Accident, Sickness and Unemployment Insurance

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What is Accident, sickness and unemployment insurance

It is a short term income protection policy.

Designed to pay you a tax free monthly benefit for up to 24 months, as a result of being unable to work due to an accident, sickness or involuntary unemployment.

There is a choice of deferred periods to suit your needs.
Your benefit can be up to 65% of your gross income depending on insurer.
Insurers will have a maximum benefit amount.
The policy is likely to be reviewable yearly.
You can choose to pay for your policy either monthly or yearly.
The qualifying criteria for the product will depend on your work. That is whether you are employed, self-employed or a contract worker.
There is a choice of deferred periods to suit your needs, the longer the deferred period the lower the cost.

What does it not cover

Accident – Each firm have different criteria but most will not have any restrictions on accidents.

Sickness – It depends on the insurer but if your advised to take a policy that has a moratorium ( a period of time that cover will not be included ), all pre-existing illnesses will not be covered during this period. After the end of the moratorium period often a year or two then you could be covered for those illnesses also depending on the insurers criteria.

If you take out a policy without a moratorium any illnesses including mental health illnesses will be covered unless specified by the insurer.

Unemployment – Misconduct and voluntary redundancy will not be covered.