Times have changed. You cannot rely on the government to look after you and your family when you’re unable to work. You should plan and prepare for any unforeseen events in the future such as sickness, accident and unemployment. It is important for you to have a plan. Especially if you have monthly financial commitments or if you have children. Accident Sickness & Unemployment Insurance will provide you with financial protection in the event that you are unable to work. An Accident, Sickness & Unemployment Insurance can provide you with a regular monthly tax free income. You can use it to pay for your bills. You can also use it to pay for your lifestyle costs while you are recovering from an accident, illness or even redundancy. It will help you maintain your standard of living while you are unable to work.
People who are unable to work due to accident or sickness are not unheard of. People in those circumstances often find it hard to recover financially. Even if you have some savings set aside, these could disappear quite quickly. To get back on your feet, it is very important for you to have a steady stream of income. The same thing can be said for unemployment. Your monthly bills will not stop just because you cannot work. When bills start to pile up, the financial stress can be overwhelming. When that happens it can sometimes lead to mental depression and turmoil.
The Accident Sickness & Unemployment Insurance will protect you if you are ill or too sick to work. It will also cover you if you are unable to work due to injuries. In addition, it will cover you when you lose your job through no fault of your own. This plan will help pay for your monthly outgoings. You will typically receive a proportion of your income for up to 12 months.
In considering the Accident Sickness & Unemployment Insurance, it’s important to find out the exclusions that apply to your cover. If you have any reason to suspect that you might lose your job, you should know that the policy may be considered invalid. Most insurers who provide this cover come with a waiting period to prevent fraudulent claims. Also, don’t forget to find out the limitations and exclusions under the policy for medical conditions.
The Accident Sickness & Unemployment Insurance is different from Mortgage Payment Protection Insurance (MPPI). It is also different from Payment Protection Insurance (PPI). MPPI and PPI will only cover your repayments on a specific debt. For example, mortgage or loan. Accident, Sickness and Unemployment Insurance on the other hand pays out if you lose your job or if you’re unable to work. With Accident, Sickness and Unemployment Insurance you can only claim for a maximum period of 12 months. Income protection, on the other hand gives you longer-term cover if you’re unable to work for health reasons.