Double Indemnity

What is double indemnity for life insurance?

Double indemnity is an accidental death clause in the life insurance policy.

The accidental death benefit is paid in addition to the death benefit, should the insured's death occur due to an accident.

In double indemnity, twice the face value of the policy will be paid to the beneficiary; in triple indemnity, three times the face value of the life insurance policy is payable to the beneficiary.

Example: $250,00 Life Insurance Policy

If the insured person has double indemnity accidental clause on the life insurance and dies as a result of a covered accident, then the spouse (beneficiary) would receive $500,000 in death benefits from the life insurance policy.

Accidental death caused by war, aviation except as a passenger on a regularly scheduled airline, and illegal activities is generally excluded.

Time and age limits are usually applicable, as for example, the insured must die within 90 days of the accident and be age 60 or less at the time of death.


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