Are there any differences between a personal accident plan from a general insurer and one from a life insurer? - Seedly
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ValueChampion

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Personal Accident Insurance

Malvin Tan WP

Asked on 10 Jul 2020

Are there any differences between a personal accident plan from a general insurer and one from a life insurer?

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As they serve the same purpose, the main benefits rarely differ much across different insurers. The insurance plan usually covers the cost involved with hospitalisation, rehabilitation, recovery, and even evacuation.

However, if you are looking for coverage for occupational hazards, the pricing might differ across different insurers.

In PA plan, insurers classified all the occupations into 4 classes. The higher-class tier you are, the higher the premiums you have to pay to be insured as you run more risks being injured or faces accidents. Most of the insurers have different premium pricing for class 1 and class 2, but AIA is the only insurer that places the same premium rate for class 1 and class 2, hence if you are in class 2 occupation list, you should consider AIA PA, as it's the cheapest in the market

If you are interested in comparing across different providers, do get in touch with us.​​​

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In terms of benefits, usually they are pretty similar.

Premium wise, I tend to think that general insurers are cheaper than life insurer.

Mainly, for GI companies, alot of it is DIY. Usually there's no intermediary agent serving you and most of the claims will be filed by you.

For life, the agent you signed up the PA with is supposed to service you when you sustain an injury and need assistance.

It's abit like how when buying a house, you can engage a real estate agent to negotiate for you or do it yourself.

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ValueChampion
ValueChampion
Level 4. Prodigy
Answered on 10 Jul 2020

Hi!

Generally, all personal accident plans serve the same purpose: to provide coverage against death, partial/total and permanent disability if you get into an accident. Some insurers also throw in coverage for infectious diseases or medical/daily hospitalisation cash benefits. Thus, the main benefits of a PA plan don't differ across insurers (in fact, most insurers who offer PA plans actually provide both life insurance and general insurance options).

Pricing also depends on your class occupation and the sum you want insured, so it's difficult to say which insurer provides the best premiums without knowing more about your situation. If you'd like to learn more about different types of personal accident plans, please consider reading our personal accident insurance guide!

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