PDA

View Full Version : American Express "Accident Protection Plan" + other Amex insurance thoughts?


applejuice
Nov 3rd, 2009, 06:12 PM
anyone with an amex get a call about this?

from what I can remember

4 tiers of coverage in case of accident or injury...tax free payout etc

50k / $7 per month
150k / $16 per month


20k included for home retro fit....

I passed but was curious if anyone know anything about the coverage vs. traditional accidental benefit coverage

https://www212.americanexpress.com/dsmlive/dsm/int/ca/en/personal/insurance/lifeandhealthprotection/amexaccidentprotectionplan_pr.do?vgnextoid=395ea70 0727dd110VgnVCM200000d0faad94RCRD


In case of an accident, you have a backup plan.
You receive a lump sum payment in the event of:
Accidental Death
Dismemberment
Paralysis



Select the amount of coverage you need1:
$50,000
$100,000
$150,000
$250,000



Choose the type of coverage that suits your needs:
Single
Single Parent Family
Couple
Family3


Additional benefits to help you manage:
Receive up to an additional $20,000 to modify your home as you need with items such as wheelchair ramps, a walk in shower or other items you may need for rehabilitation2.
Receive a cash payment of up to $10,000 if you were to break a bone as a result of an accident.



Available Tuition Benefit
The optional tuition benefit would provide $10,000 towards your children's education if you were to become paralyzed, lose a limb or if you were to pass away as a result of an accident. This benefit also applies to your spouse under the Couple or Family coverage.



Notable details for parents, couples and families:
For Couple and Family coverage, your spouse is eligible for the same benefits as you.
For Single Parent and Families, your dependent children receive 25% of the benefits.


thanks

Jucius Maximus
Nov 3rd, 2009, 06:15 PM
You should compare it against disability insurance that is offered by specialised brokers.

I'm going to make an educated guess here and suggest that this policy is a rip-off. That is because most every insurance type policy offered by credit cards is a rip-off.

ItzMe
Nov 3rd, 2009, 06:16 PM
Personally I'm not a big fan of accident insurance (I think disability coverage in general is more applicable) but if you are keen on it:

I'd get comparison quotes from insurance brokers who offer this coverage; generally CC co's who offer this coverage have a different underwriter, and they generate very large profits from this; it's very likely you could obtain comprable or better coverage for a better price by shopping it yourself.

VivienM
Nov 3rd, 2009, 06:53 PM
There was a thread on this earlier...

When you read the fine print, you realize just how bad a deal it is.