Whole life provides you with lifetime life insurance and builds cash value inside the life insurance policy over time, from which you may be able to take a loan. However, whole life rates are the highest compared to other types of life insurance, such as, term life or accidental life insurance.
Although accidental death insurance rates are the lowest by far compared to other types of life insurance, that is for a very good reason, few people die from an accident, compared to the overall death rates for other causes of death.
Many people choose to buy accidental death insurance because they have a high risk occupation or hobby that presents a greater than average chance of the person dying due to an accident.
And, an accidental death insurance policy will only pay out a death benefit for a covered cause of death, accidental, and you usually have to die within 3-6 months of the accident for it to be covered.
Usually, the death proceeds are not subject to federal income and state inheritance taxes.
Accidental death insurance has no savings feature, coverage ends when the term ends, and rates may increase in time, or stay level.
Here's how you can learn more and request your accidental death insurance quote online.