The Benefits Of Accident & Sickness Insurance

There Are Some Things In Life That You Can’t Predict

However, There Are Some Unpredictable Circumstances You Can Plan For In Advance. 

Accident and sickness insurance - also known as Short Term Income Protection - is designed to help you through a stressful period when you are unable to work and earn money. 

If an unforeseen accident or illness prevents you from working beyond the six months statutory sick pay allowance, accident and sickness protection is a solution that helps you get through a tricky period. 

Whilst several insurance policies cover you for time spent off work due to illness, which.co.uk explains that most insurance policies of this type are overpriced and do not provide you with sufficient cover. The consumer advice site writes: 

“The one protection policy every working adult in the UK should consider is the very one most of us don't have - income protection.” ~ Which?

What Is Accident & Sickness Protection? 

Accident and sickness insurance is a short-term policy that protects at least 65% of your normal income. The maximum amount you will receive each month is £2000. 

The purpose of income protection is to help you manage your living costs whilst you are unable to work. Once your statutory sick pay expires, accident and sickness protection prevent you from falling into arrears with your mortgage and utility bills.

It’s worth noting that income protection offers you more than mortgage payment protection insurance. Whereas MPPI only covers you for your mortgage, income protection covers you for all types of bills including food shopping.

Income protection only protects you from an accident or illness that prevents you from going to work. It does not cover unemployment through redundancy or dismissal. 

However, there are several key benefits that make accident and sickness insurance an affordable and worthwhile investment.

Why Buy Accident & Sickness Insurance?

One million people in the UK miss out on their salary every year due to an unforeseen illness or injury. Don’t be one of them, see some of the many benefits below. Get in touch and speak with one of your friendly advisers about the benefits of our accident and sickness insurance.

• Cost-effective- accident and sickness income protection is the cheapest type of insurance you can buy that covers ill health.
  
• Back to work cover- if you are unable to work due to a serious illness or disability, accident and sickness insurance tie you over until you are able to return to the workplace. Income protection policies typically cover you for between 12 and 24 months.
  
• Tax-free income- the funds you receive through an accident and sickness insurance policy are not tax-deductible. 
  
• Immediate payout- you can start claiming income protection as soon as your statutory sick pay expires.
  
• Money in your pocket- unlike the often mis-sold payment protection insurance (PPI), the funds from your accident and insurance policy are paid directly to you and not your creditors. You are free to spend the money how you choose.