Life is unpredictable, and ensuring your family's financial security is paramount. That's why having the right insurance coverage is crucial. Life Cover and Accidental Cover provide financial protection to your loved ones in the event of your death, but they differ significantly in terms of coverage and benefits. Understanding the difference between the two can help you make an informed decision that best meets your family's needs and safeguards their future.
Life Cover
Life Insurance covers death from any cause, whether due to illness, accidents, or natural events. For example, if someone with Life Insurance passes away from cancer, heart disease, or even a car accident, the policy provides financial support to their beneficiaries. This means that no matter how the insured individual dies, their loved ones receive the death benefit payout from the policy.
Accidental Cover
On the other hand, Accidental Cover, as the name suggests, only covers deaths resulting from accidents. If the insured person dies in a road accident, hijacking, or another type of accident specified in the policy, their beneficiaries receive the payout. However, if the insured individual dies from an illness, such as cancer, heart disease, or any other non-accidental cause, the accidental policy does not provide any payout.
While Accidental Death Insurance may be appealing due to its lower premiums and specific focus on accidents, it has limitations. Depending solely on Accidental Cover can leave your loved ones vulnerable in the event of death from non-accidental causes. In contrast, Life Insurance offers comprehensive protection against all causes of death, providing financial security to beneficiaries regardless of how the insured individual passes away.
It's crucial to carefully assess your family's needs and financial situation before deciding on your cover. While Accidental Cover provides excellent coverage for accidents, it's essential to consider whether it offers the level of protection your loved ones truly need.
If you have any questions about your accidental policy or if you're interested in learning more about our other products and services, we're here to help! Chat with your friendly OneSpark Advisor to help make an informed decision that best meets your family's needs.
You can also contact our friendly Client Support Team directly at 0800 000 123. We're always happy to assist you!