What does it mean to have 1000 dollars in basic life insurance?

This is why people need to have an agent they can talk to and trust. The agent can answer this question immediately. If you own a life policy that has the Word "Accident" or "Accidental" in it's name, that means it will ONLY pay if you die in an accident. The much smaller basic coverage (the one more likely to pay) probably covers all perils, but ask your agent or refer to the policy for details. The coverage is specifically detailed there in writing.