What is accident insurance for?
Is Accidental Death and Dismemberment (AD&D) insurance necessary? Yes, because it’s the ultimate safety cushion against life’s unexpected curveballs. That’s why AD&D insurance is part of sound financial planning.
To illustrate the importance of AD&D, let’s delve in Sahina’s universe, a talented musician with a thriving career.
When the music's over
Ever since she was a little girl, Sahina has had an endless passion for the violin. She’s spent countless hours practising to perfect her art. Imagine her joy when she was offered a position as principal violinist with the Orchestre symphonique de Montréal. Her dream had finally come true!
But one day, Sahina suffered a serious injury to her hand while renovating her kitchen, resulting in lifelong consequences, and shattering her musical dreams. “I’m only good at playing the violin,” she sighs as she leaves the hospital.
You can’t predict the future, but you can prepare for it with the right coverage. That’s where accidental death and dismemberment insurance under an individual or group insurance plan is key to protecting Sahina’s future.
What exactly is AD&D insurance?
It’s coverage designed to make up for lost income if an accident prevents you from working. It helps you from going into debt and having to withdraw from your RRSPs or TFSAs. Your home, assets and projects are also well protected. In short, it helps you “turn things around” in case of unforeseen events.
With this coverage, the insurer pays a one-time amount in the event of accidental death or dismemberment, for example:
- Loss of vision, speech or hearing
- Loss of one or more limbs or the use of a limb
- Paralysis
This amount, which is paid to you or your beneficiaries, can be used as you see fit:
- Medical expenses
- Loss of income
- Home care
- Adjustments to your home or vehicle
- Repatriation if death occurs abroad
- etc.
Included in a group insurance plan or offered to complement individual life insurance, AD&D insurance is designed for people in high-risk professions, such as firefighters, or those with unique needs that traditional coverage cannot always meet:/p>
- Worldwide protection for 24 hours
- Business trips
- Sports organizations
- Schools
- Camps
- Religious organizations
- Festivals
- etc.
How to I apply for it?
Start by checking your group insurance plan.
AD&D insurance is either included in your contract or it’s optional. To find out more, you can refer to your contract or brochure.
If you’d like to add it to your contract, get in touch with your group insurance plan administrator
What about individual AD&D insurance?
You can take out individual AD&D insurance in the following cases:p>
- AD&D insurance is excluded from your group insurance plan.
- You don’t have a group insurance plan.
- Your group plan isn’t tailored to your needs or situation.
It can be included as an additional benefit to any individual life or health insurance contract.
Speak to one of our advisors. They’re in the position to you guide you through the process.
Sahina’s musical notes fill the air once more
Luckily, Sahina’s symphony ends on a high note. Thanks to her AD&D insurance, she was able to pursue training and shift her focus to teaching music.
Not only has she demonstrated resilience in the face of life’s challenges, but she has also managed her financial security carefully.
Now all she has to do is pass on her passion for music to her class.