Choosing the Right Accident and Sickness Insurance: A Comprehensive Guide

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Written By Berry Mathew

Accidents and sickness are unpleasant experiences. The financial consequences of being struck by a car or falling ill can sometimes limit our freedom to lead the lives we want. Wouldn’t it be nice to know that you and your family would be taken care of financially? Sometimes, peace of mind comes from proper planning.

Choosing the right accident and sickness insurance isn’t a trivial task. One wrong move and you could end up paying significantly more than you should. 

What Is Accident and Sickness Insurance?

Accident and sickness insurance is a type of disability income insurance that covers the loss of earnings from an accident or illness. If you are injured, accident and sickness insurance will reimburse you for medical and hospitalisation charges. 

Additionally, most policies provide a lump sum benefit if you are unable to return to work after a specified period. The amount varies depending on your age, occupation and other factors such as onset date of disability, duration of disability and other benefits paid out under the policy.

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Factors to Consider while Choosing Right Accident and Sickness Insurance

When you are choosing the right accident and sickness insurance, there are several factors that can help you make an informed decision. Some of these factors include:

Premium: The amount of money you pay yearly to the insurance company for your policy is called the premium. Make sure that the policy premium is within your budget and is feasible for you to pay every month without disturbing your monthly expenses. 

There are many insurance blogs and videos which explain about the type of coverage you will need and they help you calculate the premium amount according to your income. 

Coverage: It is one of the most important factors to consider while choosing this type of insurance. Ensure that your accident coverage policy covers accidents that may have the probability to occur at your workplace activities. Some policies attach a certain time and age limit for health conditions. Make sure to consult your insurance agent and get to know the coverage details before you zero in for the policy. 

Exclusions: Few policies do not include reimbursements for certain type of illness or accident scenarios. They might include long term care, dental care, skin care, or pre-existing health conditions. Injuries occurring due to adventurous activities are not covered usually. Suicide or natural death conditions are also excluded from the coverage. Read the exclusions carefully while picking the insurance policy. 

Age and Health: The premium amount for a person who is below 30 years is lower compared to a person who is more than 60 years of age. Likewise, a person suffering from any pre-existing medical condition will have a higher premium than a person with no medical conditions. 

Work Conditions: Insurance cover for jobs involving risks and danger, might require higher premiums. If you are working in a manufacturing unit, chemical industry or as a sports instructor or even a pilot, the insurance premium might vary according to your special job condition. The usual insurance cover might not suffice your requirements and you might have to consider a specific coverage pertaining to the level of risk at your workplace and profession. 

Number of Members insured: If your policy covers your spouse, kids, and your parents then the premium amount would be higher. The amount varies accordingly for the individual and for family insurance cover. 

Claim Reimbursement Process: This factor is generally overlooked before buying an insurance cover. Ensure that the claim settlement procedure is simple and fast. Make sure whether the insurance company provides adequate prior details about the procedure and as well as provide customer support in case of any queries and doubts.   

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Wrapping Up

Today, life has become so uncertain with new illnesses coming up and the rate of accidents are only getting higher. The market conditions, economic downturn and the rising severity of environmental concerns act cohesively to throw you under the mud when a sudden accident or illness strikes in. It is always wise to get us insured to face the unexpected.

Consider these factors before choosing the right insurance cover and be prepared to combat your challenging time. Always read the inclusions, exclusions and the coverage details of your coverage carefully, so that you don’t end up paying the amount which could have actually been reimbursed by the company.