Accident and Sickness Insurance Explained
There are many different kinds of insurance and accident and sickness insurance is one of them. Every insurance company has policies that cover accident and sickness and all of these products vary in some degree from one another, so it’s a good idea to compare each one and see if you can find the one that suits your needs and circumstances the best.Basically you pay a monthly or annual premium for a specific amount of cover. What you pay depends on various factors such as the amount of cover that you get, whether it is part of some other kind of insurance, your health, occupation and gender and whether or not you smoke.
Another factor in setting the premiums is the waiting period between accident and payment. If you choose a longer waiting period your premiums are likely to be cheaper. You would only do this if you had access to some other form of income such as long service leave or if you did not actually need the money to pay your expenses.
Your age is also a factor in what premiums you have to pay. Generally, insurance is cheaper when you are younger, but this is not always the case. For instance, younger drivers are more likely to be injured in a vehicle accident, and so their premiums are quite high. But once you reach about 25 years of age, then your insurance premiums tend to drop.
If you have an accident or are struck down by a serious illness that prevents you from earning an income, then you make a claim and payment is made. You should always read the fine print before you decide on any kind of insurance. If you choose the kind of insurance that only covers certain types of illnesses, then you won’t be paid unless you get one of them. And as far as injury from an accident goes, some insurance does not cover accidents that happen in certain time frames. E.g. it has to happen outside of work hours – or may only accidents inside of work hours may be covered – so all that has to be taken into account before you can decide which insurance will suit you best.