Lloyd’s of London High Limit Accident Insurance Review

This review covers high-limit accident insurance from Lloyd’s of London. We will dive into the details of coverage options for exceptional situations, pros & cons, the financial strength of the insurer, and what makes this policy different from traditional life insurance.

For more generalized information on accidental death and dismemberment policies, read this article.

Quick Summary

Personal accident insurance pays a lump sum benefit in the event of a covered accident that results in either loss of life or sometimes provides additional benefits if there is a loss of limb, sight, or hearing. The application process doesn’t involve medical exams, and typically underwriting can be done much faster than traditional life or disability insurance.

This Lloyds of London accidental death policy covers a broader range of people than most AD&D policies. While traditional insurers limit applicants to age 70 and only $500,000 in cash benefits, Lloyd’s of London covers exceptional circumstances. 

Lloyd’s insures people over 70. It also offers up to $100,000,000 in coverage. That’s right, one hundred million dollars. That’s just the beginning of exceptional circumstances. 

The policy has immense customization options. Give us a call at (888) 905-0333 with any questions about exceptional circumstances, there’s a good chance we can find coverage for it.

What does High-Limit Accident Insurance Cover?

High-limit accident insurance only differs from a traditional accident insurance plan in that it offers a much higher death benefit. 

Lloyd’s of London, through Petersen International, has special guidelines allowing you to purchase as much accidental death insurance as you like, providing you show financial qualifications during the underwriting process. 

Other than the major difference in much higher benefits, it covers the same risks: passing away from an accident, car wreck, skiing accident, or being in the wrong place at the wrong time. 

Many policies, including this one, also have a dismemberment addition. It pays some to all of the benefits for accidents causing blindness, deafness, or loss of an appendage. 

Accident insurance can add supplemental coverage to a life insurance policy through an employer or even on top of a personal policy.

Read more on deciding between supplemental life insurance versus accidental death policies.

Lloyd’s of London High Limit Accidental Death Review

Lloyd’s of London offers the opportunity to get specialized, highly-custom insurance policies when other companies just won’t cut it. In technical terms, they fall under the classification of a non-traditional carrier. 

Most accidental death and dismemberment policies only allow a coverage amount up to a $500,000 face amount. Most carriers max out at less. 

With Lloyd’s of London, you can get up to $100 million in accidental death coverage if you financially qualify. 

The company also allows benefits to pay out in exceptional circumstances where other accidental death policies typically impose exclusions. You can get a policy that covers: 

• War zones
• Terrorism
• Car racing and other motorsports
• Mountain climbing

While the policy won’t cover every type of hazard in its standard plan, the primary advantage of non-traditional carriers comes in the form of extra customization. If you need coverage for war risk coverage (declared or otherwise,) talk to your agent about it. The underwriters will figure out the risk and are always willing to work with you. 

For complete details of coverage and dismemberment accident benefits, download the PDF brochure using the button below.

Dismemberment Options

You can choose either straight accidental death or add dismemberment benefits to the policy. 

If you choose the latter, it covers:

The loss of the above doesn’t have to be immediate. You have a full 365 days from the date of the accidental bodily injury to get a doctor’s confirmation of any of the above – although some should be readily apparent. 

Senior Plus AD&D Coverage

Virtually every traditional accidental death insurance company imposes an upper age limit for applicants. Even the highest applicant age ends at 70 years old. 

Lloyds, instead, has more flexibility within its policies. Age doesn’t matter so much to them. Although, be forewarned that premiums do increase with age. 

They are one of the extremely few carriers in the United States that offers policies to anyone 71 or older. 

Private Pilot Policies

Traditional accidental death policies do not cover private pilots, commercial airline pilots being the exception. That leaves our favorite non-traditional insurer for people with pilot’s licenses or who run small, private operations. 

They always customize their quotes, so here’s the information that you’ll need to see what your rates would look like: 

• Total hours flown
• Hours flown in the last 12 months
• Hours expected to fly in the next 12 months
• Type of pilot license and rating
• Type of aircraft
• Do you fly for hire?
• Regular occupation

Because Lloyd’s customizes their quotes, you can’t get rates through the instant quotes tool on the page. Call (888) 905-0333 instead with the above information. 

Application Questions

Now, with flexibility on age, benefits, and benefit limits comes increased scrutiny in underwriting. Most accidental death applications ask few to no questions. Here are the health questions you can expect to answer on high-limit accident insurance policy forms from Lloyd’s of London. 

