According to the Centre for Disease Control, accidents are the number one cause of death for individuals between the ages of 25 and 44. While we hope the unthinkable won’t happen to ourselves or our loved ones, unfortunately, there is no guarantee. Accidental Death and Dismemberment Insurance is available for that very reason: to protect yourself and those you love in the event of a tragedy. But what is AD&D Insurance? How can it benefit the average Canadian? Is it worth the cost? These are all reasonable questions that many Canadians have; so let us answer them.
What Is Accidental Death And Dismemberment Insurance?
As the name suggests, this is an insurance policy that covers accidental deaths as well as life-changing accidents that impair one’s ability to function, like loss of limb, sight, or speech.
If you were to pass away from an accident, your loved ones would receive a cash settlement, or, if you are gravely injured you would receive living benefits. The amount of money paid out is based on the severity of the injury.
What Is Covered Under Accidental Death And Dismemberment Insurance?
This coverage is unique to traditional life insurance because it only covers death and injuries from accidents, not natural causes or disease. Generally, you’re covered for accidents that occur while you’re at home, work, or travelling. Death from an accident does not have to be immediate, however, it does have to occur during a certain period of time following the accident to be covered under the policy.
Hudson’s Bay Financial Services is proud to partner with Chubb Life Insurance Company of Canada (Chubb Life) to provide our customers with the best possible Accidental Death and Dismemberment Insurance. Chubb provides insurance in 54 different countries with thousands of Canadian customers covered under their AD&D Insurance.
In the event of accidental death or dismemberment, Chubb Life offers generous and cohesive 24/7 coverage for Canadians under 75 years of age. Chubb covers you for accidental death and dismemberment at home or on the job and provides an array of services for you and your family should a tragedy occur including covering childcare costs, cosmetic treatment for burns, occupational training costs, as well as bereavement counselling for family members. In addition, you can earn 1,000 Hudson’s Bay Rewards points when you obtain a one-time, no-obligation quote, up to 2,000 points upon enrolment, and 4,000 points for your annual renewal.1
Interested in learning more about Accidental Death and Dismemberment Insurance?
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Accidental Death & Dismemberment Insurance is arranged by Hudson’s Bay Financial Services and underwritten by Chubb Life Insurance Company of Canada (“Chubb Life”). Accidental Death & Dismemberment Insurance is currently not available in Northwest Territories, Nunavut, Yukon, Quebec and Nova Scotia. Complete details of coverage, including definitions of covered accidents and any limitations or exclusions that apply, are set out in the Policy.