Personal Accident Insurance: this is how you tackle it
3 min read
An accident always comes unexpectedly. For the self-employed this can have major consequences: your income falls away, while your fixed costs keep running. And your Guaranteed Income often only steps in after 30 days or even longer. Or in the case of permanent disability you do receive your guaranteed income but that intervention was perhaps estimated too low or you need extra capital to make extra expenses after that accident...
With a PERSONAL ACCIDENTS policy you ensure that you and your family are protected against the financial consequences of temporary or permanent incapacity for work and also that your family members can carry on in the event of death.
Does this policy replace my Guaranteed Income?
No. This policy is clearly a supplement. Because this policy only steps in after an ACCIDENT, whereas your Guaranteed Income also steps in after incapacity for work due to illness. You can sometimes remove the accident cover from your Guaranteed Income, but in practice that happens very rarely given the small premium advantage there.
The Personal Accidents policy can be a nice solution for people who, due to existing or previous illness, cannot get insured in a Guaranteed Income policy.
Why take out this policy in addition to your Guaranteed Income?
The Personal Accidents policy works perfectly as a supplement because it pays out a daily allowance more quickly in the event of a covered claim, namely
- from the 8th day instead of payment after the first month of waiting period with Guaranteed Income. In practice, with many accidents one is only incapacitated for work for three to five weeks, which means that with Guaranteed Income there will very often be no payment. - from 10% disability instead of 25% with Guaranteed Income; so also with smaller, yet serious injuries there is still an intervention.
In addition, this policy also pays out a large capital sum in the event of permanent disability. A capital sum that can be used to fund exceptional expenses, for example a renovation to be able to move through the house in a wheelchair. And as a result you do not have to use your savings or your replacement income that is paid out via your Guaranteed Income policy.
What do we mean concretely by a Personal Accidents policy?
This insurance offers protection when you can no longer work due to an accident and are therefore incapacitated for work. Concretely we are thinking of:
- Daily allowance in the event of temporary incapacity for work: 90% of chosen conventional salary - A one-off capital sum in the event of permanent disability: statutory factor times your chosen conventional salary
- A capital sum for your family in the event of death due to an accident - Reimbursement of medical costs that your health insurance fund does not cover
The premium for professions that carry out no or hardly any manual labour is remarkably low and always surprises our client when a detailed quote is drawn up.
If you do practise a manual profession, then, depending on the exact activity, the premium is somewhat higher. For these activities we then often do not work with the product ‘TypeWet’ but rather with ‘Multipliers’, where you can determine your own capital sums and place your own emphasis and thus decide more yourself what you want to pay premium for and what is too expensive for you. This takes a little more time to check one thing and another and to deliver tailored work.
At Life Experts we therefore look together for the best solution that fits within your budget and your needs. We take the time to understand your situation and propose a solution that really suits you. Personal guidance and tailored advice.
Ready to protect yourself against unexpected accidents?
Get in touch with us for a no-obligation conversation. Together we will ensure that you look to the future with peace of mind.
👉 www.lifeexperts.be 📞 Call us or send a message via Instagram or LinkedIn
Questions about your own situation?
This article is general information. Your adviser will look at what it means for you.