Is Personal Accident Insurance Worth It?

Many things in life are unpredictable. Accidents can arise when you least expect them. In most cases, accidents occur because you are careless or just in the wrong place at the wrong time. If any of these occur, you may sustain serious injuries and may be unable to continue your usual employment to earn a living. This is where personal accident insurance comes in handy, as it can provide you with remuneration benefits, which you cannot typically claim from your health insurance.

Having a personal accident insurance policy is a sound investment. It will provide you with peace of mind, knowing you and your family are taken care of financially and still be able to continue enjoying a similar standard of living, even with the loss of your income.

When it comes to personal accident insurance, there are many factors to consider. We will go through each of them in this article and the additional health coverage that comes with it.

What is a Personal Accident Insurance?

Personal accident insurance like MSIG ProtectionPlus offers financial support and protects you from a loss of income against unforeseen occurrences, such as accidents that could result in bodily harm, permanent partial or total disability, or even accidental death.

You are compensated with a $200 daily hospital cash benefit for a maximum of 50 days, so you can focus on recovery and worry less about your loss of income.

Policyholders also have a choice to add on additional insurance coverages, such as coverage for your entire family, protecting the needs of your loved ones too. It will provide added benefits to children dependent on you and helps to give you an added layer of financial support.

Why should you get a Personal Accident Insurance?

Accidents can happen when you least expect them to. As we get closer to retirement, we will find that we have more time for significant activities like trying out adventurous pastimes or travelling on once-in-a-lifetime trips. We also run a higher risk of becoming more susceptible to being involved in an accident, which could result in injuries that require a longer recovery period and also incur a higher medical expense for treatment and recovery. Even in accidents that are not as serious, injuries could prevent you from working for a period of time and leave you with medical bills that you cannot typically claim from your general health insurance.

There are multiple personal accident plans offered in the market, and it is essential that you evaluate your options before signing up for one.

For example, suppose you are working part-time in a low-risk job. In that case, you might not need a comprehensive personal accident plan because the likelihood of you being involved in an accident is relatively low.

On the other hand, if you work in a high-risk job or lead an adventurous lifestyle, you might want to consider getting personal accident insurance with better coverage because you are more likely to be involved in an accident.

A personal accident plan is an important component of your overall insurance coverage. Assessing your lifestyle and financial situation when deciding to get one is crucial.

There are several key benefits of getting personal accident insurance, as detailed below.

Be Prepared In the Event of Unexpected Accidents

No one knows when you will have an accident, which is why supplemental insurance is important. It can help you get back on your feet after an unexpected accident. Your health insurance only provides coverage when you are hospitalised and for medical treatments. Suppose you are unable to continue with your usual employment after an accident. In that case, your emergency savings can be quickly wiped out, which is why a personal accident plan is an important component of your overall insurance coverage.

If you were declared to have a permanent disability, our plan would cover expenses such as accident-related medical bills. Getting a personal accident plan like MSIG ProtectionPlus with high permanent and total disablement cover will certainly be helpful in such cases.

Leading an Active Lifestyle

For white-collar office workers who recognise the need to stay healthy and are seeking to pursue an active lifestyle but are worried about the drawbacks of getting injured and the inconveniences that could hinder your daily life, ProtectionPlus is a plan that can help to put your minds at ease, providing useful benefits to you.

Safeguarding your children

For parents, your children are your utmost priority, and planning for your children's insurance is also a key concern of yours. With our PA plan offering complimentary health insurance coverage to children up to 18 years old, parents can feel assured that your children are taken care of.

Insurance is not something to be neglected. Accidents can arise when you least expect it. The point is, you never know, so it is always better to be well-protected. Here are more reasons why getting personal accident insurance is important.

Benefits from Additional Coverages

This includes additional coverages of what general health insurance might not cover, such as rehabilitation, and is a great way to supplement existing coverage. In the unexpected event of a fatal accident, the additional payout can also offer an extra layer of a financial cushion to your remaining family members.

Requires no Medical Underwriting

If you have been refused life insurance, personal accident insurance is a great option, as it usually does not require any medical underwriting.

Relatively Affordable

Policies are not too expensive, depending on the coverage you opt for. Personal accident insurance is a feasible alternative when regular health insurance coverage is too pricey.

You're Self-Employed

Those who are self-employed, especially those who engage regularly in outdoor activities or sports, and those who are in high-risk jobs, will need to be insured. You can be particularly vulnerable without appropriate health insurance, stable income or extra savings, and a lack of employment benefits such as hospitalisation insurance or paid leave. If you lose your ability to work, personal accident insurance provides you with an extra layer of financial cushioning.

A Peace of Mind

You will be less likely to worry about finances and obtain a greater peace of mind and the ability to spend time on significant activities that are important to you, knowing that you and your loved ones are taken care of in case of any unforeseen event. You will also receive 24-hour worldwide protection against unexpected accidents.

What does Personal Accident Insurance cover?

Below are some benefits to highlight for MSIG ProtectionPlus.

Permanent and Total Disablement Cover

The plan provides a high permanent and total disablement payout of up to $375,000, relieving policyholders of financial stress due to unexpected events.

Worldwide Medical Expenses Cover

You and any of your insured will be able to claim up to $5,000 for outpatient medical expenses like Traditional Chinese Medicine (TCM) and accidental dental and mobility aids. Coverage continues even if you are on a short trip out of Singapore for a period of up to 6 consecutive months during the period of insurance.

Hospitalisation Cash Benefit

ProtectionPlus's policyholders will receive up to $200 daily for a maximum of 50 consecutive days if you met with an accident.

Temporary Total Disablement Cover

Suppose you are unable to continue with your usual employment due to a temporary total disablement. In that case, you and your family will be supported with a monthly income of $2,400 for up to 2 years.

Bereavement Grant

Our personal accident plan offers a $10,000 bereavement grant, one of the highest in the market. If you or any one of your family members has passed on, the beneficiary can claim this grant to use for funeral services and other costs.

Bonus Cover at no extra cost

Our plan also covers up to 3 children, ages up to 18 years old, when you and your spouse enrol at the same time. Moreover, your spouse will get to enjoy discounted premiums. Compensation is also provided for your children for injuries sustained while participating in contact sports like soccer, basketball, or rugby.

Third-Degree Burns Cover

Our plan also provides coverage for third-degree burns arising from any injury and will cover for medical expenses for injuries sustained due to cases such as fire.

Value-added Covers

Policyholders will be provided with valued-added covers that cover for injuries sustained while motorcycling as a rider or as a pillion rider, during reservist training or when partaking in adventurous sports such as diving, wakeboarding, bungee-jumping, surfing or snorkelling. With our value-added covers, you can also access the MSIG Assist helpline and receive assistance from us in the event of an emergency outside of the country.

Want to get protected?

With MSIG, you can choose from a comprehensive suite of insurance plans to help to protect you and your loved ones from unforeseen events, loss of income and high hospitalisation fees.

Choose from a range of annual premium plans under MSIG ProtectionPlus. Get you and your family covered from the unforeseen today!