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Personal Accident and Sickness Insurance explained

What is Personal Accident & Illness insurance?
In simple terms, this type of insurance policy covers your lost income or wages if you are injured or become sick and can't work for a period.  The sickness section of the cover is optional and some insurers now offer optional business expenses cover as well.
Who should consider this type of insurance?
Personal Accident and Illness cover is ideal for self-employed people, business owners, and Directors who are unlikely to be able to access Workcover.   
An accident that causes a long-term injury making it impossible for you to work in your business is the last thing you need.  This type of policy safeguards your income at a time when you are already under pressure.
What does this type of policy cover?
-  24/7 cover for injury,
-  optional cover for illness,
-  optional business expenses,
-  85% of your wage/income as per your last ATO return or a nominated amount you choose,
-  benefit payments for up to 2 years, and
-  lump sum capital benefits for death which are paid to your beneficiaries.
What doesn't it cover?
Insurance doesn't cover everything.  There are exclusions and these can vary between insurers.  Typically a Personal Accident and Illness policy won't cover you for:
-  Participation in professional sports and some recreational high-risk activities,
-  some high-risk occupations, and
-  pre-existing medical conditions or injuries.
What is the excess?
Personal Accident and Illness policies have a "waiting period" (after the injury/sickness) before you can make a claim. You can choose the length of time that suits your financial commitments.

Purchase up to six products under one Business Insurance Package. 

The Diploma of Insurance Broking is deigned to equip individuals with the skills necessary for managing broking teams, handling new business submissions, and providing quality insurance services and advice to clients.

This unit focuses on teaching the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services.

Personal Accident and Illness policies have a "waiting period" (after the injury/sickness) before you can make a claim. You can choose the length of time that suits your financial commitments.
Typically, these options are 7, 14, or 28 days.
How do I get a quote?
There are no medicals required and the process is quick and easy.  Click here to access the quote request form or call us on 0473 007 606 for a chat.
REEF INSURANCE BROKERS    PO BOX 750 Bungalow Q 4870    Mob: 0473 007 606
The above information is very general in nature and should not be considered as personal advice, for a more tailored discussion about your circumstances please call us for a chat.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Reef Insurance Brokers Cairns and Tablelands, ABN 48646410335, AFSL 327131

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