Is there a need for accident plan? I was told it was not ex and good to have one.

Hi anon,

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I personally consider an accident plan a good to have and not really a must have, but with premiums hovering around $200/yr for a no frills plan, it should not break the bank.

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Accident plans will provide coverage for the little things that 'slip through the cracks', for example, if you injure yourself exercising and require TCM or chriopractic sessions. Or, if you have to go to the hospital for outpatient treatment due to an accident but did not get admitted (shield plans are only claimable if you are admitted).

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As to what kind of insurance you should have, it really depends on what life stage you are at. The general questions I would ask are

1. Are you married?
2. Are you earning an income?
3. Do you have dependents/liabilities?

Based on that, you will have to consider

1. Shield Plan
2. Income protection against critical illness
3. Coverage for death/TPD
4. Hospitalization
5. Long Term Care
6. Accident Plan

depending on which ones apply to you. Seek advice from an independent financial advisor if you need help.

Hi, it is a need to get an accident plan, as this is part of the basic protection plan for yourself. We have to understand the importance of the accident plan are to

1) Cover unforeseen accidents and major permanent disabilities from an accident. Whether you're a passenger or pedestrian, you'll still be covered.

2) Cover TCM or Chiropractic sessions

3) It covers locally and overseas accidents.

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Of course, the accident plan has to be justifiable, $1.5M coverage cost as little as $1.42/day.

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If you would like to discuss it in detail, I would love to connect with you!
https://www.instagram.com/thefinancialrab/
linktr.ee/thefinancialrab

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