What Is Personal Accident (PA) Insurance?

Imagine getting into a car accident, and just right before everything turns black, your whole life flashes in front of you. Thoughts like: “Am I able to afford the expenses?”, “What about my family?” , “How I am going to manage if I become disabled?” will start to flood your mind.

To manage the possibly harsh consequences, Personal Accident (PA) Insurance is an annual policy that provides you and your family the compensation you need in an unfortunate unpredictable event.  

Most insurers define ‘Personal Accident’ to be:

• Damage, Injury, Disability or even Accidental Death;
• Resulted only and directly from;
• An event that is Unexpected and Unintentional during the Period of Insurance;

Only when you have hit all 3 of the above points, will you be able to claim from the Insurance Company.

Those not classified as Personal Accident:

• Illness and Injury doe to natural causes;
• Carelessness;
• Could have been easily avoided.

Personal Accident Insurance vs Health Insurance/ Life Insurance

You may ask, “If I already have a life and/or health insurance, is it still necessary to get a Personal Accident Insurance?”

Though it may seem like just another Insurance Plan, the word ‘Accident’ from its name sets it apart from others. The unpredictable nature of accidents highlights the importance of it, for it can happen anytime and anywhere. Some of which, cannot be claimed by Health Insurance or Life Insurance due to the scope of injury.

Hence, this makes Personal Accident Insurance important, for it covers every nook and cranny of accidents, especially for those extremely Suay ones (Choy Touch Wood!).

Here’s a comparison between what a Life, Health and Personal Accident Insurance covers:

Personal Accident Insurance Coverage - only due to Accident

• Death
• Total and Permanent Disability
• Temporary Disability
• Medical and Surgical Expenses
• Post-Accident Lifestyle Benefits
  - Loss of income
  - Mobility/Prosthetics Aids
  - Home Modifications
  - Services and Transportation
• Others like Event Cancellations due to Haze
• Protection against infectious disease (e.g. HFMD, Zika, Dengue Fever, H1N1) - Optional

Health Insurance Coverage - due to Accident/ Illness/ Natural Causes

• Death
• Medical and Surgical Expenses

Health Insurance Coverage - due to Accident/ Illness/ Natural Causes

• Death
• Total and Permanent Disability
  

Furthermore, PA Insurance is generally cheaper than life and health insurance. I mean, the cheapest PA Insurance Plan by Aviva Personal Insurance is as low as $0.23 per day! That is less than your morning Kopi-O!

Do I need a Personal Accident Plan: Understanding Your Level of Activity Risk

Though you can’t control the accidents that happens to you, you can control what happens to you after an accident by preparing for it. As a form of Financial Safety Net, we advise everyone to get it, for it is better to be safe than sorry.

A PA insurance can be extremely beneficial to you if you or your family member is:

1.       A Senior Citizen/ Has child

2.       Sole provider for the family

3.       Has a job/lifestyle that poses risks

4.       Plays adventurous/contact sport

5.       Rides a PMD/ motorcycle

6.       Undergoing Reservist Training in National Service (NS)

However, depending on each Insurance company, some high-risk occupations, sports and activities are excluded.

Best part, this insurance has 24-hour worldwide coverage, so it adds greater assurance to your travel insurance plan as you are exposed to greater accident risks while exploring foreign environments!

Best Personal Accident Insurance Plans in Singapore

Here’s a list of comparison of the various Personal Accident (PA) Insurance Plans (Basic Plan) out in the market today:

• FWD Personal Accident Insurance
• Etiqa eProtect Safety
• AIA Solitaire Personal Accident
• Tokio Marine Personal Accident
• Sompo Personal Accident
• Prudential PRUpersonal Accident
• NTUC IncomePA Assurance
• MSIG ProtectionPlus
• India International Insurance Personal Accident
• Great Eastern Essential Protector
• AXA SmartPersonal Accident
• AVIVA Personal Accident Insurance
• AIG Sapphire Enhanced
  

Which Personal Accident Insurance Plan Is Suitable For Me?

So, how much coverage and how much should I pay? To determine which plan is suitable, you can consider the following areas:

1. Your level of risk based on your occupation/ activity level

2. Individual or Group Personal Accident Insurance Plan?– Yourself and/or your spouse and family

Overall, we have compared and reviewed the Best Personal Accident Plans based on your profile:

• Best Personal Accident Insurance Plan for Cheapest Premium:
  AVIVA Personal Insurance (Lite) - Great for those who just started work or still studying
• Best Personal Accident Insurance Plan for Most Value for Money:
  FWD Insurance – Basic plan with larger coverage for lifestyle benefits after accident
• Best Family-Friendly Personal Accident Insurance Plan:
  MSIG Protection Plus Silver – Great coverage for those with large families
• Best Elderly-Friendly Personal Accident Insurance Plan:
  Tokio Marine TM365 Personal Accident Insurance Plan A – Great for those who needs to look after their elderly parents
• Best and Most Extension Coverage Personal Accident Insurance: Prudential PRUPersonal Accident

Which Is The Best Personal Accident Insurance Plan To Get?

If you'd like more information you can

Check out our article(s) which will help you to pick out the best Personal Accident Insurance Plan:

• An Ultimate Guide: Key Insurance Policies You Should Get In Singapore 2019
• The Best Personal Accident Plans For Working Professionals

If you have questions about which Personal Accident Insurance Plan to get after reading our Real User Reviews, why not ask our community of experts and experienced members at Seedly QnA? Best of all, you can even ask your questions anonymously if you're really, really shy!