Personal Accident Insurance in Singapore

Insurance to Have in Case of an Accident: Personal Accident Insurance Policies
 
Accidents can happen when they’re least expected – and when there’s a lot at stake. One way to plan for accidents and to ensure there is financial help available in case an accident does occur is with a Personal accident plan. If you do not have a personal accident policy yet, read below to learn more about what it includes and why you may want one. The policy could turn out to be extremely helpful if you ever do experience a serious accident.

What Is A Personal Accident Plan?

A personal accident policy is one that can help with financial support if you’re ever in an accident. Along with insurance to cover medical bills and hospitalization, the personal accident policy helps cover the financial support that may be needed if you cannot work for a period of time because of the accident. The payout can be done via reimbursement for expenses, based on the medical expenses you get from the accident, or in a lump-sum payment.

What’s Covered in A Personal Accident Plan?
Every plan is different, so you’ll need to choose one that meets your needs. However, there are a few different types of coverage that are common with this type of insurance plan. They include the following:

• Medical Expenses Coverage – Medical expenses coverage will reimburse payments made on medical bills due to the accident. This is usually capped but can help reduce the total medical bills that will need to be paid.

• Hospitalization Coverage – In the event you’re hospitalized because of the accident, the insurance plan may cover daily hospital charges. This is usually covered whether you’re employed or not at the time of the accident.
• Disability Coverage – Severe accidents can lead to permanent or partial disability. If you are disabled, this part of the insurance plan will help cover the financial losses from your disability.
• Death Benefits – If you are killed in an accident, the death benefits will be paid to your dependents. This ensures they have some financial support after your death to help with typical expenses.
• Income Coverage – Injuries from accidents can be severe enough you are not able to work until you have recovered. If this happens, the income coverage will apply as long as you’re employed at the time of the accident. This covers your lost wages, giving you less to worry about in the aftermath of the accident.

Should I Get A Personal Accident Insurance Plan?
Whether or not you need a personal accident policy is up to you, but it is advised for most people. Those who may need one the most include those who have family members dependent on them for financial support, those who typically get around using a motorcycle or bicycle, those who travel often or who work in a job that’s considered risky, and those who participate in extreme sports. If you are considering this type of insurance coverage, consider the job you do as well as your risk factors for an accident, then look into the different policies to find one that works well with your budget.

Things to Look Out for When Buying A Personal Accident Plan
When you’re looking into the different plans available, there’s more to consider than just the annual premiums. You’ll also want to look into what is considered an accident that would be covered under the policy, the maximum limits for different types of coverage depending on what injuries you could sustain, and check to see if alternative medical treatments may be covered. Also, check to see if there are limits on the number of claims you can make per year and view the renewable age to ensure you’ll be protected for as long as possible. Carefully comparing the policies will allow you to find one that meets your needs exactly without going over your budget.
When there is an accident, the financial complications from it can be higher than expected and can impact you for a long time. To get financial support following an accident, you may want to look into purchasing Personal accident insurance. Look into the different policies available today and ask questions from the insurance companies to ensure you find the right one for you. ​