You need to protect and support your loved ones when you die, but what type of insurance do you need? Should you buy more than regular life insurance? What about if you had a disfiguring accident?

We explore the pros and cons of accidental death and dismemberment insurance, as well as how to go about getting accidental death life insurance quotes.

Do you have basic life insurance?

What is one of the major financial planning tips for a family's protection? A life insurance policy. It can insure a child's future. Life insurance allows families to continue their lifestyle without the income of a departed loved one. It can also help cover funeral expenses.

But over 37 percent of parents don't have life insurance, according to a Bankrate.com survey. The number is even more staggering for single parents: 50 percent don't have life insurance, according to a Pacific Wealth Solutions survey. These are parents with one or more children under the age of 18. 

Why are these percentages so high? Parents have good intentions of creating that safety net, and they're concerned about the need to do it, but every time they turn around, there's another cost that needs to be taken care of now.

They don't want to take on the added expense for something they think won't happen to them, or at least won't happen for a long time, especially now with the added burdens being placed upon parents from the coronavirus pandemic.

Also, parents who have life insurance through their employer think they don't need private life insurance. But there are two dangers of relying on that. The payout is typically not enough to cover your family. And if you switch jobs to an employer or another type of work situation without life insurance, you lose your coverage.

They also think life insurance costs more than it does, as much as three times more. The irony is that the younger they are and the sooner they get it, the more affordable it is.

And there are additional ways to keep costs down:

• Find out the exact amount of coverage you need. If your dependents can do well on $300,000, don't be talked into taking out $600,000 worth of coverage.
• Pay your premium annually. Monthly payments tend to come with service fees or higher premiums.
• You may save time by getting life insurance without a medical exam, but you're not saving money. If you take an insurance company's medical exam, you pay much lower premiums, whether you're healthy or not.
• Speaking of health, being a non-smoker in good health will keep your life insurance premiums and costs low. Avoid high blood pressure, diabetes, heart problems, and, of course, don't smoke.

Here's an overview of the two basic types of life insurance. 

Permanent Life Insurance

This life insurance is what it says: It lasts your entire life, so it pays out whether you die next year or in 50 years.

But it's complex for several reasons: For one, there are different types of permanent life insurance - whole life, universal life, variable universal life, and indexed universal life.

And this type of policy features a cash value, an account that grows slowly and is tax-deferred. You can borrow against this cash value, using it to pay premiums or buy additional coverage. My husband and I were able to afford moving cross-country to accept major job promotions by borrowing against our permanent life insurance and then repaying the account over time at favorable terms.

Permanent life insurance is recommended if you're a parent with a lifelong financial dependent, such as a special-needs child. Also, if you have more than enough assets to afford permanent life insurance, you can use the policy for estate planning: Your children could use the payout to cover federal or state estate taxes.

An example of a permanent life insurance premium: A 30-year-old male with a $500,000 policy would pay slightly over $2,000 annually. If he waited until 40, it would be $1,000 more annually. Age 50? It bumps up by nearly $2,000. That's evidence that it pays to get life insurance as early in life as you possibly can.

If you're interested in permanent life insurance but can't swing the premiums right now, then consider opting for term life insurance. Most term life policies can be converted to permanent coverage over time.

Term Life Insurance

This life insurance is the simpler of the two.

This type of life insurance policy comes with term limits, with options from 10, 20, and 30 years. It has fixed premiums and a fixed death benefit. If you die before the term ends, a certain amount of money (a death benefit) will be paid to your beneficiaries. The coverage ends when the term ends, so the policy pays out nothing if you're still alive.

Since the time period is limited, term life policies are much more affordable than permanent life policies. So it can be adequate for most families looking to have coverage for the years they're raising children, building savings, and paying off debts.

An example of a term life insurance premium: A 30-year-old male with a $500,000 policy would pay slightly over $200 a year for a 30-year term and $150 for a 20-year term. At 40, that would bump up to nearly $350 and just over $200, respectively. And at 50, slightly over $800 and slightly over $450, respectively.