• Do you have any physical defect or infirmity?
• Is your sight or hearing defective?
• Have you suffered from, been diagnosed with, received treatment for, or been prescribed treatment for any condition related to any nervous or mental condition, fainting episode, blackout, fit or paralysis of any kind?
• Have you suffered from, been diagnosed with, received treatment for, or been prescribed treatment for high blood pressure, a heart condition, rheumatic fever or diabetes?
• Have you suffered from, been diagnosed with, received treatment for, or been prescribed treatment for a “slipped disc” or other spinal disorder, a hernia or any rheumatic or arthritic condition?
• Have you ever been declined or accepted on special terms for life, accident, or illness insurance?
• Do you intend to engage in hazardous sports or any other pastimes that expose you to extra personal injury?
• Will you be traveling outside of the USA?
• Will any of your air travel be on private or chartered aircraft?
• Is there anything preventing you from working full-time in your occupation? 

Answering “yes” doesn’t necessarily disqualify you. However, you will need to provide an explanation to the underwriters. 

Is Lloyd’s of London a Good Company?

Lloyds of London has a financial strength rating of A from AM Best. 

With excellent financial ratings from nearly every financial institution, they remain a strong player in specialty insurance. If you have a unique situation for insurance, there is a good chance that Lloyds can find a way to insure your asset. 

Earlier Eras

It’s fairly unique among insurance companies operating in this country. Since it’s out of London, England, Lloyd’s can claim a history longer than our country. 

It originated as a coffee shop in London where businessmen in shipping traded information and conducted business. It later began publishing daily shipping news. 

In 1688, it started renting business space to maritime entrepreneurs offering insurance to ship owners. Over the next several hundred years, it helped set standards for the insurance we know today. 

Is Petersen International Underwriters a Good Company?

United States insurance regulations subject foreign insurers to extra rules. One of which is the use of an intermediary based in the United States. 

Petersen International Underwriters is the cover holder for Lloyd’s of London, with policies covering life, disability, accidental death, and medical and contingency risks. 

PIU holds an A in financial strength from AM Best and an A+ from Standard & Poor’s. 

Pros and Cons of High Limit Accident Insurance

Some insurance companies argue that people can self-insure above a certain point of wealth based on their perceived financial stability. While that may be technically the case, it all comes down to how much risk you (and your family, by extension) are comfortable assuming and balancing that with the potential financial consequences of accidental injury or death. 

This particular policy provides an avenue to offset risk, mainly since many assets of high net worth individuals aren’t liquid, potentially putting their families in a tough position. 

High limit accident and dismemberment coverage can create a safety net for someone who: 

• Needs extra coverage
• Participates in hazardous sports/activities
• Travels to hazardous locations
• Over the age of 70

The main downside comes from the limited choices for specialized insurance situations. Super high benefits present an increased risk to the insurer, who has to set its monthly premium accordingly. 

Accident insurance also doesn’t cover things like permanent disability, unless specified under the dismemberment clause. Insurers did not design the type of product to cover hospital stays, medical expenses, or additional costs for physical therapy.

You will also want to double check coverage for any hazardous sport you enjoy, like scuba diving. AD&D focuses more on providing additional protection, limiting out-of-pocket expenses for the family or domestic partner should a tragic accident occur to the insured.

Read more on how to choose between AD&D and life insurance.

Getting Quotes & Rates

Lloyd’s of London customizes their quotes to each person. They have unique offerings, so they don’t lump you into a rate class with other people who have similar risk levels. 

To receive a customized quote, please complete the quote form on this page. After we receive the quote from Lloyd’s, we will email it over to you along with an application.

Or, call us at (888) 905-0333, so we can get you a customized quote right away. 

Conclusion

Lloyd’s of London can cover you if you need coverage after 70 years old, in war zones, as a pilot, or if you need more than half a million in benefits. They’re one of the oldest insurance companies in the world and specialize in helping people who might otherwise find a quality high limit accident insurance policy impossible. 

How Abrams Insurance Solutions Can Help

We’re a small, family-owned, independent insurance agency focusing on helping families find the best coverage at the lowest possible price, whether accidental death policies, traditional life insurance, or wealth-building life insurance. 

Give us a call today at (888) 905-0333. We’re happy to answer questions, and there is never any obligation to move forward. 

Thanks for reading.