Accident Insurance Comparison
If you were to meet with an accident tomorrow, would you be financially prepared? If you are not in the capacity to work during an extended period of time, how would you pay for the cost of your hospitalization and the months of medical treatments? Play smart and be prepared in case an accident occurs.
There are a variety of Personal Accident(PA) insurance policies available in Singapore. However the terms of these policies vary a lot as compared to other insurance policies. In contrast to a basic life insurance, a personal accident policy is meant to cover death directly resulting from accidents, while does not cover death due to natural causes. Generally, personal accident policies do not cover people who could be argued to be ignorant and those who willfully expose themselves to danger. However, the premium is generally cheaper as its area of coverage is stricter. If you have specific need then careful comparison would be required of available polices to give you value for your money. This would require you to examine several factors and compare different plans. Here’s a list of things that could be important for you in making your choices:
Coverage: Is the policy coverage adequate for yours and your family’s needs? You should to understand the scope of the coverage and what types of coverage the plan includes. For example, you may wish for a policy that gives you hospitalisation benefits and covers medical expenses. You may also consider the compensation for loss of pay due to accident or compensation for temporary or permanent disability due to accidents.
Exclusions: Exclusion clauses on personal accident covers are need to be read and understood carefully. Failure to understand these policies brings up unwanted disputes and can also lead to rejection of claims. Different insurance companies have different sets of exclusions. Generally, the policy exclusions include a list of several circumstances that your policy does not cover. For instance, most personal accident insurance excludes coverage for diseases, self-inflicted injuries, and other illegal activities. Some plans have much reduced coverage if the accident is caused by a “risky” activity. You should understand the restrictions of each plan, so that its easier for you to make your decision based on what is more important.
Benefits: In order to find the right personal accident plan, you need to know the total sum of compensation the insurance company would pay you. Note that each type of accident or injury may have different compensation amount attached to it. Benefit plans also vary by insurance companies. Some companies offer 100% of the sum insured on certain injuries, while 50% to 25% on “risky” activities. Sum insured means the maximum amount an insurance company will pay in compensation in the event of an accident.
Beneficiaries: In the event of your demise, your next of kin nominated as beneficiary will receive the compensation from your insurance cover. It is important to nominate someone and to make sure that they are aware of this. Without a nomination, it would take a longer process for the company to compensate. This happens because there will be a need to obtain the grant of probate or letters of administration from the court to manage the policy money.
As Independent Financial Consultants, we provide insurance plans from most of insurance companies. We list several popular Personal Accident insurance plans from different insurance company for your comparison as below:
- AIA Accident Insurance
- AXA Accident Insurance
- Great Eastern Accident Insurance
- HSBC Accident Insurance
- Tokio Marine Accident Insurance
- NTUC Accident Insurance
- Prudential Accident Insurance
- Tenet Accident Insurance
If you feel difficult to find a trusty and professional financial consultant, or if you need an independent financial consultant for unbiased advice. We can recommend a trusty financial consultant to discuss your insurance needs FREE of Charge, please fill the online form in Contact Us now. Our recommended financial consultant will contact you to make you understand how to choose suitable insurance to meet your needs.