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If you’re a self-employed tradie, sole trader or professional who relies on their income to pay the bills, accident and sickness insurance can provide you with peace of mind that your income stream won’t dry up completely if you suffer from a covered illness or injury and are unable to work for an extended period.
You can compare quotes for accident and sickness insurance right here with Savvy today. Just answer a few questions about the insurance you require and you’ll have a range of quotes to compare from some of Australia’s leading insurers instantly. Get started with Savvy today to consider a range of offers all in one place.
Accident and sickness insurance is a type of business insurance which is designed to temporarily cover you if you suffer an accident or illness which prevents you from earning a living (and qualifies for coverage under your policy’s conditions). It can provide you with a weekly or monthly replacement income for a set period to allow you to continue to pay your bills as you recover from your setback. This cover can be worth up to 85% of your income, though the amount you receive will be subject to your insurer’s terms and conditions and further qualification criteria.
In addition, some insurers will allow you to add extra cover for temporary or permanent disablement and death, which can provide a lump sum to you or your beneficiaries in the event of an unfortunate covered event occurring. The amount you or your beneficiaries will be paid out is pre-determined when you purchase the insurance, so you can generally choose the level of coverage that feels right for your personal circumstances. For example, some insurers may enable you to choose a death benefit ranging from $50,000 to over $2 million which could be paid to your beneficiaries in the unfortunate event of your death should it be covered by your insurance.
It’s important to compare a variety of policies if you’re considering this type of insurance, which you can do right here through Savvy today.
Accident and sickness insurance provides coverage for unexpected events that result in an injury or illness, preventing you from working and earning an income. Coverage will vary depending on the specific policy and insurance provider you choose. Here are some common areas that accident and sickness insurance typically covers:
There are several different levels of cover available, including:
You can choose the length of time you have to wait for your coverage to kick in after you’ve suffered the injury or been diagnosed with your illness. The waiting period can be as little as seven days, right up to 28 days. You can also choose how long your insurance will pay you a replacement salary, ranging from 12 months up to 24 or sometimes more, depending on the exact policy you decide to buy.
Some insurers may be able to offer accident and illness policies available for up to five years, although these are rarer and tend to be more expensive than policies offering cover up to a maximum of 24 months. Naturally, the shorter the waiting period and the longer the benefit period, the higher the cost your insurance premiums are likely to be. How long your benefit period lasts will also be at the discretion of your insurer.
Accident and sickness insurance works by providing financial protection in case you are unable to work due to an accident or illness. Here's how it typically works:
It's important to review and understand the terms and conditions of your accident and sickness insurance policy to know exactly how it works and what is covered.
Compare the cost of different accident and illness policies to make sure you’re getting the best value for your insurance dollar. The cost of any policy will increase as you grow older, due to the higher risk of you suffering a serious illness. Because the cost of insurance also varies from state to state, a quote for business insurance in Western Australia may vary considerably from one for a similar business in New South Wales.
Compare the percentage of your income the policy will cover. This may up to 85% depending on the individual policy (as well as other factors, including how much you earn, the nature of your work and your current health), so it’s important to assess your current financial situation to determine how much you may need to support yourself and your family for an ongoing period.
Most insurers offer policies with initial waiting periods and won’t allow you to make a claim for the first seven or even 28 days after you sustain your accident or are diagnosed with your illness. As such, it’s important to assess how long you can reasonably live without receiving an income before your claim can be made.
You will have a choice as to how long the cover will last, ranging from one or two years up to a maximum of five years in some cases (subject to the insurer you choose and meeting further qualification criteria). Naturally, the longer the length of protection that you buy, the more expensive the insurance is likely to be.
If you have chosen to take out additional death or disability insurance, compare the amount you or your family will be paid out if you suffer a permanent disability or death. In the case of disability, this will vary according to factors such as your income prior to the accident, the state you live in and the percentage of disability you suffer.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
