Accidents and sickness are unpredictable events that can occur to anyone, anytime. Still, most of us don’t prepare for such situations beforehand, which can affect our daily livelihood when a problem arises.
If you run a business or have a family that depends on you, you need Accident and Sickness insurance, also known as personal accident and illness cover. Imagine, in unfortunate circumstances, if you cannot work due to illness or injury after an accident, insurance will become a lifesaver for you and provide financial support to you and your family. The insurance will cover lost income till you get back to work or grant a lump sum of money if you can’t pay due to severe injury and illness.
If you feel unsure about buying accident & sickness insurance, check out these 7 reasons why you need one.
Why should you get Accident & Sickness Insurance?
1. 24/7 Coverage Availability
Most businesses offer medical and accidental insurance, but it has a place and time limitations. However, personal accident and sickness insurance cover gives you coverage 24 hours a day throughout the year, making it easy for you to make a claim when needed from anywhere and anytime.
Get a personal accident and illness cover, so whenever you travel around the travel for a private affair or business work, you can enjoy the security and benefits of this insurance in the event of an emergency.
2. No Medical Examination and lesser paperwork
Generally, getting insurance involves lots of paperwork and medical examination, which makes the whole process daunting and time-consuming. However, in case of accidents and sickness, you can’t spend much time handling insurance paperwork as you need to pay immediate attention to health treatment and recovery.
So the accident and sickness insurance policy is designed in a way that doesn’t require a medical examination and comprises less paperwork. So you don’t have to spend much time and money visiting the doctor, making the policy simple and less expensive.
Moreover, many insurance services offer this policy online, where you can fill out the form, make the payment via online transfer, and get the policy soon after the successful payment.
3. Capital Benefits in case of death
A personal accident policy can also cover a sudden death. So in unlikely situations of sudden death, your family or the nominee will be supported with the insurance amount and avoid a financial crisis. So you should get this option added to your cover for your family’s safe future.
4. Flexible Policy Coverage Options
Unlike other insurance such as health or disability insurance, Accident and Sickness insurance offers adjustable coverage options. So you can choose to lower higher premiums according to your situation.
The policy comes with the option of adjusting the waiting period (the time between when you sign up for the cover and when you make a claim). If you want to decrease your premium, you can opt for an extended waiting period of 21-28 days.
It also has a varying benefit period which is the amount of time your insurance pays you, offering you financial stability for the period you can’t work.
5. Easy claim settlement
This insurance cover provides the feature of easy claim settlement, making the whole process hassle-free. As a policyholder, you only need to convey the insurance services about the claim and submit details about the incident, such as policy number, accident date and time, contact information, and injury details of the insurer.
After conveying all the necessary details, you can claim the insurance sum without any problem.
6. Capital benefits for permanent or partial disability
Accidents can lead to severe bodily injuries, preventing you from returning to work for some time or permanently. Taking an Accident and Sickness insurance can provide you with some financial stability during medical emergencies.
It covers partial or permanent disability like partial or permanent loss of vision, knee injury, nerve damage, skull injury, broken bones, and impairment of a sensory organ or any body part.
7. Additional Benefits
Accidental and Sickness insurance includes add-on benefits, offering financial stability till the insurer recovers from injury or illness. Some benefits comprise ambulance coverage, transportation assistance for up to 3 months, rehabilitation expenses like installing hand railings and ramp at home, retraining for work, professional nursing care if the insurer gets bedridden, and accommodation coverage for an immediate family member if necessary. The benefits can vary depending on the insurance policy you have taken.
Running a business or being self-employed has its perks, but it can put a financial burden when you can’t work due to injury or sickness. Getting personal accident and illness insurance can provide financial stability and pay for your daily expenses. So don’t wait for such situations to leave you in distress, prepare right now and buy an accident & sickness policy.