
It’s a variation of life insurance that only pays out if the death is from an accident (or in some cases, homicide). It usually only pays out if the premiums are being paid just like a term life insurance.
Safe driver benefit
Employee may meet an accident while returning back home from your office. The employee dies and your family suffers.
Your beneficiary may receive an additional 10% of your benefit amount (up to $25,000) if you have a covered fatal car accident and are wearing a seat belt at the time. This benefit will increase to 15 percent (up to $40,000) if the car you were riding in or driving also has factory–installed airbags that inflated properly upon impact.
Child care benefit
Your employee dropped his/her child to school and met an accident on the way to the office.
If you have children under 13 and you die in a covered accident, a child care benefit of an additional 3 percent of your benefit amount (up to $2,500 per year) for up to six years may be payable to the person who has incurred the cost of day care expenses.
Elder care benefit
Your employee dies in an accident while his/her mother is the only family member left behind. She may need some assistance.
The beneficiary may receive an additional 5 percent of your benefit amount (up to $5,000) if you die due to a covered accident while an elderly relative is dependent on you for support and maintenance.
Productivity & Absence
Your employee is mentally disturbed because he/she has a mother who needs his support throughout and this would result into less productivity.
A study found that in one year alone, adults lose more than 164 million hours of work per year due to dental diseases. Offering dental benefits encourages employees to seek out preventive care early on and avoids workers taking off for unplanned illnesses and increase productivity on the other hand.
Employee value
If an employer fails to offer benefits to its employees, the employees don’t feel valued which eventually decreases their productivity and they start losing interest towards the company.
If you offer good benefits to your employees, they feel happy that the organisation values them. In return, they also work hard to deliver their best and make better for all.
Accidental Death & Dismemberment insurance policies (AD&D) provide benefits for covered accidents that result in fatality, paralysis, the loss of a limb, eyesight, hearing, speech and more. An AD&D plan may include coverage for employees only or employees and dependents and typically provides 24-hour coverage no matter where a covered accident occurs, whether at work, home or away for:
Accidents are the third leading cause of death in the United States. An accidental death not only impacts the surviving loved ones emotionally but also financially as they now deal with the sudden loss of income. The death benefit from an AD&D policy can add peace of mind by lessening that burden.
If offered through an employer, participating employees may realize a cost of a few dollars per month. Even when purchased individually, the costs are considerably less than rates for term insurance offering the same face amount.
If your company has employees who work with dangerous machinery or on high-rise buildings then these types of insurance might be worth investing in as they can protect the lives of both employers and employees alike from accidents that may result due to negligence.
If you’re interested in learning more about life and accidental death and dismemberment insurance, we encourage you to reach out to our employee benefits experts. We have helped many people determine if it is a good fit for their business!
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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