Accidents or ill health pose a great threat to your everyday life. If any such misfortune befalls you, the room for manoeuvre becomes limited, especially considering the harsh economic times and ever-shrinking household budgets. Temporary or permanent incapacity is far much worse for small business owners, who depend on their businesses to make ends meet – an unexpected leave of absence could prove disastrous. The big question, therefore, is how you can cushion yourself and/or the well-being of your family in the event that you are incapacitated, whether temporarily of permanently?
Introduction to Accident and Sickness Insurance
Nobody chooses to get sick or get injured in an accident. If it happens to you, at the very least, ensure that it finds you prepared to deal with the immediate situation, as well as consequent implications. Purchasing the right insurance plan ensures that you are compensated adequately during your time of need, even though your livelihood has been disrupted.
Accident Cover Manchester
Accidents occur in all manner of forms ranging from workplace incidents such as accidental fires, falling down, and industrial accidents, etc. Unfortunately, accidents can only be prevented but not avoided. Accidents can change your life in many ways. They can lead to temporary incapacity as is the case with sprains and fractures, or result in permanent deformity such as blindness and amputation of a limb. Whatever the case, an accident is bound to keep you from work for some time. If you are not at fault, it is possible in some cases to claim compensation from the party at fault. In the event there is no one to claim compensation from or if that other party is uninsured, then an accident insurance plan ensures that you receive benefits to replace your lost income.
Sickness Cover Manchester
Falling ill suddenly could turn your life upside down. Poor health prevents you from fulfilling your responsibilities including going to work. Taking some time off work to recover from an illness takes a toll on your finances, especially if you are suffering from a chronic illness. You still need money to settle hospital bills as well as your sustenance. Loss of income at such a time leaves you with a heavy burden. A sickness cover ensures that you have money to not only pay for medical treatment but also satisfy other financial needs.
The Benefits of Accident/Sickness Insurance Cover
Accident and sickness insurance plans are designed to protect you in the event that you are involved in an accident or suffer from a debilitating illness that may render you unable to fulfill your normal day to day responsibilities. These insurance plans are very similar to the income protection insurance cover in that you receive a monthly benefit for a period during your incapacity to replace your lost earnings. Taking out all the covers might sometimes seem expensive, but they complement each other in case of misfortune.
Accident/Sickness Cover vs. Payment Protection Insurance
The best thing about payment protection and accident/illness insurance plans is that they allow you to choose the amount of gross earnings to insure. However, the accident and illness insurance plans are designed to offer short-term incapacity protection, usually for a period of up to 12 months. This is different from income protection insurance cover, which offers long-term earnings, sometimes up until a planned retirement.
Would you rather bank your hopes on state aid or financial support from family or friends in case you are injured or too ill to work? Not a very good option. You are much safer taking out comprehensive accident or illness insurance covers from the Insurance Service.