Community Chat

[Anonymous032819]

When it falls under the umbrella of "Life Insurance", but is another product.

As some of you may remember, going through my dad's bank statements, I came across a monthly automatic withdrawl that said, "AAA Life Insurance".

Come to find out, he had a policy for accidental injury/death, and that it is not a true life insurance.

So, if he got injured, or died in a automobile accident, then monies would be paid, but dying of natural causes, they don't pay out on.

So, that solves that mystery.

[happycat]

I think Life Insurance should be Life Insurance and payable upon death. I wonder how many people realize what they are paying on?

Thanks for the info.

[Nuttmeg]

This is called marketing. 

[chrystaltree]

A lot of people have that type insurance but the policies are usually called "Accidental Life Insurance" right on the policy.  My dad had a couple of them, we found them after he passed away.  From cancer.....so no benefits.  He'd been a long distance truck driver so I assume that's when he took out the policies and he kept the coverage.

[tansy]

Well, that's disappointing.  I had hoped you might get a surprise windfall, @Anonymous032819.

[Carmie]

I have one of those accidental life insurance policies.  It only pays for accidental death.  The cost is only about $3 a month for $25k.  At my age, if I die it will probably be by an accident.  I have no health concerns.

When I get old or sick, I will probably drop it.  

[qbetzforreal]

My mother got snookered into opening one of those policies through Wells Fargo.  She thought she was leaving us something when she passed on.  Worthless.

[cherry]

I am sorry @Anonymous032819 . If anyone deserves a windfall ,it is you. I was so hoping this would let you get a place of your own...Don't give up the dream..

[deepwaterdotter]

Wishing you better luck with that prospective job promotion.

[Silver Lining]

@Anonymous032819 , I have that exact policy, a branch of the AAA Life Insurance Company. You're right, it's not whole life insurance. It's for qualified injuries from accidents while driving  (it's not automobile insurance), outdoor activities, tripping when you're walking, getting hit by a car or someone riding a bike or something, airline travel and other things like slipping, falling at home or anywhere. 

About two years ago I fell off a big, heavy A-line ladder which also fell sideways. I hit the concrete floor of my carport, injured my shoulder and broke my arm. Neighbor called an ambulance. I was in excruciating pain and the ER people were wonderful. My medical insurance paid part of the expenses. My co-pay for the ambulance was about four hundred dollars. 

I've had AAA for years. I eventually signed up for the accidental injury policy after learning a lesson from my broken arm experience. It's not expensive and is paid directly to the insured person. It doesn't go through your medical insurance. If you die from the accidental injuries it will pay a death benefit.