Understanding Personal Accident Insurance

Why do I need personal accident insurance?

A personal accident insurance plan helps to provide coverage in the event of accidental death, disablements or any unexpected medical expenses arising out of an accident. The insurance plan serves to provide financial protection and financial relief to you and your family. A sum of money will be paid out to the policy holder’s beneficiary in the event of an accidental death. The personal accident plan can also help to mitigate the loss of future income and fund additional expenses incurred if the policy holder is to suffer from any disability and be unable to continue with his or her usual work.

What is defined as an accident?

An accident is defined as a sudden, unexpected or unforeseen event that causes the policy holder to sustain bodily injuries. Any injures due to the accumulation of multiple small incidents will not be counted as an accident.

Why should you require personal accident coverage if you already have hospitalization coverage?

You will still require a personal accident Insurance coverage as it will provide a lump sum payment upon any accidental death and disability, as well as reimbursement of your medical bills due to an accident. Hospital coverage plans will usually require the policy holder to be hospitalised in order to be eligible for a claim. Personal accident insurance will not require you to be hospitalised.

How does your occupation affect the premium rates?

As each occupation type involves different work activities that will have varying risk exposures for you, it has a direct effect on the premium that will be charged. If you work in a job that has higher risk of accidents, typically the premium charged will be higher than a regular desk bound job.

Does personal accident insurance cover accidents when I am overseas or will I need a travel insurance?

Typically, overseas coverage will not be provided and you will need a travel insurance whenever you leave Singapore. However, certain personal accident insurance plans may provide limited cover when you are overseas, depending on the length of time spent overseas.

Personal accident insurance is a benefit policy. What are some of the common benefits?

Here are some common personal accident insurance benefits:

  • Accidental Death
  • Permanent Total Disability
  • Partial Permanent Disability
  • Temporary Disability
  • Medical Expenses

Can a person claim for medical expenses due to illness?

Generally, personal accident policies pay for medical expenses resulting from accidents.

Can I buy personal accident insurance for my family?

Yes, you can buy personal accident coverage for your family. Coverage for spouse will be similar, subject to occupational class and different premium rates. Generally, child coverage are included in for free but with significantly less coverage.

 

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