ACCIDENT & SICKNESS INSURANCE
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What Is Accident & Sickness Insurance?
Accident and Sickness Insurance, also known as Income Protection Insurance, is a type of insurance policy that provides a regular income to the policyholder if they are unable to work due to an accident or illness. This type of insurance is popular in the UK and can provide peace of mind for those who rely on their income to pay bills, mortgage payments, and other expenses.
Accident and Sickness Insurance typically provides coverage for a wide range of illnesses and injuries that prevent the policyholder from working, including back pain, stress, cancer, heart disease, and more. The policy may also cover partial disabilities or temporary disabilities that prevent the policyholder from working in their current job but allow them to work in a different job or capacity.
The policyholder typically selects a waiting period, also known as a deferred period, which is the period of time they must be unable to work before the policy begins to pay out. The waiting period can range from a few weeks to several months, and the longer the waiting period, the lower the premiums.
The policyholder also selects a benefit period, which is the length of time the policy will pay out if the policyholder remains unable to work. The benefit period can range from a few years to the policyholder’s retirement age, depending on the policy terms and the policyholder’s needs.
Accident and Sickness Insurance can provide valuable financial protection for those who are unable to work due to illness or injury. However, it is important to carefully consider the policy terms, premiums, and exclusions before purchasing a policy.
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What Does Accident & Sickness Insurance Cover?
- The specific coverage and benefits of the policy may vary depending on the insurance provider and the policy terms, but generally, Accident and Sickness Insurance covers the following:
- Illness: The policy may cover illnesses such as cancer, heart disease, stroke, mental health conditions, and other illnesses that prevent the policyholder from working.
- Injury: The policy may cover injuries such as back pain, whiplash, broken bones, and other injuries that prevent the policyholder from working.
- Disability: The policy may cover disabilities that prevent the policyholder from working in their current job but allow them to work in a different job or capacity.
- Rehabilitation: The policy may cover the cost of rehabilitation and other medical treatments that are necessary for the policyholder to recover and return to work.
- Income replacement: The policy provides a regular income to the policyholder if they are unable to work due to illness or injury. The amount of the income and the length of time the policy pays out depending on the policy terms and the policyholder’s needs.
Why Do I Need It?
or work machinery should look at some kind of comprehensive sickness
Accident and sickness insurance can be beneficial for individuals who rely on their income to pay for living expenses and support themselves or their families. Here are some reasons why you may need accident and sickness insurance:
- Protection of Income: Accident and sickness insurance provides financial protection in case you are unable to work due to illness or injury. The policy pays out a regular income to replace your lost earnings, allowing you to pay your bills and support yourself or your family while you are unable to work.
- Peace of Mind: Having accident and sickness insurance can give you peace of mind, knowing that you are protected in case of unforeseen circumstances. It can help reduce stress and anxiety associated with not being able to work due to an illness or injury.
- No Sick Pay: If you are self-employed or work for a company that does not provide sick pay, you may need accident and sickness insurance to protect your income if you are unable to work due to illness or injury.
- Limited Savings: If you have limited savings or cannot afford to miss work for an extended period, accident and sickness insurance can provide a safety net to ensure you can continue to support yourself or your family.
- Access to Medical Care: Some policies may provide access to medical care and rehabilitation services that can help you recover more quickly and return to work sooner.
How long should my policy pay out for?
When getting a quote for sickness insurance you can define the length of time you would want the policy to pay out for. The minimum term of payout is 12 months, then 24 months. Many people will quote for a full term of the policy. This means the payout will carry on until the end of the term of the policy. For example a policy that runs until you are 65, will keep paying a monthly income until you are 65. Makes sense hey!
You might also be interested in is adding unemployment cover onto your accident and sickness insurance. There are quite a few comprehensive sickness policies that allow their customers to add this. That way, they will then benefit from a steady income even when they are out of work. However, there are a few reasons why this kind of cover would not pay out, including taking redundancy and being made unemployed due to your misconduct.
As you can see then, there certainly is a lot to think about when it comes to taking out the policy. For most people who aren’t in full-time employment, this kind of income protection could come in very useful indeed.
Do you want to find out more about accident and sickness insurance? If so, why not give us a call today and one of our dedicated team will be happy to discuss it with you. We look forward to taking your call!
How to make a claim on accident and sickness insurance
To make a claim on your Accident and Sickness Insurance, follow these general steps:
- Check your policy terms: Review your policy documents to understand the specific terms and conditions of your coverage. Pay attention to the waiting period, benefit period, and other important details.
- Notify your insurance provider: As soon as you become ill or injured and are unable to work, contact your insurance provider and notify them of your claim. Your provider will likely ask for details about your illness or injury and your employment history.
- Provide medical evidence: Your insurance provider will typically require medical evidence to support your claim. This may include medical reports, test results, and other documentation from your doctor or medical provider.
- Wait for a decision: After submitting your claim and medical evidence, your insurance provider will review your claim and make a decision about whether to approve or deny your claim. The length of time this takes can vary depending on the policy terms and the specifics of your claim.
- Receive payments: If your claim is approved, your insurance provider will begin making payments according to the terms of your policy. The amount of the payments and the length of time they continue will depend on the policy terms.
How About Self Employed Sickness Insurance
Self-employed sickness insurance, also known as Self-Employed Income Protection Insurance or Self-Employed Accident and Sickness Insurance, is a type of insurance that provides income protection to self-employed individuals who are unable to work due to illness or injury.
The coverage and benefits of self-employed sickness insurance vary depending on the insurance provider and policy terms, but generally, it covers the following:
- Income replacement: If you are unable to work due to illness or injury, the policy provides a regular income to cover your lost earnings. The amount and length of the payments depend on the policy terms and your needs.
- Illness and injury coverage: The policy covers a wide range of illnesses and injuries that prevent you from working, including physical and mental health conditions.
- Rehabilitation and medical treatment: The policy may cover the cost of rehabilitation and other medical treatments that are necessary for you to recover and return to work.
- Additional benefits: Some policies may offer additional benefits, such as waiver of premium or death benefits.
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All you need to know about Self Emplyed Income Protection.
Read our guide for the self employed. What cover can you get and how much does it cost.
Family Income Benefit Insurance
A monthly income for your family when you die. Read all about it here.