At Consolidated Insurance Brokers, we specialise in Personal Accident Insurance
Personal Accident insurance pays you a weekly benefit if you are sick or injured and unable to work.
Many job sites require self-employed workers to give proof of this cover to be allowed on-site as Work Cover does not protect self-employed.
Personal Accident policies are quick to set up but exclude all pre-existing illnesses and conditions.
Most workers can claim these policies as a tax deduction. You can choose a weekly benefit to help pay your bills while you recover and avoid financial hardship. Most policies will only cover 85% of your income, although Agreed Value policies are available at a higher cost and do not take your income into account.
Do you rely on your income to pay bills or support your family?
Personal accident and sickness insurance can help keep you afloat in the event that you’re unable to work and provide income for yourself and your dependants.
It includes three major sections:
- Weekly Accident Benefit: Pays the weekly sum insured if you are injured and unable to work.
- Weekly Sickness Benefit: Pays the weekly sum insured if you are ill and unable to work. If you need to reduce your premium, we can set up an “Accident only” policy that excludes this cover.
- Capital Benefit Cover: This extra cost option pays out a lump sum if you pass away, become permanently disabled, or suffer one of a range of medical events (e.g. losing a limb, losing an eye, etc.)
How can CIB help?
Although these personal accident insurance policies seem pretty straightforward, they’re highly customisable.
We’re here to explain your options to you and build your policy so it’s affordable for your budget. Consider the following key components:
- Waiting Period: The amount of time you must be disabled before making a claim — this is the excess for Personal Accident policies. For example, if you have a 14 day waiting period and are out of work for 4 weeks, you would get paid 2 weeks under claim.
- Benefit Period: The maximum amount of time that your policy will pay you on the claim. This is usually 2 years.
By increasing or reducing your waiting period & benefit period, we can drastically change the price of your policy. It all comes down to the kind of cover you want and what you can afford.
Some people may need an accident only policy, or even an Agreed Value policy depending on their circumstances.
Consolidated Insurance Brokers is here to guide you through this and recommend the right cover for you.