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What Is a Double Indemnity Plan?

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What is a Double Indemnity Plan? It's a term that sounds like something out of a James Bond movie but is actually a sound plan for life insurance. There are many benefits to this type of plan. And while we want to focus on benefits, you should know that these plans can also have other benefits as well.

We all know that life insurance is a must. We all need it to pay the bills when we are gone. However, many of us do not understand all of the things that this type of policy covers. Some people think that they are getting coverage for when they die when actually this life insurance plan provides coverage even when you are alive. Plentii believes that these living benefits allow you to get more use out of your life insurance policy (contact an agent today for more information). For example, imagine yourself needing major surgery, and your beneficiary cannot pay for the entire cost.

Suppose you are searching for an insurance policy that delivers double indemnity advantages. In that case, you will definitely have to look no further as this type of protection is now on several insurance businesses. "Double Indemnity" is an agreement or clause in a collision or life plan by which the insurance company fails to pay for precisely the stated range of your life beneficiaries in case of accidental death caused by the insured person.

This is why we need to have coverage even if we are sick or injured. It may seem like double protection, but it really isn't. As an example, consider the incident above. While you are still alive, your beneficiary should be able to get the medical attention they need. However, if you pass away before receiving the care, they desperately need, your life insurance policy will cover their expenses.

Double indemnity advantages are available for people who suffered an injury from a vehicle and also a non-vehicle crash. Folks can acquire accidental death claims from the coverage to pay for types of accidents. However, this kind of accidental death coverage can occasionally be found in an umbrella insurance policy.

Another example is the situation mentioned above with an unfortunate accident. Now, this policy would cover your family entirely for their needs, and you won't have to pay anything out of pocket. This means that the injured person will never see any financial benefits from this accident, and that is why it is called an "indemnity plan." This type of plan also has other added benefits, such as taking advantage of Vision Benefit, Personal Care Insurance Benefits, Terminal Illness Benefits, and Critical Illness Benefits.

What about accidental deaths? These are two situations in which it would be helpful to have some protection. Accidental deaths can occur due to accidents, heart attacks, overdose, or dehydration. These are all situations that an indemnity plan could cover. The other benefits that these policies may also provide us are accidental loss of eyesight, paralysis, blindness, deafness, and dementia.

How about injuries caused by another person's negligence? If you work in an industry where you may be exposed to secondhand smoke, that could make you more vulnerable to getting sick on the job. This is a very common industry, where people may smoke cigarettes while sitting in an office, talking on the phone, or working in their car. However, you may not always know if you are exposed, and the best way to ensure your health is to have coverage.

There are many ways to benefit borrowers in mortgage life insurance; speak to a Plentii agent today on how you could qualify. One of the most apparent benefits is that mortgage protection prevents a borrower from having to forfeit the entire capital to the lender if the borrower becomes unemployed or suffers an injury that forces them to sell the home. Another perk is that some mortgage protection policies pay off the principal, while the lender produces the remaining balance to the policy's beneficiary. This can help relieve some of the stress that can arise from losing one's home to foreclosure.

If you are injured on the job, how does your employer handle payments for your medical bills? Many employers offer gap coverage plans, and these are basically payouts to those who are injured on the job. However, others opt-out of this type of plan in favor of smaller contributions from their employees; while this may seem fair to smaller companies, it doesn't always pay out like it's supposed to. So it can be a wise choice to get as much coverage as possible, even if you are often injured at work.

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These are just a few examples of what a double indemnity plan is all about. These plans are not limited to any one thing, and they do give us many benefits. Plentii understands that while we are all individuals, they are all important, especially when it comes to our health. So, while it may be time-consuming to find a good plan, it is well worth the effort to do so, and we are here to help.

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Run Your Business. We Do The Math! Get a professional bookkeeper at a price you can afford, zero learning curve, & a signed financial statement by a CPA! Get Plentii Done Today. We do your Bookkeeping & file your Business Tax Returns! We don’t refer you to a Tax Professional after doing your Bookkeeping because we are the Business Tax Returns Expert!
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