Accident Sickness insurance can be taken out for several reasons. It can be taken out to pay your mortgage or other debts and expenses when you are unemployed due to an illness or accident. The insurance benefits start to take effect over a certain period that is discussed in the policy.
Accident Sickness and Redundancy insurance all falls under the same category. If you are unemployed or facing redundancy the insurance company that you have chosen will charge you a premium and in return when you have become unemployed you will receive monthly payments that can be used to pay your mortgage or other bills that you may have. You have the ability to choose your benefits and how much you would like to pay for your premium. Some providers have a waiting period which is generally either 30, 60 or 90 days from the time the policy is taken out. You must wait the designated time period before your benefits will take effect. There are also reasons why you may not be covered under this type of insurance and your claim will be denied. For instance, if you have inflicted injuries upon yourself deliberately, you are riding on a motorcycle or recreation vehicle similar in nature, you are involved in dangerous sports or a dangerous occupation, you have injuries or conditions related to a pregnancy that is deemed “normal,” you experience stress, backaches, AIDS related conditions or conditions as a result of drug and alcohol abuse or due to a criminal activity. If you were aware of the case of unemployment and knew there was a chance you would become unemployed, if you are a temporary or seasonal employee or if you have accepted volunteer work you will not be eligible to receive your benefits. A full list of the limitations and exclusions will accompany your policy. You are eligible to apply for this type of insurance if you are over 18 and under 60. If you reside in the UK, Channel Islands or the Isle of Man you are also eligible. It is also required that you be employed for at least 16 hours per week for at least 6 months prior to enrollment. Typically you can start to claim your protection after 60 days of being off work and the illness or accident has been certified by a doctor. Generally the amount in which you will receive will not be over 1,500.00 per month.
As with Accident Sickness Insurance Redundancy Insurance works in the same basic way. If you are deemed redundant you are still responsible for making payments on your mortgage, credit cards, and vehicle as well as for other responsibilities. You may choose the option of taking out a policy that only covers you in the event that you become redundant. Just as with most insurance policies there is a waiting period for this type of insurance as well. The waiting period can be anywhere between 30 and 90 days from the time the policy goes into effect. Payments will begin on the 31st or 90th day. The best provider to use is a standalone provider. They often offer the best rates and premiums and will ensure that you choose the best policy for you. Your policy should meet your own personal needs and have the best benefits for the cost of the premium. Redundancy insurance unlike Accident Sickness Insurance will also in many cases cover the loss of your job because of a downturn in the economy as well as your inability to work because of an illness or injury. You must consider several stipulations that must be followed. You must pay your premiums continuously for the period of the claim. You must also have been employed for at least 6 months before placing your claim and it is also required that you be looking for a job and be able to provide proof that you are doing so.
Being accepted for a
general Accident Sickness, Unemployment Insurance Cover is similar to that of other application processes. You must fall under certain specifications and not posses qualities that are listed under the provider’s limitations or exemptions. Under this category of insurance you are able to choose the level of insurance that you wish to receive under a certain policies qualifications. Generally these qualifications relate to the maximum amount of benefits. The benefits must not exceed a specified percentage of your income. There are several advantages to getting Accident, Sickness and Unemployment Insurance. They include; the option of taking out a policy where you pay anywhere from $0.00 to $1,500.00 per month. If you lose your job the amount of money that you receive can be used anyway that you like. Using the payments to help you to pay your mortgage is another advantage. If you feel that in the event of unemployment, paying your mortgage would be difficult you can take out the protection to cover your house. Just because you are out of work it doesn’t mean that you should have to worry about losing your home. Some policies will allow you to select exactly what type of coverage you would like to receive. You may be able to choose to be covered only under accident and sickness or only unemployment. You also have the option of only being covered for redundancy or for all three together. One thing you must consider however is that the benefits are only paid for a specific amount of time. Typically this time is between 1 and 2 years or until you return to work.
Finding a
Redundancy Insurance quote is simple. There are many providers that offer free quotes online. Be sure that you view several options before settling on a specific provider or policy. The following are three quotes from UK providers.
British Insurance: For a woman that is 30 years of age needing to take out $1500.00 per month in insurance her premium will be approximately $28.00 per month. This is a great rate and the benefits include; income protection, coverage for loans, credit cards, household bills and rent. To find out more about this carrier and to get more specific quotes and details visit www.protectiononline.co.uk.
British Insurance: For a male of the same age needing to receive $1500.00 per month his premium would be about $54.00 per month. Like that of a female using this provider his coverage would include; credit cards, household bills and rent as well.
Keystone: For a male that is 30 years of age needing $1500.00 per month in coverage he would pay 35.00 per month. The payout would be for 12 months and it would cover up to 90% of his net income. A 60 day waiting period would apply to his policy. This premium price requires that he is a non smoker. The excess period for these policies is zero days.
Keystone: A female that is 30 years of age would expect to pay the same price as a male using this carrier. The same rates and benefits would apply to her as do the male in this instance.
Sentinel: A male that is 30 years of age needing $1500.00 per month in coverage would pay 71.00 per month. His excess period is 60 days with this policy. The max that he would be able to take out is 150% of his mortgage payment if he is applying to take out a payment to assist with his mortgage. There is a 90 day initial unemployment exclusion and he is required to be a non-smoker.
Sentinel: Just as a male that is 30 years old will pay approximately $71.00 per month in premiums a female can expect to pay a similar amount. Exclusions may apply to her just as they may with a male. She must also be a non-smoker for these rates to apply.
To view both Keystone and Sentinel’s rates and to receive a more specific quote visit www.mortgagesinc.co.uk. You will find rates for other top insurance providers as well at this location. Some of these companies include; GISecure, Cardif Pinnacle and AVIVA.
Preparing for unemployment due to an illness or accident is not possible. These situations and circumstances happen without notice. You can be prepared however. Taking out a policy under Accident Sickness, Unemployment will help you to be ready if misfortune strikes. As a precaution, make sure that you understand the policies and benefits before you settle on one. There are many companies out there. Some of these companies will offer better rates but may not offer the benefits that you require while others may have a higher premium and offer the right benefits. Researching many providers will ensure that you get the rates that you would like with the benefits that you need.
