What are the considerations when getting a personal accident plan? Any recommendations?

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Nigel Tan

16 Jun 2020

Executive Senior Financial Planner at Great Eastern Life

Mainly the following 4:

Accidental Death

Accidental Total Permanent Disability (2 arms/legs/ eyes)

Accidental Partial/ Other Permanent Disability (1 limb/ finger, toe etc)

Medical Reimbursement (Very useful)

Most people would be more concerned about disability over death. Aside from that, payouts are lump sum and usually quite straightforward.

Medical reimbursments can range from things like TCM, Physiotherapy, Chiropractors, Dengue fever, Food poisoning, Zika Virus, Yellow fever, Chipped tooth requiring accidental dental treatment, X ray and MRI scans due to fractures, insect bites and burns.

Amongst all the policies out there, I've made the most claims for my clients on the reimbursement portion the most. A good one would cover minimally all 4 areas, some have other benefits (mobility aids, daily hospital cash benefit etc).

You can consider Great Protector Active. Disability payout is 3x of death & there's a benefit booster for traffic related accidents.

https://www.greateasternlife.com/content/dam/gr...

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Tan Li Xing

16 Jun 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

Some considerations for a personal accident plan depends on what kind of coverage you would like. As there might be different riders that can be attached to the base plan.

Most personal accident plans are on a reimbursement basis when it comes to claims, meaning you will need to pay upfront first, then the insurer will pay you back upon claiming.

Personal accident riders will have additional benefits like reimbursement after TCM treatments, and also hospital income in the event you are unable to work due to hospitalisation. There is usually a yearly limit, and upon renewal, the limit is renewed as well.

In regards to how much coverage, it depends on what you think is the most sufficient for you, as usually personal accident plans are very affordable, e.g 100k coverage can be as low as 20+ a month.

Also like what CH said, claims can be relatively tedious, so it would be the best to have an agent whom you have good chemistry with.

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