While health insurance is sufficient for many families, there are certain lifestyles that call for added protection against injuries, disability and disease. With the right personal accident (PA) plan, you and your family can feel confident knowing that you are covered in case of an emergency. Here's 5 reasons why it might make sense to buy a personal accident insurance plan.
You Have A High Risk Job
People employed in high risk jobs like construction could benefit from a PA plan, as their risk of injury, disability or death is significantly higher than those in more low-risk occupations. Especially if your workers compensation isn't sufficient, a personal accident insurance plan will greatly help out in the case you require financial assistance after an accident.
If you were to get into a serious accident at work, then a PA plan's lump-sum payout could help offset the high costs of medical bills, as well as act as a financial buffer if you are rendered unable to work. Some plans include daily hospital income, as well. For instance, the FWD Personal Accident Insurance Plan provides S$500 daily during your hospital stay. This benefit acts as a financial safety net for both you and your family in the case that you were the main breadwinner of the household.
You Have A High Risk Hobby
People who have high risk hobbies should also consider a personal accident plan, since the likelihood of injury or disability is much higher for those who like to live life on the edge. If you play contact sports every weekend or like to go on an annual snowboarding trip, then you should consider a personal accident insurance plan to cover you in case of a fall or injury.
Average Cost of Common Treatment for Accident-Related Injuries
Some health insurance plans don't cover accident-related expenses, so it's important to check your current plan in order to determine how much you may need in extra coverage with a personal accident insurance plan. For instance, a head injury from playing basketball would cost between S$932 to S$5,928 to treat, depending on the ward type. When considering your PA sum insured amount, you should think about what accidents you are most likely to face, per your high-risk hobby.
Additionally, personal accident plans generally include outpatient benefits, which are greatly beneficial for patients who face an accident and require long-term rehabilitation or mobility aids. Thus, if you suffer from a skiing accident, you can feel confident knowing that your PA plan extended your range of healthcare coverage to include expenses like home modifications, taxi allowance, and physiotherapy.
You Live Near Dengue Clusters
As of 2021, 3151 dengue cases have been reported to Singapore's Ministry of Health. If you live near a Dengue cluster, it might be wise to add extra coverage to your health insurance plan. A PA policy with infectious disease coverage can provide you with a lump sum payout, additional hospital cash benefits, and reimbursements of any medical expenses that you incurred during your Dengue down time.
Most Dengue cases are mild, however there are some extreme cases that result in hospitalisation and death. For these reasons, a personal accident insurance plan provides an additional layer of financial protection, in the case that you need it. If you are hospitalised with a severe case of dengue, you'll receive daily hospital income in addition to what is provided by your general healthcare plan. And in the rare event that you pass away from Dengue, your family could receive up to S$500,000 in a lump-sum payout with the FWD Personal Accident Insurance Plan.
You Want COVID-19 Financial Protection
Some personal accident plans cover COVID-19, much like Dengue fever and other infectious diseases. This kind of plan can be especially beneficial for those who travel outside of the country for work, or any other reason. With an additional rider, you can add coverage for medical expenses overseas up to S$30,000.
A personal accident plan acts as a financial safeguard in the case that you or your loved one contracts COVID-19. Your general health insurance may cover large hospitalisation costs, but some people require post-hospitalisation treatment for their COVID-19 cases. With the right PA plan, you can rest easy knowing you and your family won't be burdened with high out-patient costs that may accrue from a COVID-19 diagnosis.
You Have Children
As children get older and more active, they begin to test the world outside of their parent's comfort zone, which naturally leads to more accidents. In fact, falls are the leading cause of nonfatal injuries to children, whether it's falling off their bike or falling on the playground. With this in mind, the right personal accident insurance plan can ease some of your fears, knowing that your children are protected in case of an accident, illness or food poisoning.
A PA plan will act as financial protection against high medical costs in the case that your child falls down at the playground or contracts common diseases like Hand-Foot-Mouth disease. Conversely, your children will also be protected with a PA plan if you are the one in need of treatment, as your beneficiaries receive the lump-sum payout in the case of an accident or illness.
Should You Get Personal Accident Insurance?
If you have a low-risk lifestyle, then personal accident insurance may not make sense for you and your family right now. However, if you can determine that your lifestyle is more accident-prone than the average person, then a PA plan can go a long way.
Resources From ValueChampion
Best Personal Accident Insurance In Singapore 2021
Who Should Buy Personal Accident Insurance?
Average Cost and Benefits of Personal Accident Insurance 2021