Asked by Anonymous

My agent is recommending me a GREAT personal protector plan that will cost S$61 a month for S$1million death coverage, is it worth it?

Because there is an ongoing promotion that GE is having this week, now I am wondering if I even need it... The 1mil death coverage is really a selling point for me. But again, do I really need it? Does anyone have any experience with this plan, the good and the bad?

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    • Soon Xiaohui
      Soon Xiaohui
      32 Answers, 102 Upvotes
      Answered on 19 Oct 2018

      Hello there, there are a few points need to highlight to you.

      1. Its 1 million coverage is focusing on accidental death. There is a difference between death coverage & accidental death coverage. That is something which you should understand first.
      1. Then regarding promotion, Im not sure which promotion you are referring about but based on their website, they do have promotion till end of this year, therefore try avoid signing up for any plan just for promotion. Therefore it may not be end of this week.
      1. If you look at the coverage again, think about it again; do you need such high coverage for accident? Some wl or term insurance may allow you to add coverage for accidental death if that is what you are concern with. However usually personal accident plan is more about medical claims during an accident (avg $3,000 to $5,000 medical coverage) and the better personal plans arecheaper than the plan which you mentioned.
      1. Look back at your insurance coverage first - check whether do you have at least hospitalisatIon plan, follow by Death & CI coverage.

      If you need any help, just post your questions here or pm. please avoid purchasing without understanding the product

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    • Alvin Teo
      Alvin Teo, Financial Planner at AXA Insurance Pte Ltd
      23 Answers, 39 Upvotes
      Answered on 19 Oct 2018

      Getting this plan will make your life look like a tv drama. People might be creating accidents to go after your $1 mil

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    Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Feb)

    358 Answers, 605 Upvotes
    19 Oct 2018

    This is a Personal Accident Plan. The payout will only be given in the event of accidental death and dismemberment. There's also a payout schedule for loss of limbs, burns, etc.

    This is not a normal Life Insurance plan that pays the death benefit due to any death, and not just accidental.

    A PA plan with that high coverage may seem a little overkill, but I don't doubt it's a good plan.

    You should get it after you got yourself Life and CI cover.

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