Discover the Benefits of Sickness and Accident Insurance
There are many advantages of hiring an insurance broker for your business, but what about your personal needs? Unexpected events like illnesses, accidents and injuries can disrupt your life and your finances as well, so making a plan is always a good idea. To avoid tapping into savings and other sources, you may consider sickness and accident insurance.
What Is Sickness and Accident Insurance?
When sickness or accident happens, medical insurance may cover most medical costs, but other types of expenses can arise. With health coverage becoming more expensive, personal accident and sickness insurance can be an affordable way to supplement and cover the additional expenses, including deductibles and ambulance services and even things like transportation costs, groceries, rent, household tasks you can’t do on your own, additional childcare or else. So, how will you pay for added expenses and everyday bills?
For many people, time away from work as a result of an accident or illness is not an option. And while none of us wants to think an accident could happen, when your livelihood depends on your physical wellbeing, it’s not worth leaving it to chance. You can opt for sickness and accident insurance as it is essential for protecting your income when you are not able to work due to ill health. It can help you keep up with your everyday bills and financial commitments, so you can focus more on your recovery.
Sole-traders, contractors, part-time workers and small business owners can benefit from this type of insurance because, in most states of Australia, they can’t get Workers Compensation Insurance, so an accident and sickness cover is a great choice if they want to protect themselves, their family, business and assets and keep up with some of the most important things in life should the unexpected happens.
It’s an income protection policy designed to help anyone in employment meet their living costs in the event they are not able to work because of an illness or injury. Any person who works, self-employed or an employee, can benefit from this type of insurance policy. You can customise your level of cover by choosing from a range of policy options to make your cover suit your lifestyle.
It is one of the most straightforward policies on the market. If you keep paying your monthly premium, you will be covered whether you fall ill or get hurt through no fault of your own. The money you receive in return is yours to spend however you choose – pay off your medical bills or use it for a mortgage, childcare, college tuition or a vacation.
Find the Right Illness and Accident Insurance for Your Needs
Think about your current situation and how you would pay the bills if you are not able to work. As with most types of insurance, you choose the right policy for your circumstances. Some accident and sickness insurance policies provide cover only in the event of poor health, while others include both accident and sickness. Some policies offer the option of lump-sum payments, or capital benefit, for death by accident, permanent partial disablement, temporary partial disablement and/or temporary total disablement.
To make sure you get the right accident and sickness insurance policy, compare different insurance quotes and choose the most suitable one for your particular circumstances. Each insurance company has different rules about who is eligible to get benefits. Coverage can be available for individuals and families, including spouses or domestic partners and children.
Accident and sickness insurance is a good option for individuals and families with active lifestyles and/or small children and those with current health insurance. It’s a great choice if you are looking for an affordable alternative to life insurance or if you want to supplement your current life insurance policy. Also, it can be a great solution if you have a limited budget for unexpected medical expenses or you are unable to qualify for life insurance because of medical reasons.
As a rule of thumb, most insurers don’t provide cover to sickness or injury caused by pre-existing conditions, being under the influence of alcohol or drugs, participating in professional sports, pregnancy and childbirth, acts that are criminal or intentional or deliberately cause by you, acts of war and terrorism and more.
As with most types of insurance policies, you choose the most suitable one for your circumstances and pay a monthly premium. To figure out how much accident and sickness insurance is right for you and your family, think about how much they would need if you received a large medical bill. If you get injured and it’s caused by a specific accident covered by your accident and sickness insurance, you can file a claim. Once your claim is accepted and the waiting period is over, you will receive the payment.
Deciding on the best type of accident and sickness insurance can be easier than you think. There are two ways to get it – through an insurance broker or your workplace. If you are currently connected to an insurance broker, you can ask them about adding an accident and sickness policy to your existing coverage, or you can reach to your employer to see if your company offers this type of insurance.