Illustrative example
An insured business owner cannot work after a covered injury. The policy may pay the applicable benefit after the waiting period.
Specified benefits after injury or illness
Personal accident and sickness insurance
If injury or illness keeps a key person away from work, the income gap can matter quickly.
Personal accident and sickness insurance may pay specified weekly or lump-sum benefits after a covered event. Eligibility, occupation class, insured earnings, waiting period, benefit period, age limits, pre-existing conditions and exclusions determine how the cover works.
Preparing the review
What information usually matters?
- Occupation, duties, work locations and manual or hazardous activities.
- Age, number of insured people and employment status.
- Income basis, proposed weekly benefit and lump-sum benefits.
- Waiting period, benefit period and whether cover is 24-hour or work-hours only.
- Medical history, workers compensation position and other insurance.
Important boundaries
This is not automatically the same as income protection, life insurance or workers compensation. Benefits are limited by the wording and insured amounts.