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Accident and Sickness Insurance
Accident and Sickness insurance provides you with financial security when an accident or illness causes you to be disabled and unable to work or earn an income, which is normally ones, greatest asset. Accident and Sickness insurance replaces a portion of your income if you become unable, through injury or illness, to work. Policies differ on how soon you would collect benefits and for how long. They also vary in whether Accident and Sickness benefits are received if you can't perform the duties of your own occupation, a job in your field, or any job at all. A life insurance benefit usually payable in a lump sum, and this payment ends the contract. Accident and Sickness insurance benefits are almost always payable on a monthly basis, while Accident and Sickness continues. Upon recovery from an Accident and Sickness, the policy continues. Benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior Accident and Sickness.
»Why Do I Need Accident and Sickness Insurance?
Most people are unaware of the startling Accident and Sickness statistics. Often they have purchased life insurance to protect their families in the event of death before even considering Accident and Sickness insurance.In fact, the odds are far greater that a person will become disabled in a given year than that he or she will die. There is at least a nine times greater chance of suffering an Accident and Sickness of at least 90 days as compared to the chances of death (up to age 37). While death may be inevitable, Accident and Sickness is more probable at any given age.
»Shopping For Accident And Sickness Insurance?
Who would pay the bills if you were laid up? Your family may be well protected by insurance on your life, but would they be exposed to financial hardship if you were unable to work?
It's a risk you shouldn't ignore. There are 3.3 million disabled Canadians; just a few are children. Almost 1.8 million of the disabled are between the ages of 14 and 64. For most, the Accident and Sickness has an effect on how much work and what kind of work they are able to perform. You may find it hard to believe that you could be felled by an illness or an accident, but a third of all people now aged 35 will be unable to work for at least six months before reaching age 65. The chances that you'll suffer an Accident and Sickness rather than die before retirement are close to three to one.
Getting a handle on Accident and Sickness insurance can be frustrating. In terms of life insurance, if you die, you collect, and if you don't, you don't. But what constitutes an Accident and Sickness? It's complicated by definitions, exclusions, occupational classifications, and options.
When you're looking for Accident and Sickness protection, you have to know what the policy means by the term "Accident and Sickness." This is the policy's Accident and Sickness definition," and you should read it carefully. There are three common definitions of Accident and Sickness: "Own occupation" or "regular occupation": Accident and Sickness is sometimes defined as the inability to perform the duties of your usual job. This is called an "own occupation" or "regular occupation" definition. Thus, a sales agent who developed a mental disorder that impaired his ability to deal with the public would be considered disabled, even if he was able to work at some other job. These policies are well suited to those occupations that demand special education or experience and are sensitive to even minor health problems. Surgeons would be considered disabled if they developed a nervous tremor; airline pilots would be able to collect benefits if they suffered an eye injury. On the other hand, an accountant could lose an eye, a hand, or a foot and still work as hard as ever. Some companies add the phrase "and not otherwise gainfully employed." These few words significantly water down the protection. Some companies add "one or more of the essential duties of your regular occupation." These words add strength to the definition.
"Any occupation": Some policies will consider you to be disabled only if you are unable to work at any job for which you are qualified by education, training or experience. This is an "any occupation" definition and is normally not recommended.
"Total Accident and Sickness": The shallowest protection is from a policy that considers you disabled only if you're unable to work at any job at all. This definition is seldom found in private insurance plans but common in group Accident and Sickness plans.
The Accident and Sickness definition is the key to the quality of your plan; it will determine whether or not you'll receive an Accident and Sickness benefit if you're not able to work. Not only should you read it carefully, but you should also look at the time period during which the definition is in effect. Some policies will use the "own occupation" definition for the first two years, but will continue to pay benefits only if you qualify under the "any occupation" definition after that time.
Make sure your policy will pay benefits whether you’re Accident and Sickness arises from an accident or a sickness. Some will protect you only from disabling injuries and not sickness. A few, called "non-occupational policies," exclude disabilities that arise from the hazards of work on the assumption you'll be protected by workers' compensation. You want a policy that will cover an Accident and Sickness, whatever the cause. There are a few exclusions you can't avoid: you are not protected if you’re Accident and Sickness arises from war or normal pregnancy. Some policies exclude self-inflicted injuries, yet many accidents could be considered "self-inflicted." There are policies that even exclude claims that arise from alcohol or drug abuse, very common causes of Accident and Sickness. Avoid any policy that won't pay for mental or nervous disorders.
For further information or a quote please call Wise Financial Group Inc. toll free 1-877-779-4731 or email info@companybenefits.ca.