The Benefits of Personal Accident and Illness Insurance

You know why your business requires a business interruption policy, but what happens if an unexpected event like illness, accident or injury disrupts your life? It’s always a good idea to plan ahead to counter unforeseen events and having a personal accident and illness insurance is the best way of doing that.

Why Choose Sickness and Accident Insurance

Accidents and illness are a part of life, no matter how hard you try to avoid them and can leave you with physical pain, emotional trauma and financial burden. None of us wants to think an accident could happen, but when your livelihood depends on your physical wellbeing, it’s not worth leaving it to chance.

Even a simple activity around the house can go wrong and lead to bodily injury, disability and in the worst case, even death. You don’t want to let life’s unexpected challenges derail your family’s future and accident and illness insurance may help when needed most. Maybe you have medical insurance, which can cover most medical costs, but other expenses can arise, such as transportation costs, rent, groceries, household tasks, additional childcare and more. So, how can you cover the added expenses and everyday bills if you are not going to work?

Everybody has their own unique circumstances and needs, so you can get personal accident and illness insurance to protect you and your assets against the inconvenience and financial loss that comes with being off work. Having accident and sickness insurance covers you for loss of income if you were unable to work as a result of an illness or injury, so you can avoid tapping into savings and other sources.

You can customise your level of cover by choosing from a range of policy options and make your cover suit your lifestyle. It’s available to individuals or self-employed business owners and can cover all sizes and types of organisations and industries. It can be a great solution if you have a limited budget for unexpected medical expenses or you are not able to qualify for life insurance due to some medical reasons.

Under the personal accident policy, the nature of the accident doesn’t matter and it offers worldwide accident coverage. It covers everything from road accidents to broken bones due to a staircase fall. But keep in mind that the coverage is likely to vary from insurer to insurer, so make sure to read the policy documents carefully before purchasing.

Most insurers don’t provide cover to sickness or injury caused by pre-existing conditions, being under influence of drugs or alcohol, self-inflicted injuries sustained due to suicide attempts, participating in adventure sports activities, pregnancy and childbirth, acts of war and terrorism, accidents caused due to participation in defence operations, accidents caused due to participation in hazardous activities and more.

How to Choose the Right Accident and Illness Insurance for Your Needs

Consider your current situation and think about how you would pay the bills if you are not able to work. Some accident and illness insurance policies cover only in the event of poor health, while others include both illness and accident. Also, some policies offer the option of lump-sum payments in case of death by accident, temporary partial disablement, permanent partial disablement or temporary total disablement.

To make sure you get the right accident and illness insurance cover, compare different insurance quotes and choose the most suitable one for your circumstances. It is one of the most straightforward policies on the market, however, 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.

It’s a good option for individuals and families with an active lifestyle and/or small children, as well as for those with current health insurance. If you are looking for an affordable alternative to life insurance or if you are thinking about supplementing your current life insurance policy, accident and illness insurance is a great choice.

To figure out the accident and sickness insurance that’s right for you and your family, think about how much they would need in case you need to pay a large medical bill. Deciding on the best type of insurance policy can be easier than you think and there are mainly two ways to get it – through an insurance broker or your workplace.

It’s always better to choose insurance brokers over agencies as they can give you valuable advice and find you a good deal on the insurance market. Qualified brokers are doing their best to minimise the risk of any potential disputes and can help you when it comes to claim-time, getting their hands on the best possible outcome for you.

Insurance brokers have access to different insurance policies and are dealing with many insurance companies, so they can give you valuable advice when it comes to choosing the right option for your situation and your needs. Your insurance broker can thoroughly explain the types of policies recommended for your needs.

Agents or advisers are representatives of a particular company and they can give you advice only on their company’s insurance products. Unlike them, brokers are not related to any company and explore different products and services. They work for their consumers, not for the insurance company.