Is accidental death insurance worth keeping?
Dear Insurance Adviser,
I am in the process of filing for Chapter 7 bankruptcy in Virginia. Through an unsecured credit card, I received a one-year accidental death and dismemberment insurance policy, with the option of obtaining additional coverage. I opted for additional coverage, to include protection for my husband and daughter.
My question is: Should I keep the credit card, to maintain the policy, or are these policies not really worth holding on to? In a recent column, you advised a cancer patient to continue a whole life policy even though it had become very expensive. So, should I try to continue my accidental death and dismemberment policy as well?
To start with, I’m not a big fan of accidental death insurance — or any type of insurance that pays off only under certain circumstances. I’m even less of a fan of insurance that comes with credit cards.
The fact is that most people die of natural causes. Buying accidental death insurance is a little like playing red 37 at roulette tables. It’s nothing more than gambling.
Good luck rebuilding your life!
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