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Does Accidental Death and Dismemberment Insurance expire?
When a bank or credit card company purchases a AD & D policy on your behalf is it generally term or whole life? I'm sorting documents...
6 Answers
- StephenWeinsteinLv 76 years ago
It is not whole life. It does not build cash value. It is not guaranteed to last for the rest of your life.
It does not automatically expire after a pre-set number of years.
It can end in any year, whenever the bank or credit card company decides that it wants to stop paying for it.
It is never term life or whole life. It is not any type of life insurance. It covers accidents only. It does not cover death from natural causes.
- Anonymous6 years ago
It lasts only as long as the bank/lender chooses to offer it. They can discontinue that benefit at any time. It is definitely NOT whole life insurance.
- AnonymousLv 76 years ago
It's generally an annual renewable term - the price goes up every year you keep it. You have to pay for it every month on your statement. When you stop paying for it, the coverage stops.
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