- Explore the fundamentals of Personal Accident policies.
- Understand the benefits of having a Personal Accident policy, including coverage for accidents, disabilities, and medical expenses.
- Learn key considerations to help you decide if a Personal Accident policy aligns with your insurance needs and financial goals.
Embarking on the journey of insurance might feel scary, but here’s the exciting truth: it all begins with a single step, and that can start with a personal accident policy!
We get it— life often feels like an endless series of “nothing can touch me” moments. After all, who needs insurance when you’re practically invincible, right? Well, here’s something we may (or may not) know: life has a way of surprising even the most confident among us. For those looking to start their insurance journey with an affordable option, why not try a Personal Accident (PA) policy?
What is a Personal Accident (PA) policy?
Alright, imagine this: you’re cycling through the serene streets of Singapore, enjoying the breeze. Suddenly, a pothole appears, and you find yourself in an acrobatics show.
Personal accident insurance is exactly what swoops in during these unexpected moments, providing financial support when you’re injured due to accidents.
5 Benefits of a Personal Accident policy
Accident Coverage: Offers coverage for accidents, providing financial support for medical expenses and more.
Immediate Payouts: Swift and direct payouts in case of covered accidents, ensuring rapid financial assistance.
24/7 Protection: Continuous coverage, whether you’re at work, home, or on vacation – accidents don’t wait for convenient times.
Choice of Coverage Limits: Allows individuals to choose coverage limits based on their needs and budget.
Financial Support for Disability: Offers financial assistance in case of permanent disability resulting from covered accidents.
5 Limitations of a Personal Accident policy
Coverage only for Accidents: Focuses primarily on accidents; coverage might not extend to illnesses or non-accident-related issues.
Excludes High Risk Activities & Illnesses: Accidents that occur from pre-existing conditions, or risky behaviours might not be covered. Always check the policy details.
No Investment Component: Unlike some insurance policies, personal accident insurance doesn’t offer investment returns. It is a straightforward coverage.
Extra Costs: It is an additional cost, and premiums can vary. However, the peace of mind might outweigh the dent in your wallet.
Higher Premiums for High Risk Activities: Personal accident insurance will cost more if you want to be protected for high risk activities such as skydiving, bouldering, etc.
Is it expensive to purchase a Personal Accident policy?
Typically, personal accident policies are quite affordable from as low as $120, and premiums are paid once every year.
All PA policies have different tiers of coverage to cater to different needs and budgets. As with any insurance policy, the higher the premium, the greater the payout and coverage.
Let’s take a look at some of the available PA policies:
PA Plan Name | Annual Premium Cost | Accidental Death | Total Permanent Disability | Medical Expenses | Additional Info |
|---|---|---|---|---|---|
FWD Personal Accident Insurance Plan A | From $121.12 | From $100,000 | From $100,000 | From $2,000 | Covers dengue & adventure sports |
MSIG Protection Plus Silver | From $123.05 | From $100,000 | From $150,000 | From $1,000 | Covers injuries from reservist training |
Singlife Personal Accident | From $153.94 | From $100,000 | From $100,000 | From $3,000 | Covers food poisoning, Dengue or Zika |
Income PA Guard | From $154.43 | From $100,000 | From $150,000 | From $2,000 | Optional coverage with weekly cash payouts up to $400 |
PruPersonal Accident | From $176.64 | From $100,000 | From $100,000 | From $2,000 | Various add-ons available |
AIA Solitaire PA (II) | From $222.06 | From $100,000 | From $300,000 | From $2,000 | Comes with renewal bonus discounts if no claims are made |
GREAT Protector Active | From $323.00 | From $200,000 | From $600,000 | From $3,000 | Covers various adventure activities |
Disclaimer: While we try our best to provide accurate information, the table below serves as a reference and may not reflect the latest changes, if there are any. Please check with your financial advisor or the respective insurer for more information.
Stay protected while you live your best life
Now that we’ve unveiled the key qualities of personal accident insurance, it’s time to take action. Reach out to a financial advisor or an insurance agent to tailor a plan that fits your lifestyle and provides the protection you need.
Life’s an adventure, and having a personal accident insurance policy is like having a trusty sidekick along for the ride. And getting a personal accident policy is one of the easiest ways to begin your insurance journey!
Read more about personal accident policies here!
