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Accidental Death Mortgage: The Definition
Under the offered type of mortgage insurance, the insured pays a fixed monthly premium to the insurance provider and the insurance provider helps the loved ones with an accumulated amount if the insured passes away before repaying their mortgage loan. The most crucial thing about this plan is that the premiums are supposed to be paid consistently and you aren’t supposed to miss them without prior information. Let’s get to know the benefits and necessary facts about the offered insurance plan.
Benefits
As the name says, accidental death mortgage insurance protects the loved ones from losing their house if policyholder passes away due to an accident. This means if the policyholder meets an unfortunate incident and passes away, the insurance provider will help the insured’s loved ones with an accumulated amount as the death benefits that they can utilize to repay the outstanding debt and can live peacefully in their home. At times, the insured is the sole breadwinner of the family and their sudden demise proves a heartbreaking experience for the loved ones. Under such cases, the offered insurance plan helps them financially to protect their homes and take care of their essential expenses.
What Is Accidental Death?
To understand in which situations your loved ones will receive a claim, you are supposed to know what types of deaths are considered as accidental deaths. Usually, there are some incidents that insurance providers count as accidental deaths that we are mentioning below:
  • Cancer
  • Stroke
  • Heart attack
  • Accidents
  • Chronic Lower Respiratory Diseases
Though some insurance providers have their own set of incidents that qualify as accidental death and you are supposed to ask about the same to your insurance provider before you buy a plan.
When Will The Benefits Be Paid?
The insurance benefits are provided to the loved ones when the insured passes away due to an incident mentioned in their policy agreement. Usually, insurance companies cover the insured for cancer, stroke, heart attack, accidents and chronic lower respiratory diseases. This means if the insured meets an accident and passes away due to the same, the insurers will provide an accumulated amount as the death benefit to the loved ones of the insured. Also, the insured gets diagnosed with a serious illness including cancer, stroke or heart attack and passes away due to the same, the loved ones will be provided an accumulated amount as the death benefit. This death benefit can be utilized to take care of pending debt, funeral expenses, medical expenses or other essential expenses.
When To Buy This Insurance?
Accidental death insurance plans have been designed to keep your mortgage going and take care of the outstanding debt so that your loved ones won’t have to suffer in your absence. You are supposed to buy this plan along with your mortgage loan and with a suitable coverage amount. You should look for a plan that provides a coverage equal to or more than the mortgage loan amount. You can contact different insurance providers to get multiple mortgage protection insurance quotes easily. You just have to fill a small form on insurance portals and their agents will get in touch with you to discuss your requirements and offer the most suitable plans for you. You can ask your insurance related queries about each plan offered and they will help you with same as well. Depending on the benefits and coverage offered, you can choose an insurance plan that provides you the maximum protection at the best price.
What Are The Exclusions?
There are some scenarios when an insurance company isn’t obliged to approve the claim even after the accidental death of an insured and you might not get anything even after paying your premiums long. The loved ones won’t get a claim if the insured passes away as a result of:
  • Trying to commit a felony.
  • Getting involved in an illegal occupation.
  • Making a suicide attempt.
  • Consuming alcohol or drugs.
  • Driving while being drunk or intoxicated.
  • Getting involved in risky adventures including motor racing, skydiving, hand gliding, underwater sports or mountain climbing.
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