A person often finishes a workday and then goes on sick leave, a pattern familiar to many parents when their children start kindergarten. At the same time, families may see income fall or face debt obligations. Is insurance able to help in this situation?
Many people do not realize that credit card holders can insulate life and health risks through insurance, and that temporary disability coverage can also be an insured event. This option shields the borrower from income loss during sick leave and when health issues affect a child, spouse, or parent.
The coverage supports the cardholder if required payments are not made in the scheduled amount. For example, when earnings dip due to sick leave. The program can be added when applying for a credit card or later, when it suits the borrower best. In many financial institutions, the setup can be completed remotely via a mobile app.
Two important points deserve attention. Health risks fall into two broad groups based on severity. The more serious cases, such as cancer or cardiovascular disease, are covered by extended plans. For ordinary sick leave, a basic plan covers this risk along with others. This is especially relevant for families with children or aging relatives, such as single parents, and for households with existing debt obligations.
To illustrate how the policy works, consider a scenario. Maria and Pavel are the guardians of Yegor, who attends kindergarten. Maria becomes employed, and as they renovate their home, she opens a SberCard loan linked to a life insurance program from SberLife Insurance that includes temporary disability risk.
On a fixed day each month, the bank assesses whether there is an outstanding credit card debt. If the debt exceeds a set threshold, the insured premium is withdrawn automatically. The premium rate depends on the debt at the time of the assessment. The basic SberLife Insurance plan charges about 0.89% of the debt, while the extended plan charges 2.2% in the initial three months, rising to 2.3% afterward.
As a result, Maria and Pavel use the policy to cover purchases such as wallpaper and furniture, and at the start of the month the card debt stands at 30,000 rubles. They opt for the basic insurance plan, which covers risks including sick leave due to illness, disability, injury, or caregiving for a sick relative. This requires an additional monthly premium of 267 rubles. The extended option, which also covers the risk of detecting serious diseases, costs 660 rubles. At the same time, Maria is insured for double the amount—60,000 rubles instead of 30,000.
Then a chickenpox outbreak in Yegor’s kindergarten leads to three weeks at home as his mother takes sick leave. From the first day of the sick leave, a disability payment is issued at a rate of 1.34% of the card debt for that day, but not exceeding a daily maximum. With a 30,000 ruble debt, Maria can receive up to 402 rubles per day, totaling 8,442 rubles for the three weeks. This sum supplements payments from the employer and the Russian Social Fund and helps reduce the remaining card balance.
If a claim is made, the insured should contact the bank or the insurance provider’s helpline to learn which documents are needed and how to apply for a payment. This process is usually accessible online through the company’s website or a mobile app.
Obtaining sick leave insurance is straightforward and open to most applicants. However, the policy will not pay out for illnesses already diagnosed before coverage begins.
Readers should review exceptions carefully before signing any contract.
Illness is defined as any health condition requiring home or hospital treatment, from a common cold to fractures.
There is no limit on the number of sick leave events covered. If a child becomes ill every couple of weeks, multiple payments may occur. However, supporting documents are required for all claims, and total sick leave payments typically cannot exceed 21 days for a given period.
This type of insurance can cover all family members, even in larger households. The number of relatives does not affect the cost, which depends solely on the outstanding debt.
The information presented reflects general principles and does not represent professional advice. Different insurers may have varying terms and conditions, so it is important to read the policy details carefully and consider personal circumstances before deciding on coverage.