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