No one anticipates getting into an accident but these days, personal accident insurance is so much more than just coverage for that time you slipped in the bathroom and twisted your ankle.
One of the more affordable insurance options available in the market, personal accident insurance plans deliver great value because there’s no medical underwriting. On top of that, personal accident plans have become very creative, including a wide range of incidents and applications: Covid-19 (and other infectious diseases like dengue and Zika) infections, food poisoning, diagnostic procedures, marriage and accidental miscarriage benefit, evacuation, daily hospital cash, liability coverage, reservist coverage.
Also, almost all plans pay out a lump sum in the event of accidental death or permanent disability due to an accident. If you need more reasons to consider investing in one, read on:
If you’ve become a CB fitness fanatic
With at-home workouts becoming more common, so does the probability of incidents happening. For many, despite having a comprehensive health insurance plan, most do not cover for treatments by alternative medical practitioners like a TCM doctor or chiropractor. Thankfully, this is a common inclusion for personal accident insurance policies. Aviva personal accident plan allows for TCM and physiotherapy reimbursement from $500-$1,000, depending on the plan chosen. While AIG Sapphire Enhanced reimburses up to $750.
If you need affordable and comprehensive coverage
Paying multiple insurance policies for your family members can be expensive and possibly excessive if it’s not needed. Some insurers like MSIG, ERGO and AIG cover not only yourself, but your children as well. MSIG ProtectionPlus gives 10% off your spouse’s premium and complimentary cover for up to 3 children, subjected to the listed benefits and coverage, while ERGO provides complimentary cover for all your children but up to 20% of insurers’ limit. Likewise for AIG Sapphire Enhanced, your children are covered up to 20% of the benefits limit.
If you cycle, scoot or skate, it’s essential
Accidents don’t just happen on the inside of a moving car, they are just as likely to happen taking public transport, or traversing a busy PCN connector. Even if you’re an extremely careful rider, accidents do happen and you may end up injuring someone else, and thus responsible for their hospital bills. If this is an area of concern, look for plans that offer personal liability cover like Aviva and FWD where you’re covered from $100,000-$500,000. Do read the fine print as there are specifics for non-coverage: for instance if a PMD is used for work, or if the incident occurs as a result of participating in a time trial, aerial or underwater activities. Another area to take note of is the schedule for indemnities for accidental dismemberment and disability amount which can be a big deciding factor between plans.
If you’re worried about infectious diseases
As the world prepares for the unavoidable second wave of Covid-19 infections, insurers like FWD and Etiqa have included Covid-19 into its list of infectious diseases (like dengue fever, Zika virus and hand, foot and mouth disease). Etiqa ePROTECT safety provides free special diagnosis benefit for covid19 and dengue fever. Providing Covid-19 related death benefit and daily hospital cash, while coverage amounts vary, the affordability of a personal accident insurance plan makes this a no-brainer. Do note though that some state a certain “waiting period” before coverage kicks in. Considering how infectious Covid-19 has proven to be, choosing one with a shorter waiting period makes sense. Another area to prioritise is medical evacuation and ambulance fee allowances, which can be very pricey. The plans to look into are FWD Personal Accident and Infectious Disease Coverage.
If you’ll like to be covered for non-medical instances
Great Eastern’s PA Supreme covers personal effects and belongings damaged as a result of an accident, from $200-$500, depending on the plan chosen. It also covers mobility aid for up to $1,000. FWD stipulates a reimbursement for any personal electronic devices that are damaged, lost or stolen because of an accident that results in your hospital confinement, while MSIG offers a $3,000-$10,000 Bereavement Grant following the death of the insured person provided it’s by an injury that occurred within 104 weeks. Other extras that feature on some plans include post-accident taxi allowance and compensation for damage to electronic devices due to an accident, which happens a lot more than we realise.