Everything You Need To Know About Getting Your Wages Paid When You Are Injured
If you are injured in an accident, the last thing you want to have to worry about is losing your home or your car because you aren’t earning any money.
Injury and Accident Insurance is designed to help people who have been injured pay their bills and make up for any lost wages.
It is a less common type of insurance and lots of us don’t like to think about getting involved in an accident. However, many of us could benefit from taking it out – visit Jurewitz for more information.
What Is Injury And Accident Cover?
Also known as Personal Accident Cover, Injury and Accident Insurance will protect you from any loss of earnings that has been brought on by an injury.
If you were involved in an accident and unable to work, your Injury and Accident Insurance would cover your wages. This would allow you to keep paying your mortgage, your day-to-day expenses and cover the payouts for your medical bills.
This type of payout can help to keep you in your home and it can also protect your credit score. Missing payments on medical bills can cause all sorts of financial trouble.
What Counts As An Accident?
Most insurance companies will have different rules for what counts as an accident. So, when you are looking for an insurer, make sure to search for the most comprehensive cover.
It is worth noting that the Financial Ombudsman defines an accident as – “an unforeseen or unexpected and unfortunate occurrence”.
Natural causes that prevent you from working – such as sickness and disease – will not trigger a payout from this type of insurance. They are not considered accidents. That situation would need to be covered by Life or Health Insurance.
In the next section, we will talk about the types of accidents that are typically covered by Accident and Injury Insurance.
What Accidents Does This Insurance Typically Cover?
Here is a list of accidents that are typically covered by Personal Accident Cover:
- Slipping on something
- Having something harmful split on you
- Being involved in a road accident*
- Being injured at work
- A violent crime
- Being involved in a natural disaster
*It is worth noting that if you are involved in an accident that might be your fault because you were intoxicated or taking part in criminal activity, you will not be covered by your insurance.
Radiation is not typically covered by this insurance. Neither is an injury sustained by a professional sportsperson while training.
How Much Will The Insurance Pay Out?
This will depend on the type of insurance you have taken out.
Some companies will pay out more if you pay a bigger monthly premium. The opposite is also true.
Some companies generally pay out less. While others have a tiered system and will have payments caps based on the type of injury you have sustained.
You will be asked to prove how much money you would have earned over the period you won’t be able to work. This will also affect how much you get paid. They typically will not pay you any more than you would have originally earned.
Who Needs Injury And Accident Cover?
Injury and Accident Insurance is something that we can all benefit from.
We all have to pay rent or our mortgage and will have to pay medical bills if we are injured. This is particularly important if your country does not offer public healthcare.
If you are a parent or have other people who are dependent on you and the money you earn then you should seriously consider taking out Injury and Accident Cover.
It will help to support you and the people you care for if something awful happens to you.
Should I Take Injury And Accident Insurance Out Before Or After An Injury?
It is very important that you take out your Injury and Accident Insurance out before you are injured.
You will most likely find that if you have been injured you will not be able to take out this kind of insurance or you may be expected to pay extremely high premiums.
This is similar to what would happen if you were to try and take out Health Insurance after finding out you have a disease that is going to be very expensive to treat.
If you have people you need to support then it is worth taking out an insurance like this just in case something happens to you.