Personal Accident Insurance
So you’ve used the excess time during the circuit breaker to review your finances, do the math and possibly figured out that your coverage has got gaps. With whole life, term and Integrated Shield plans being the mainstays, the gaps could come in the form of critical illness or personal accident insurance.
But today, let’s talk about personal accident insurance. And in case you are also looking out for protection against infectious diseases, something that has taken on a life of its own recently, personal accident insurance plans have increasingly turned hybrid by including COVID-19 coverage.
Let’s look at what a personal accident plan really entails before we compare the best plans out there.
What does a personal accident plan cover?
Simply put, a personal accident insurance policy is a type of general insurance that provides benefits in the case of accidental death, disability and injury. The benefits usually cover all phases of suffering an accident, from evacuation to hospitalisation and treatment, rehabilitation and recovery. In case of a fatality, personal accident plans also provide a death benefit.
It can be a tad confusing to gauge its benefits because a personal accident plan tends to overlap with other types of insurance, such as life plans, MediShield/hospitalisation plans, and travel insurance even. Ultimately, a great personal accident insurance plan, depending on the type and level of coverage, could provide you a lot higher assurance than a regular health or life insurance might.
When shopping for a personal accident insurance plan, make sure that the basics are covered. These include accidental death and disability, inpatient and outpatient coverage (several good plans include physiotherapy and Traditional Chinese Medicine aka TCM treatments) as well as a per diem benefit for hospital stays.
Who should take up personal accident insurance?
It could be your go-to plan if you want higher protection against unforeseen accidents in general. It could also be for all of you who are self-employed, regularly engage in outdoor activities and sports, or simply require higher payout for your family in case of accidental death.
Here’s our roundup of the best personal accident insurance plans.
1. FWD Personal Accident and Infectious Disease Coverage
Like we mentioned earlier, infectious diseases (namely COVID-19) have taken on a life of its own recently, and insurance protection against these threats are increasingly being merged into personal accident plans. One model example is the cutting edge FWD Personal Accident and Infectious Disease Coverage by FWD Singapore.
The standard death and TPD payout of $100,000 may come across run of the mill, but you’d be hard-pressed to find one with a higher death coverage from COVID-19 of $50,000, for the going premium of $98/year. It’s the first plan to offer the widest coverage of infectious diseases compared to others; other than COVID-19, Dengue fever, Zika, SARS and Hand, Foot & Mouth Disease make up part of the 24 infectious diseases covered on the list.
There’s an up-to-$100 daily hospital income benefit for up to 365 days, for ICU victims. FWD Personal Accident and Infectious Disease Coverage is also perfect for workers in risky professions like construction and transport; there’s no occupational loading, meaning you don’t get ‘penalised’ with heftier premiums just because you derive satisfaction from laying bricks.
Annual premium: From $98
2. Aviva Personal Accident (Lite)
Assuming you take advantage of the 50% promo, Aviva’s Lite is one of the budget options for personal accident-only plans. It passes for a worthy entry-level choice (wouldn’t be surprised if a lot of sign-ups come from those in the army!), with some nice touches such as a free child cover (up to certain limits) and a high TCM benefit of up to $500. If you work a desk job that causes prolonged backaches, headaches or carpal tunnel, and just want to get a basic personal accident plan without thinking too much about it, this is a good bet.
Its TCM coverage isn’t the only noteworthy component. Medical expenses for both in and outpatient treatment is relatively high at $3,000, when most others cover only up to $2,000.
Annual premium: From $171 (before 50% discount)
3. NTUC Income PA Assurance
If you’re looking for something more comprehensive with higher coverage for yourself and your family, NTUC’s Income PA is one to assure them with. It has all of the expected entry-level coverage, such as $100,000 in accidental death benefit and $2,000 in medical expenses. For a top-up of its $19 rider, you enjoy bumper protection against 21 infectious diseases (including COVID-19)—the closest to FWD’s list of 24.
The rider also includes a unique child support fund of $5,000, diagnostic procedures and tests (up to $1,000), physiotherapy (up to $1,000), ambulance fee, weekly cash allowance and more.
The comprehensiveness of the coverage, however, comes with a price—for new policyholders at least. Existing policyholders of NTUC Income PA would be glad to know they are eligible for free COVID-19 coverage until 31 August 2020.
Annual premium: From $198
4. AXA SmartPA Protect+ (Silver)
AXA understands that a good insurance plan is really all about going back to the basics, and then doing it well. The foundation coverages of accidental death and total permanent disability is higher than average at $150,000 and $225,000 respectively, and the medical expenses for in and outpatient treatments are split: although you get only $2,000 for outpatient ones, inpatient expenses coverage is double at $4,000.
AXA SmartPA also bundles COVID-19 benefits given this year’s spate of events. COVID-19 related cause of death pays out $20,000 and hospitalisation offers daily income of $200 a day (for up to 90 days). Both new and existing policyholders can enjoy free COVID-19 coverage till 30 September 2020, or when DORSCON reverts to green—whichever comes first.
Annual premium: From $158
5. Sompo PA Star
Sompo’s PA Star offers three pre-packaged tiers of coverage, with an option to add what they call ‘top-up units’ as well as optional riders when you need them. Taking the deluxe plan for instance (also for a better matched comparison with the other plans here), you would be looking at $100,000 in sum assured, and a double indemnity payout if two policyholders meet with an accidental death. The more standout coverages lie in the $3,000 in and outpatient medical expenses, the extra $200 per day in hospital cash for ICU cases, and a guardian angel payout of $1,000 for 12 months—something many other personal accident insurance lack.
Guardian angel refers to the child support fund that’s paid out if the policyholder is a deceased parent. The only other plan on this list with such a benefit is FWD Personal Accident and Infectious Disease Coverage, at a generous $100,000.
Speaking of children, an interesting feature is their goodwill cash payout of $100 for Marriage and Baby (and that’s per child!) So this one’s a pretty good option if you’re an engaged young couple.
Annual premium: From $192.60
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