Jul 19
Credit Card Insurance
Not many of us know this, but each of the four major credit card brands — American Express, Discover, MasterCard and Visa – offers some form of what the insurance industry calls “accidental death and dismemberment,” or AD&D, coverage on some or all of their consumer credit cards. Benefits vary by brand and card type, and can range in coverage from $100,000 to $1 million.
If your card offers it, you are automatically covered while traveling on what is called a “common carrier conveyance,” such as a commercial flight, boat, train or bus, as long as you paid for your ticket with the credit card that offers the coverage. Your spouse and dependent children traveling with you might also be covered, as long as their fares were purchased on a card that covers them.
The card companies began offering insurance products as value-added incentives in the mid-1980s. You’ll usually find your AD&D coverage buried well down the list of happier-sounding card member benefits such as purchase security, auto rental collision-damage waiver and concierge services.
More after the jump…
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