Is personal accident insurance needed if I already have life insurance?

A personal accident plan is a general insurance plan that provides the policyholder with financial reimbursement and support in the event of an accident.

Essentially, there is a difference in terms of coverage. While both cover death and usually TPD, life insurance's coverage is for natural causes while personal accident is for accidents. Personal accident Insurance also provides coverage for injuries or treatment incurred by an accident.

Whether you need personal accident insurance is dependent on your profile. If your vocation or interest involves activities that constitute high-risk activities, personal accident policies might be something you wish to consider.

Do check out this article which lists out the factors you should consider before getting a personal accident insurance.

Hey there!

It really comes down to perspective. Personal accident insurance covers accidental death, dismemberment and injuries. For some people who may have an active lifestyle, this will be a great coverage to have since it offers a payout for injuries.

That being said, some people also see it as an add-on and hence not entirely necessary. For some people with a tight budget, this may be something that isn't as important as life insurance. So it comes down to your objectives, lifestyle and budget.

Financial planning is an integral part of life. You can reach me here to find out more.