Recently bought a Personal Accident insurance, but I don't know if it's worth it?

Hi, a personal accident plan is good for a start, but you will also need to consider other forms of insurance, amongst them:

1. Critical Illness: To protect your income and provide a sum of money should you be unable to work due to critical illness

2. Death coverage: If you don't have dependents or liabilities, then not strictly necessary.

3. Hospitalization: For hospital bills and pre/post-hospitalization expenses.

The coverage amount will be dependent on your individual needs.

These 3 insurances form the core of your protection needs at this stage in life and should be obtained soon. After these are settled, you may look at other forms such as PA or disability income if you desire. So while you did not make a 'wrong' move buying PA insurance, you should instead focus on the 3 insurances I mentioned first before moving on to other forms of coverage.

I'd suggest talking to an independent advisor in order to understand the options available for the 3 categories mentioned above, and also to be able to understand what the market offers and which plans are the most value for money. I am from an IFA myself and would be able to offer you assistance if you do not know of anyone to ask, so just reach out to me if you need help.

Keep it simple, step by step. Don't overcommit and stress your cash flow, build up your basic protection first such as term life, personal accident and hospitalisation (=Medishield related). For example, get $1 million of basic coverage for only $312 a year (= $26 a month). Read more at https://thelobang.com/index.php/2019/08/27/insu...