Have you thought about what you would do if you were unable to work due to an injury or illness? It’s important to plan how you would cope financially should something like this happen to you. Taking out accident and sickness insurance will leave you prepared for any such eventualities.
Accident and sickness insurance will pay out and replace your lost earnings if you should become unable to work due to an illness or injury. It is similar to income protection insurance, however an accident and sickness policy will typically only pay out for a maximum of 12 months.
Critical illness insurance is a policy which will pay out a lump sum if you are diagnosed with a critical illness such as heart attack, stroke, cancer and multiple sclerosis. The lump sum can be helpful to pay for things like care or treatment, or to cover any lost income as a result of the illness. Different policies will cover different illnesses so it’s important to check before you take out a policy.
Talk to an IFA or financial adviser to find out about different types of protection cover. They will be able to assess your circumstances and advise you if you need to take out any accident and sickness, or critical illness insurance, and recommend the most suitable options for you.
Questions you might want to ask an IFA or financial adviser…
- Will I have to wait before I make a claim on the policy?
- Which is the best type of policy for my circumstances?
- Can I get insurance to protect me if I become unemployed?
- What type of illnesses does accident and sickness insurance cover?