Accidents happen, and when they do, having accidental death and dismemberment (AD&D) insurance can provide financial protection for you and your family. This type of insurance is designed to offer coverage in the event of accidental death or serious injury resulting from an accident. While AD&D insurance is commonly offered by employers as part of their benefits package, there are also standalone policies available from select insurers.
When looking for the best AD&D insurance policies, it’s important to consider comprehensive coverage that includes both accidental death and dismemberment benefits. NerdWallet, a trusted source for financial advice, has compiled a list of the top AD&D insurance policies for August 2024 based on policy features, payout percentages for various injuries, and coverage amounts.
The Best AD&D Insurance Policies of August 2024
Prudential
- NerdWallet Rating: 4.0
- Availability: Available through the workplace
- Overview: Prudential offers AD&D insurance as a standalone policy or as a rider on a term life insurance policy. The company has exceptional financial strength ratings and allows for online purchase of policies. With a variety of term and universal life options, Prudential’s AD&D policy does not require a medical exam for enrollment.
Sun Life
- NerdWallet Rating: 3.5
- Availability: Available through the workplace
- Overview: Sun Life’s AD&D policies offer coverage up to $1 million, depending on the employer. The policy typically pays out 100% for accidental deaths and varying percentages for dismemberment. Portability is a key feature, allowing policyholders to keep coverage if they change jobs.
TruStage
- NerdWallet Rating: 3.0
- Availability: Available through participating credit unions
- Overview: TruStage stands out for its "increasing benefit" feature, which increases coverage value by 5% each year. The policy also offers customization options with additional riders for specific conditions. TruStage policies can be applied for online or over the phone without a medical exam.
Corebridge
- NerdWallet Rating: 3.0
- Availability: Available through AIG agents
- Overview: Corebridge Financial (formerly AIG Life & Retirement) offers AD&D coverage outside of the workplace, directly through an agent. The policy has no waiting periods and can be purchased over the phone without a medical exam. However, the company has a high number of customer complaints relative to its size.
How We Ranked the Top Life Insurers
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners, and financial strength ratings. The ratings take into account ease of communication, website transparency, and the ability of the insurer to pay future claims. It’s important to compare multiple insurance quotes to find the best rate for your needs.
Alternatives to AD&D Insurance
While AD&D insurance covers accidental deaths and injuries, it’s important to consider other types of insurance for comprehensive coverage. Term life insurance provides a guaranteed payout for natural causes, illnesses, and surgeries, while personal accident insurance offers coverage specifically for accidents.
In conclusion, having AD&D insurance can provide peace of mind knowing that you and your loved ones are financially protected in the event of an accident. By comparing policies from top insurers like Prudential, Sun Life, TruStage, and Corebridge, you can find the right coverage that meets your needs and budget. Remember to consider factors like coverage amounts, payout percentages, and additional riders when choosing the best AD&D insurance policy for you.