Personal Accident Insurance Policy | Why you need Insurance Protection?

Insurance | Personal Accident Insurance
by Priyadarshini 10 March 2023

Unfortunate events can strike anytime, anywhere. Insurance policies can come in handy and protect you when unforeseen happens. Accidents can happen to anyone and that’s why it is important to have a personal accident insurance plan. In this blog, we discuss why you need a personal accident insurance policy.

Is it Necessary for You to Have Personal Accident Insurance Policy?

You have a Dangerous Job

You need personal accident insurance if your job involves any element of physical danger. This is especially true if you are not eligible for mandatory Work Injury Compensation Insurance. And you lack or have insufficient employer-sponsored insurance. In this scenario, a personal accident insurance can save your life. So, if you work in construction, a factory, or as a delivery driver, you should definitely get insured.

You Have Family Members Who Rely Financially on You

If you die or become unable to work, your family members will be in a dire financial situation. Hence, it is critical to protect them with insurance in the event that something unfortunate happens.

You Commute by Motorcycle, Bicycle, or Electric Scooter

Singaporeans aren’t the most cautious or considerate drivers. That means riding a motorcycle, bicycle, or e-scooter on the road is akin to accidents or injuries. If you commute to work with your own vehicle, you’re more likely to be involved in an accident as compared to others. So, you need to get an insurance plan with good coverage.

You Engage in Risky or Extreme Sports

If you are a parkour enthusiast who enjoys jumping off the roofs of buildings or climbing mountains for fun, your chances of being killed in an accident may be higher than someone who enjoys reading. Get yourself an insurance plan that covers most of your risky activities.

You Frequently Travel to Remote or Dangerous Areas

Singapore is a safe city, but many other places around the world are not. Get personal accident insurance if your job is to travel to remote areas or visit war-torn or crime-ridden countries. Any unwanted situation may occur anytime. And good insurance coverage will save you.

Personal Accident Insurance Policy v/s Health Insurance Policy?

You may think that having personal accident insurance is a good idea, but you already have health insurance that will cover you if you are hospitalisede. We tell you the difference between the two. Health insurance covers the cost of medical treatment in the event that you are hospitalisede. However, if you are killed on the spot due to an accident, your health insurance is of no good! It will not pay your family a dime.

If you survive an accident but are permanently and totally disabled, personal accident insurance will give you a payout.  It helps you to survive the rest of your life without working. Whereas health insurance only covers medical bills. Moreover, it does not provide any additional benefits.

A personal accident insurance policy only covers you if you are involved in an accident. It does not cover you if you become ill or are injured because of other reasons. Health insurance, on the other hand, pays your expenses regardless of the reason.

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