Accidental death and dismemberment insurance

But if you already have your estate plan in place, you might not need that legal coverage.

If you and your family members are not prone to any accidental death or dismemberment, you might not need to buy the extra AD&D coverage.

Same with hospital indemnity.

If you aren't prone to any of the covered conditions on there, it might not be something that you need to be spending money out of every single paycheck on.

This is the extra life insurance you buy through work on top of the free coverage, and it comes out of your paycheck.

And then we have AD&D or accidental death and dismemberment.

This pays only if you die or are seriously injured in an accident.

So this is not for an illness.

Well, some of the benefits that are afforded to the same worker when they were under 65, when they were just 64, stop at 65.

Like what? Things like accidental death and dismemberment, AD&D, or group life insurance, or long-term disability.

They stop at 65 in many workplaces.

And then at 71, if you're lucky enough to be a pensionable worker, your employer stops contributing to your pension and you can't contribute.

And we all need to understand that.

But what we find more and more and more is people will get life insurance or put their money into life insurance instruments like what's called an AD&D policy.

Have you heard of this? This is a specific kind of life insurance policy.

Accidental death and dismemberment insurance is what it stands for.

You sign up for life.

You can sign up for AD&D, the accidental death and dismemberment.

And then there are all these other lines of coverage, whether it's critical illness or hospital indemnity.

And they're not expensive.