Why would you need accidental death life insurance?

Let's first define accidental death life insurance. It seems pretty straightforward, but it entails more than you may think.

Accidental Death and Dismemberment Defined

Accidental death life insurance is actually short for accidental death and dismemberment (AD&D) insurance. This means the insurance policy will pay out in certain instances of death by accident (like a car crash, an airplane crash, or death by murder), as well if you're injured in an accident.

AD&D can also be an optional rider, meaning it's added to an existing life insurance policy.

When you add an AD&D rider, also known as a "double indemnity" rider, to your life insurance policy, your designated beneficiaries will receive benefits from both in the event you die accidentally. Benefits typically can't exceed a certain amount, so check with any insurance company in which you're pursuing the addition of AD&D.

The Pros of AD&D

In the dismemberment part of the policy, this type of accident insurance pays out if you lose a limb or a digit in an accident.

It also covers loss of sight, hearing, or speech resulting from an accident.

AD&D insurance is recommended if you have dependents who would suffer financially if you become impaired or pass away from an unexpected accident but are also on a tight budget.

An AD&D rider is recommended if you want to supplement your life insurance policy to pay you a set amount if you're in a serious accident and lose a limb or a digit and are unable to work or work in the same capacity as before. The rider offers a payout beyond your standard death benefit for a low additional fee.

And getting AD&D is easier than acquiring a standard life insurance policy. There is no medical exam involved and there are minimal disqualifiers. So you'll at least have some type of coverage to protect your loved ones if you're impaired or die in an accident.

The Cons of AD&D

There are a lot of exclusions with AD&D. Primarily, it doesn't cover death by natural causes or illness, such as a heart attack. So an AD&D insurance policy wouldn't cover you as well as a standard life insurance policy.

Other exclusions include death as a result of a surgery, a crime you were committing, drug overdose, drunk driving, or suicide. Additionally, each state may have its own exclusions.

And don't think you can get an AD&D rider to secure a payout to your beneficiaries if you become disfigured or die from skydiving, because you were not unexpectedly put at risk when you willingly pursued that dangerous activity.

What if you want accidental death life insurance?

The steps for AD&D life insurance are similar to a standard life insurance policy.

Determine How Much AD&D You Need

The rule of thumb is to have enough life insurance equal to seven to 10 times your annual income.

But you can customize that figure if you want:

• Decide how many years of income you would like a life insurance policy to replace, and multiply your income by that number.
• Add other financial obligations, such as if you wish to ensure college costs for your kids.
• Subtract your savings and any other life insurance coverage (such as workplace life insurance) that you have.

AD&D insurance costs, like other insurance, are tied to the amount of coverage you purchase. But on average, expect to pay $54 to $72 annually (that's $4.50 to $6 a month) for every $100,000 in coverage. Also, some insurance companies raise that rate to an average of $360 annually ($30 a month) when coverage hits $500,000.

AD&D rider costs also vary by carrier and policy. But on average, expect to pay $100 annually (about $8 a month) for $50,000 in coverage.

Get Your AD&D Quote

Don't settle for the first policy option presented to you. When it comes to any type of insurance, the same type of coverage will have as many rates as there are insurance companies. So get quotes from several different companies and compare them side by side before you make a decision.

You can start by getting quotes using free quote tools online. Just enter your ZIP code to gain access to a variety of accidental life insurance quotes quickly and easily.

After you receive and compare quotes, we recommend you move forward with an agent or broker with an established company. They can take your application over the phone, and in most cases, you can have coverage in 24 hours.

There are outlets offering AD&D online, and even offering it "free," but it's a dubious enterprise. That's why we recommend researching each company you're interested in and following up with person-to-person contact.

A good life insurance salesperson will promote their product by saying you can't afford not to get it. We hope we've helped you realize they're right ... and that if you should get AD&D, that acquiring the peace of mind that you're protecting your family is more affordable than you thought it could be.

Karen Condor is a life insurance expert who writes and researches for the life insurance site, QuickQuote.com.