I doubt it! They are only for accidental death, and don't pay for anything else. They are less expensive than some other insurance because there's a good chance that you will never collect a penny. I'm not an expert, though.
If it is an accidental death, then you don't need assisted living! If you are asking if someone else dies of an accident and you are the beneficiary, then yes you can use the money anyway you want.
No, they can't. An accidental death policy is really a life insurance policy and only pays in the event of death. Sorry. Depending on income, there are other ways to pay for assisted living.
Sorry terrim, but there is a beneficiary to an accidental death policy and yes, the beneficiary can use the money for their benefit (unless of course that beneficiary committed the death.) The purpose of an accidental policy is in case a person dies say in a car or plane crash, his/her beneficiary benefits. I am worth much more to my husband dead than living and I have two policies.
You mentioned you have two policies, but said only one is a benefit for accidental death. What is the other policy? You need to talk with your insurance company to find out exactly what are the benefits of the policies you have, how they work, and what they can be used for.
Good luck.
If person A wants to use the accidental death policy via a Viatical settlement to pay for A's long term care, I'm pretty sure the answer is no.
So you're both right. (I think.)