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Here’s a list of comparison of the various Personal Accident (PA) Insurance Plans (Basic Plan) out in the market today:
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:
PA Insurance covers you for potential injury and costs in the aftermath of only accidents; these can include:
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.
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.
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.
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.
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:
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?