Major accidents like auto accidents, death by fire, etc. are typically covered under standard life insurance policies. And if you are killed while at work, other policies cover you as well. Accidental death coverage is designed to supplement traditional life insurance policies, but the odds of dying by an accident are relatively slim. Accidental death policies usually come with restrictions and stipulations that make collecting a challenge. While accidental death insurance may be cheaper compared to standard life insurance, unless you live a high-risk lifestyle in most cases a standard policy is a better deal since it covers a wider range of possibilities.