Accident Insurance
This type of policy is designed to provide coverage for bodily injury resulting from an accident, whether occurring during professional activities or in everyday personal life.
What Is Considered an Accident?
To qualify as an accident under the policy, the following conditions must be met.
- The cause must be violent, sudden, external, and beyond the insured’s control.
- The event must result in a covered outcome, such as death or disability (temporary or permanent).
This product is therefore designed to provide financial protection in the event of accidental death or disability. In addition to these core coverages, the accident insurance may be enhanced with optional benefits such as daily hospitalization benefits, daily indemnity for temporary disability due to accident or even medical assistance coverage.
Term Life Insurance
Why Should You Purchase Life Insurance?
Although life insurance is not mandatory, it is highly recommended. If you have a mortgage, loans, or dependent children, protecting your loved ones from the financial burden they could face in the event of your death should be a top priority.
In addition to basic death coverage, a life insurance policy may include several optional benefits:
- Accidental death: Beneficiaries receive double the insured amount if death results from an accident.
- Traffic accident death: Beneficiaries receive triple the insured amount if death results from a traffic accident.
- Permanent total disability: The insured receives the full contracted benefit if permanently unable to perform any occupation or professional activity.
- Permanent total disability due to accident: Double the insured amount is paid if total disability results from an accident.
- Permanent total disability due to traffic accident: Triple the insured amount is paid if total disability results from a traffic accident.
- Occupational (professional) disability: The insured receives the contracted benefit if permanently unable to perform the specific profession stated in the policy.
- Critical illness coverage: A lump-sum benefit is paid if the insured is diagnosed with a covered serious illness.
MOST COMMON TYPES OF LIFE INSURANCE
- Annual renewable term: The most common type of life insurance. Premiums typically increase over time based on the insured’s age and adjustments to coverage amounts.
- Loan protection: The insured amount decreases annually and the policy ends when the loan is fully repaid.
- Whole life insurance: A lifetime coverage policy that guarantees a death benefit, which may increase through profit participation. This type of policy also allows the policyholder to surrender the policy and recover paid premiums plus accumulated returns.
