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Death Benefits vs. Survivor Benefits - Uncover the Difference
Death Benefits vs. Survivor Benefits - Uncover the Difference
June 7th, 2023
With Truckers Occupational Accident Insurance, there is an important difference between Death and Survivor benefits that your Motor Carrier clients need to understand. Ensuring they have the right coverage can prevent potential financial catastrophes and E&O claims.
Truckers Occupational Accident Insurance policies traditionally provide a Death benefit if an Owner Operator dies in a work-related accident.
Most policies provide a limited financial benefit to the Owner Operator's designated beneficiaries or estate in the event of their death. Death limits typically range from $25,000 - $50,000.
Some Truckers Occupational Accident Insurance policies will pay an additional amount, known as a Survivor benefit, to the Owner Operator’s legal spouse or dependent children. However, if the Owner Operator is not survived by a legal spouse or dependent children, as defined by the policy, only a meager Death benefit is paid.
The Survivor benefit is usually $200,000 or $225,000 and paid out at a rate of 1% per month for 100 months, subject to certain conditions being met.
To learn more about Workforce Insurance Underwriters and the Death benefits available through our new Occupational Accident Insurance program, click here.
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