Accidental Death vs Life Insurance

It's difficult to stop my office without us asking you about life insurance. The first question is... "How much coverage do you currently have?" Very few people know the answer, so don't feel bad.  Possibly because no one likes to talk about it.  It could be that nobody thinks they are going to die. That's a good thing - who wants to go through life worrying about death right?

So let's say you do have life insurance and often times people have the correct amount of insurance.  Is it the right type?  Answer these questions...

1. Does your policy have limitations and what are they?
2. Is it an extraordinary amount of coverage but costs next to nothing? (you truly get what you pay for)
3. Are the words "Accidental Death" in the policy?

If you don't want to read it, have the company you purchased it from or your employer answer for you.  Then ask them if there are any exclusions or reasons a claim would be denied.

At the end of the day, would you rather pay for life insurance that pays your loved ones no matter what or pay a little less but have to die specifically?

In most cases the "right" type of life insurance for you is economical enough to look at other options. Don't forget it is always priced based on your do it sooner rather than later.

Many times AD&D Insurance can be added as a rider to a standard life insurance policy which may be an appropriate decision. 

Thanks again for all your emails, as always let me know if there is anything you want to discuss.

Matt Basile Agency

We Must Protect This House (except from floods)

When a weather event causes damage to our home it is a quick call to our homeowners insurance company, pay our deductible, and go about our day.  In most cases that is exactly how it goes.  However, there is always 1 event which is a subject of frustration and normally is not covered...
  • Flood - a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow - for more info
Odd example of flood that is not covered - a Storm that causes sideways rain which gets into your home through a crack in cement or wood, some companies will cover the damage but most will not

"I have a basement that gets water but has a sump pump." - there is a way to get water due to flood covered in some instances through an endorsement which can be added to your homeowners policy.  It is not automatically added by your insurance company and not all companies offer this endorsement

"So does any water damage constitute a flood and therefore not covered?" - absolutely not, in many cases the damage from water is absolutely covered

Not in a flood zone?  You can still purchase flood insurance. 
  • How much? usually $200-$500 annually.
As always please shoot me an email if there is a specific insurance subject you would like to learn about -

Next month - Hurricane Deductible vs Wind/Hail Deductible