Do You Need Accident, Sickness And Unemployment Insurance?There are several pros and cons to be found when considering applying for any insurance plan. Accident, sickness and unemployment insurance is no exception. In the following paragraphs, I will discuss several on the benefits to obtaining accident insurance services, as well as some potential drawbacks and limitations. Many jobs have short and long term disability benefits, but some don't. This is most frequently true when one is self employed. Most of us don't have a crystal ball, and no one can be sure that they will not lose their ability to work, possibly through no fault of their own. If you have any doubt that you would be able to continue to pay your bills if you were no longer able to work for an extended period of time, then accident, sickness and unemployment insurance could be worthwhile. Or if, like many people, you don't have enough savings built up to be able to continue covering your expenses at even 50 or 60 percent of your current pay, accident, sickness and unemployment insurance can provide an important safety net. Some accident, sickness and unemployment insurance only covers mortgage debt, rather than all of your debts. In addition, coverage usually lasts for only one or sometimes two years, so you may not be able to cover additional expenses like food and clothing, or be covered if you will not be able to return to work at all. These are two important factors to consider when deciding whether you need this type of insurance. In addition, premiums for accident, sickness and unemployment insurance can be high. However, by looking at accident insurance on-line you may be able to find low cost premiums for high quality insurance. When considering accident, sickness and unemployment insurance, don't forget that most policies include a waiting period before payments can be collected. This waiting period is often approximately one month. Just like any insurance policy, there are usually exclusions to coverage. For example, if a person deliberately injures themselves, if they have a typically dangerous occupation such as motocross driver, or have injuries sustained prior to obtaining the accident, sickness and unemployment insurance. Like health insurance, accident, sickness and unemployment insurance premiums also tend to rise as individuals get older or if they have risk factors such as smoking or using other tobacco products. If your work is seasonal or you know you are going to become unemployed when applying, you also run the risk of not being accepted for this type of insurance. |