Natalya Bolshakova From sick leave to credit cards Natalya Bolshakova, owner of the life and health insurance product for Sberbank credit card holders, why does a young mother need an insurance policy 06.06.2023, 08:28

I had just gotten out of work before I went on sick leave. And so every few weeks. This situation is familiar to many mothers when their children start kindergarten. At the same time, income decreases or the family has debt obligations? Will insurance help in this case?

Not everyone knows that credit card holders can insure life and health, and that temporary disability (TTS) can also be an insured event. This option covers the risk of reduced earnings during sick leave, including the emergence of health problems in a child, spouse or parent.

It will support the credit card holder if he/she does not make the required payments in the stipulated amount. For example, if his earnings are reduced due to sick leave. The program can be connected at the time of applying for a credit card or later when appropriate. In many financial institutions it is convenient to do this remotely in a mobile app.

However, two points should be taken into account. Health-related risks are divided into two large groups according to their degree of magnitude (hazard). The most serious ones – for example, the detection of cancer or cardiovascular disease – are provided in extended programs. And if we are talking about a regular sick leave application, you can use the basic program, in which this risk is included along with others. This is for couples with kids or elderly parents, single moms and dads etc. applies to Additional insurance protection is especially important if the family has credit obligations.

How the fuse works, I will explain with an example. Imagine that Maria and Pavel are Yegor’s parents. He went to kindergarten at the age of three, and his mother went to work. As they started home repairs, Maria opened a loan SberCard and linked it to a life insurance program from SberLife Insurance that included temporary disability risk.

For insurance, on a certain day of each month, the bank checks whether there is a credit card debt. If the debt exceeds 3,000 rubles, the monthly insurance fee is debited. The cost of insurance depends on the amount of debt at the date of the audit. According to the basic SberLife Insurance program, this is 0.89% of the debt. And for the extended – 2.2% in the first three months, then – 2.3%.

As a result, Maria and Pavel bought wallpaper and furniture, and at the beginning of the month the debt on the card was 30,000 rubles. They chose the basic insurance program (includes risks such as sick leave due to death, disability, illness or injury, caring for a sick relative), so they had to pay an additional 267 rubles of insurance per month. (The extended offer, which also covers the risk of detecting particularly dangerous diseases, costs 660 rubles.) At the same time, Maria is double-insured – not 30,000, but 60,000 rubles.

And then there was an epidemic of chickenpox in Yegor’s kindergarten. He had to stay at home for three weeks – of course, his mother took sick leave. From the first day of sick leave, he begins to pay an insurance payment of 1.34% of the credit card debt on the day of his sick leave, but not more than 2,000 rubles per day. With a debt of 30,000 rubles, Maria is entitled to 402 rubles per day, that is, 8442 rubles for three weeks of sick leave. This is additional money to what the employer and the Russian Social Fund must transfer to him. You can use the payment for treatment, credit card debt settlement, or any other purpose. This money helped Maria pay off some of her credit card debt.

If an insured event occurs, you should contact the bank or insurance company’s helpline to find out what documents are required and how to apply for payment – this can usually be done online on the company’s website or mobile app.

Getting sick leave insurance is simple, there are no restrictions on participation. However, the insurance payment for sick leave is not made if the disease has already been diagnosed.

Watch out for exceptions when reviewing the contract before signing it.

Illness, ie an insured event, is understood as any health disorder that requires home or inpatient treatment, from the common cold to fractures.

There is no restriction on the number of sick leave. If a child gets sick every two weeks, it means that there will be a lot of payment. But keep in mind that supporting documents are required in all cases and sick leave payments cannot exceed 21 days.

This type of insurance covers all family members, even if there are many children. At the same time, the number of relatives does not affect the cost of insurance – it is determined only by the amount of debt.

The author expresses his personal opinion, which may not coincide with the editors’ position.