You already have your bases covered. You have your health insurances (hospitalisation and surgery (H&S) plans and critical illness plans) and your life insurance (term and/or whole life pans). What other insurance do you need? What about the unexpected accidents in life?
Aside from the heavy hitters of health and life insurance, a personal accident insurance plan is worth considering for its supplemental coverage. In general, personal accident plans cover accidental death benefit, permanent and partial disability, income benefit, medical expenses coverage and daily hospital benefit. Here are 5 reasons you should consider getting a personal accident insurance plan.
#1 You Want Better Coverage For Unexpected Accidents
Personal accident plans provide better coverage for unexpected accidents or injuries that do not require hospitalization. In general, to claim from your H&S policies, you would need to be hospitalized as most outpatient treatments are not covered.
For example, if you suffer a fracture from a fall, receive outpatient Accident & Emergency (A&E) care and you are not warded overnight, you will not be able to make a claim under your H&S plan as you were not hospitalised and the A&E care is not typically included under H&S outpatient coverage.
However, you will be able to make a claim under your personal accident plan. Depending on your plan’s coverage, this would include reimbursement for medical expenses incurred like X-rays and MRI scans or income benefit if you are unable to work due to the fracture or even taxi allowance. If you are warded, it is possible to claim from both your H&S and personal accident plan, if both plans include benefits for hospital stays.
#2 You Are A Sportsperson
If you engage in sports or a regular gym-goer, you know how easy it is to be injured in a moment of tiredness or inattention. An accidental sprain or muscle tear can take a long time to heal and may require extra treatment or therapy.
This is where personal accident plans shine as some plans include reimbursements for physiotherapy, chiropractor and Traditional Chinese Medicine (TCM) treatments. When shopping for a personal accident plan that covers these treatments, apart from the claims limit, do look out for whether the claims are per accident or per annual basis.
Do note that personal accident plans only cover injuries arising from accidents, so injuries such as repetitive stress injuries are not covered.
#3 You Want Additional Coverage For Infectious Diseases
Given that we are amid a global pandemic right now, you may want to increase your coverage for infectious diseases such as COVID-19 and dengue fever. While a H&S plan would cover your medical expenses incurred if you are hospitalised due to infectious diseases, personal accident plans with infectious diseases coverage (depending on the plan) may also pay out additional hospital income benefit, lump-sum payouts for diagnosis of COVID-19 or quarantine.
Personal accident insurance coverage for infectious diseases can also cover diseases like malaria and zika virus. Depending on the policy, the coverage may also extend to overseas treatment which will be useful if you are travelling.
Do note that exclusions typically apply if you did not take the necessary preventative measures such as getting compulsory vaccinations or taking the recommended medication.
#4 You Want Coverage For Children
Any parent will be aware of the antics that children can get up to and accidents are not unfortunately uncommon for young children. Personal accident plans can be an inexpensive and effective way to obtain accident and death benefit coverage for children.
Additionally, many personal accident plans do provide free coverage for children if the parent (or both) are enrolled in the plan. Some plans also provide coverage for children-centric infectious diseases such as hand, foot, and mouth disease (HFMD) and measles or coverage for education tuition if the parent passes away due to accidental death.
#5 You Want Additional Coverage For The Elderly
Personal accident plans can also be an effective way to obtain added insurance coverage for the elderly, especially for those who are underinsured and find it hard to stomach the high premiums to enroll into new policies. However, do be aware of the cut-off age for enrollment and the maximum age covered and eligibility for renewal when purchasing a plan for the elderly. You may want to look for a policy that allows for renewal to the age of 85 or 99.
Hip fractures are common amongst the elderly and can lead to impaired mobility and some cases, increased mortality. Some personal accident plans provide reimbursements for mobility aids and prosthetics as well as for home or vehicle modifications. The supplemental income benefit and accidental death benefit may also be useful to boost the overall insurance coverage for elderly who are underinsured.
Supplement Your Core Insurance Coverage With Personal Accident Insurance Plans
Overall, personal accident insurance plans can be a great supplement to your core insurance coverage. Depending on your needs and desired coverage, you should pick and choose the appropriate personal accident plan.