The Most Important Details Concerning Sickness and Accident Insurance

sickness and accident insurance

Isn’t it quite ironic that when it comes to insuring a business or a car, most of us don’t think twice, however, when it comes to protecting our most prized possession – our health and physical body, we aren’t as determined…

But really, have you ever thought about what will happen if something happens to you while at work and you are not insured?! Well, the impact of not being able to work could affect the life of the person in many different ways, and the lives of even his/her close family members. This is especially true if we are talking about some serious injury that could be followed by a rehabilitation process of several months or more.

girl with broken leg

That is why protecting ourselves is the right thing to do, and nowadays, this can be done very easily. Sickness and accident insurance is a type of income protection policy the purpose of which is to replace a personal income when the person is unable to work because of an injury or some kind of illness. This sickness and accident insurance allows the users to cover their monthly outgoings until they are back on their feet again. Usually, this monthly income is about 80% of the person’s income until they are able to return to work.

Now, according to experts, there are lots of aspects to take into account when choosing the right sickness and accident insurance covers such as ownership structures, the scope of coverage, the waiting period and benefit period as well. Taking into account all of the options prior to choosing the right sickness and accident insurance is paramount, as getting it wrong can have a significant impact on both the person and his/her family, so if you aren’t sure what to choose, seeking professional advice is essential.

sickness and accident insurance coverage concept

Generally speaking, a sickness and accidental insurance can cover someone against injury or illness, as well as against death and permanent injury. Except for this, an insurance like this can also cover temporary total or temporary partial disablement that can be a result of an accident. Experts also state that under this policy, the maximum number of people that a person is allowed to cover is two. The general benefits the insured person/s receives include:

  • A payment of average weekly income benefits for some specific types of accidents;
  • An agreed payout in case of an accidental death or permanent injury;
  • If the choice had been a sickness insurance, the person will receive an average weekly income.

All in all, this advantageous insurance is designed to provide income if an injury or sickness prevents the person from going to work. With such insurance, a person will be able to keep up with his daily/monthly expenses like bills and food. In the meantime, he/she will be able to focus on rehabilitation without having to worry about finances during this period. Since no one can predict whether an accident will happen to that, having insurance like that can make quite a difference when it comes to having a piece of mind.

insurance broker

According to customer reviews and people’s experiences, it is best to obtain a sickness and accident insurance like this from a professional and trustworthy insurance company. Its professional and experienced brokers can help and guide you through the available coverage options in order to find the right type. In other words, professionals can briefly explain all the ins and outs of this insurance. This is important, so the person could make an educated decision about securing his/her income with personal accident and sickness insurance.

An important thing to have in mind is that these insurance options have a waiting period before the payment begins. This mainly depends on the company’s policies and can vary between 2-4 weeks. However, some types of insurances (depending on what it covers) might take a little longer, so before making a deal, one should really pay attention to the contract and fine print.

Regardless of the type of insurance one chooses, he/she is allowed to freely choose the years of coverage. For instance, one can choose to be covered for a fixed number of years until a fixed date or age is achieved. Keep in mind that not all policies pay a monthly benefit for the entire term, so before making any decision, make sure you check the benefit period of each quote.