What additional benefit does life insurance provide besides death coverage?

Life insurance can serve multiple purposes beyond just providing death coverage, and one of the significant additional benefits is the provision of endowment benefits and accident dismemberment coverage.

Endowment benefits refer to a scenario where the policy pays out a specified sum either upon the policyholder's death or after a predetermined period, if they are still alive. This feature can act as a form of savings and can support financial goals, such as funding education or retirement.

Accident dismemberment coverage is a specific provision that offers financial compensation if the insured suffers the loss of limbs or other serious injuries as a result of an accident. This additional coverage provides peace of mind and financial security in case of unexpected injuries that can drastically affect one's quality of life and ability to earn an income.

Together, these features enhance the value of a life insurance policy, offering benefits that address both life and potential injury-related situations.