facebookAre there any differences between a personal accident plan from a general insurer and one from a life insurer? - Seedly

Malvin Tan WP

Writer at t.me/pwpfpodcast

21 Jul 2020

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Insurance

Are there any differences between a personal accident plan from a general insurer and one from a life insurer?

Discussion (3)

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PolicyPal

21 Jul 2020

Official Account at PolicyPal

As they serve the same purpose, the main benefits rarely differ much across different insurers. The insurance plan usually covers the cost involved with hospitalisation, rehabilitation, recovery, and even evacuation.

However, if you are looking for coverage for occupational hazards, the pricing might differ across different insurers.

In PA plan, insurers classified all the occupations into 4 classes. The higher-class tier you are, the higher the premiums you have to pay to be insured as you run more risks being injured or faces accidents. Most of the insurers have different premium pricing for class 1 and class 2, but AIA is the only insurer that places the same premium rate for class 1 and class 2, hence if you are in class 2 occupation list, you should consider AIA PA, as it's the cheapest in the market

If you are interested in comparing across different providers, do get in touch with us.​​​

Nigel Tan

11 Jul 2020

Executive Senior Financial Planner at Great Eastern Life

In terms of benefits, usually they are pretty similar.

Premium wise, I tend to think that general insurers are cheaper than life insurer.

Mainly, for GI companies, alot of it is DIY. Usually there's no intermediary agent serving you and most of the claims will be filed by you.

For life, the agent you signed up the PA with is supposed to service you when you sustain an injury and need assistance.

It's abit like how when buying a house, you can engage a real estate agent to negotiate for you or do it yourself.

Hi!

Generally, all personal accident plans serve the same purpose: to provide coverage against deat...

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