Wrongful Death
What Does Wrongful Death Mean?
A wrongful death occurs when a person’s life is lost due to the negligence or intentional actions of another party. In such cases, the surviving family members or loved ones of the deceased may file a lawsuit against the responsible party to seek compensation for various damages.
Insuranceopedia Explains Wrongful Death
Most wrongful death claims arise from deaths caused by accidents, malpractice, or other forms of negligence. Typically, the individuals seeking compensation for damages are the deceased’s spouse, parents, or children. The damages sought may include:
- Pre-death pain and suffering of the deceased
- Medical expenses incurred prior to death
- Burial and funeral expenses
- Lost income and benefits
- Lost services
- Loss of love and companionship
The cost of a funeral alone can run into thousands of dollars, which is why some families pair a standard life insurance policy with burial and funeral insurance to keep those costs from coming out of pocket.
However, the awarded damages may not always provide sufficient financial security for the surviving family. Additionally, in the case of a natural death, the family would not be entitled to any compensation. If the death does involve an accident, an accidental death benefit rider can pay out an additional amount on top of the base policy. This is where life insurance can provide peace of mind, offering financial protection for the policyholder and their family. How much coverage a family actually needs depends on income, debts, and the number of dependents, and you can get a sense of the numbers by looking at the average cost of life insurance at different age and coverage levels.