Best Personal Accident Insurance

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 Income PA Assurance & NTUC Income PA Guard
• MSIG ProtectionPlus Personal Accident
• Manulife ReadyProtect
• India International Insurance Personal Accident
• Great Eastern Essential Protector
• AXA SmartPersonal Accident
• AVIVA Personal Accident Insurance
• AIG Sapphire Enhanced

FWD Personal Accident Insurance

• 5 plans
• Accidental Death & Disablement Payout: S$100,000 - S$1,000,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$500 - S$1,500

Etiqa ePtotect Safety

• 3 Plans
• Accidental Death & Disability Payout: S$100,000 - S$500,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$150 / per visit

AIA Solitaire Personal Accident

• 4 Plans
• Accidental Death & Disablement Payout: S$100,000 to S$750,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$500 - S$1,250

Sompo Personal Accident

• 5 Plans
• Accidental Death & Disablement Payout: S$50,000 - S$500,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$1,000 per accident

NTUC Income PA Assurance

• 4 Plans
• Accidental Death & Disablement payout: S$100,000 - S$1,000,000
• TCM / Chiropractor Reimbursement: S$500 - S$1,250

MSIG Protection Plus Personal Accident

• 3 Plans
• Accidental Death: S$100,000 - S$250,000
• Permanent Disablement: S$150,000 - S$375,000
• TCM + Accidental Dental + Mobility Aids: S$1,000 - S$5,000

Manulife ReadyProtect

• 5 Plans
• Accidental Death & Disablement payout: from S$50,000 - S$1,000,000
• TCM / Chiropractic Reimbursement: S$250 - S$1,500
• Covers 21 infectious diseases

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 due to natural causes;
• Carelessness;
• could have been easily avoided

What does Personal Accident Insurance Cover?

PA Insurance covers you for potential injury and costs in the aftermath of only accidents; these can include:

• Death
• Total and Permanent Disability
• Temporary Disability
• Medical and Surgical Expenses (including Physiotherapy, and alternative treatments like Traditional Chinese Medicine, or Chiropractic clinics)
• Post-Accident Lifestyle Benefits
  - Loss of income
  - Mobility/Prosthetics Aids
  - Home Modifications
  - Services and Transportation
• Protection against infectious disease (e.g. HFMD, Zika, Dengue Fever, H1N1)
• Emergency Medical Overseas Evacuation and Repatriation
• Child Support Fund
• Terrorism Cover
• Others like Event Cancellations due to Haze, and more
  

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?”

As many insurance companies might tell you, Personal Accident insurances are meant to complement your health insurance.

Though it may seem like just another Insurance Plan, the word ‘Accident’ from its name sets it apart from others.

Health Insurance covers most hospitalisation treatments whether they are from accidents or illnesses. Life Insurance, on the other hand, is a lump-sum payout when the insured loses his or her life.

Furthermore, PA Insurance is generally cheaper than life and health insurance.

Why Buy Personal Accident Insurance?

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 e.g. broken bones or disability payouts, especially for those clumsy or Suay ones (Choy Touch Wood!).

Though you can’t control the accidents that happen to you, you can try to prepare for the aftermath. As a form of financial safety net, we advise everyone to get it, for it is better to be safe than sorry.

Do I need a Personal Accident Plan? How much Personal Accident Insurance should I have?

1. Understanding Your Level of Activity Risk

Job: Your occupation could be riskier than others if you require more manual labour, more traveling, or usage of tools.

Leisure: Perhaps you're an adrenaline junkie who loves dabbling in the occasionally dangerous and unexpected activities. However, do note that certain sports and activities like diving and bungee jumping are excluded from PA coverage.

Disposition: I suppose some of us are just clumsier than others.

2. Understanding Your Dependants

Personal Accident plans can help slightly buffer some financial strain that might result from accidents. Hence, this might be extra important to those with young children, or elderly parents.

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

1.       Is a Senior Citizen

2.       Has children

3.       Is the Sole provider for the family

4.       Has a job/lifestyle that poses risks

5.       Plays adventurous/contact sport

6.       Rides a Motorcycle or PMD

7.       is Undergoing Reservist Training in National Service (NS)

Not only does PA cover your children when an accident befalls them, but some personal accident insurances also give provide child support fund in the event of you demise when you are insured.

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

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

How to choose Personal Accident Insurance?

Check out our article(s) which will help you to pick out the best Personal Accident Insurance Plan: The Best Personal Accident Plans For Working Professionals.

You can also read Real User Reviews on a variety of Personal Accident Insurance plans and see what our community feels about them.

If you're still unsure, why not ask our community of experts and experienced members at Seedly Community?