What is between personal accident insurance and permanent health insurance ?
Income Protection insurance is the insurance policy that is between personal accident insurance and permanent health insurance. It provides a cushion for individuals who are unable to work due to temporary or long-term injuries, illnesses, or disabilities. The policyholder receives a fixed amount of money for a specified period, which can help cover medical expenses, daily living expenses, and other needs.
Between personal accident insurance and permanent health insurance, there are several types of insurance that provide coverage for different scenarios. Here are a few examples:
1. Critical illness insurance: This type of insurance provides coverage for specific serious illnesses, such as cancer, heart attack, or stroke. If you are diagnosed with a covered condition, a lump sum benefit is paid out to help cover medical expenses, treatment costs, or other financial obligations.
2. Income protection insurance: Also known as disability insurance, this coverage provides a regular income if you are unable to work due to illness, injury, or disability. It typically pays a percentage of your regular income for a specific period or until retirement age.
3. Hospital cash insurance: This type of insurance provides a fixed daily cash benefit when you are hospitalized due to sickness or injury. The benefit is usually paid regardless of the actual medical expenses incurred.
4. Medical expense insurance: This coverage helps cover medical expenses, including doctor's visits, hospitalization, surgery, medications, and other healthcare services. It can be purchased as a standalone policy or as part of a health insurance plan.
5. Travel insurance: If you are traveling, this insurance provides coverage for medical emergencies, trip cancellation or interruption, lost luggage, and other travel-related risks.
It is important to note that the specific types and coverage options may vary depending on the insurance provider and the country you reside in. It is advisable to consult with an insurance professional or company to understand the full range of insurance options available to you.