Accidental Death Benefit
With Budget Life Insurance we offer free Accidental Death Benefit (ADB) if you are waiting for a decision from us on whether we can cover you or not. This means that if you were to die as a result of an accident before we reach a decision, you are covered for the lower amount of £100,000 or the amount of cover you have applied for.
- You are automatically accepted and covered by Accidental Death Benefit if an immediate decision can’t be provided
- It doesn’t cost you anything to be covered
- Up to £100,000 pay-out
- Once the decision has been made, your Accidental Death Benefit cover will be stopped
- The cover is for accidental death and doesn’t cover suicide or a pre-existing medical condition
There are several exclusions to the Accidental Death Benefit:
- Alcohol or recreational drug use
- Armed Forces active duty
- Criminal activity participation
- Exposure to radioactivity
- Self-inflicted injury – includes suicide and attempted suicide
Claiming on Accidental Death Benefit
Technically your life insurance policy won’t have begun, but if you or your family do need to claim on Accidental Death Benefit the claim process is very similar. When the claim is made, we would need the applicant’s personal details and the pay-out will form a section of your estate and your Will determines your wishes. If you don’t have a Will the pay-out will be paid according to the rules of intestacy. This means that the payment won’t necessarily be paid to those you’d have preferred to receive it, please refer to the Rules of Intestacy to find out more information.