Accident & Sickness Insurance

What is Accident & Sickness Insurance?

Accident & sickness insurance is a type of income protection policy. It serves as a replacement income if you are unable to work due to injury or illness.

How does it work?

In exchange for a monthly premium you will be insured against illness or injury. If you become ill or have an accident that leaves you unable to work for some time, you will need to get in touch with the policy provider and make a claim. Once your claim is accepted you will receive a monthly payment of a percentage of your income to cover you until you are able to work again.

What is Not Covered?

Each insurer has different policy exclusions so discuss with us the coverage and how wide you want it to be. Generally, a wide coverage will result in a higher premium, but provide you with greater protection against more risks. If the risk is not covered, then the insurer would not pay out in the result of a claim. For example, deliberate self-harm would be a typical exclusion as an insurer would not want to cover this risk. Stress, anxiety, back problems and pre-existing medical conditions are also generally not covered.

Insurance Obligations

You are obliged to be truthful with the insurer and tell them about any material facts. Please also be aware that most policies include a waiting period before payments begin. Make sure you check the policy to see how long this period is.

How much does Accident & Sickness Insurance Cost?

The monthly payment amount will depend on various factors including your average monthly income, health and previous claims history.

If you would like to discuss whether accident & sickness cover could help you, please contact us for a competitive quote.