Anonymous
Personal accident insurance vs Company work injury insurance?
Do I need both if company already bought insurance for me?
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Hi, you have to think what if one day you're to leave the company or the company doesn't want you anymore? By then you will have 0 coverage for your own personal accident.
Having an accident plan isn't expensive at all if you understand what's the purpose of it. You can get a cheaper discount on your accident plan.
If you would like to discuss it in detail, I would love to connect with you!
https://www.instagram.com/thefinancialrab/
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The question you need to ask yourself is what happens if you leave the company? Are you still covere...
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There's 2 important considerations here:
A. Plan Portability: When you leave the company, you won't be able to take your company cover with you. So to answer your question, yes, you should carry your own Personal Accident (PA) plan.
Some companies may have Group Personal Accident plans for their employees as an additional benefit; speak with your HR department to find out whether you have this.
B. Scope of Coverage: Work Injury Compensation Insurance, also known as WICA Insurance, is a different cover than PA Insurance.
WICA Insurance covers you for work-related injuries/diseases, including work-related COVID-19. Coverage is limited to $45,000 for medical expenses. Coverage also applies to your lost wages when you're on MC; this helps your employer pay your salary even when you're not working due to a work-related accident or sickness. WICA also provides lump-sum compensation of up to $289,000 for disability, and $225,000 for death.
PA Insurance pays out a lump-sum benefit in case of disability or death. PA plans typically have a very small medical expense coverage portion; medical expenses need to be covered by H&S (Hospitalisation & Surgery) policies.