5 Frequently Asked Questions on Personal Accident Insurance Plan

1. 5 Frequently Asked Questions on Personal Accident Insurance Plan Personal accident insurance is one of the most overlooked types of coverage in Singapore. This is quite unfortunate, especially given its usefulness. Imagine this – you trip and fall while hurrying to work one day. In the process you fracture your hand or leg. The pain of the injury is compounded by the financial impact of medical expenses – there is the cost of immediate treatment, followed by multiple rounds of physiotherapy– it can reallyhurt your savings!  . A personal accident insurance can back you up in such situations that are not covered by your regular health insurance plan. If you are new to this type of coverage, you may have a couple of queries in mind. Read on below for the most frequently asked questions on personal accident insurance.

2. 1. What does a personal accident insurance plan cover? • A personal accident insurance plancovers you in many scenarios. • For examples, • injuries cause by accidents, accidental death, • several infectious diseases (e.g. hand, foot, and mouth), • insect and animal bites, dengue fever, • and food poisoning, among other unforeseen circumstances. • Your personal accident insurance also offers reimbursement for home modification that may be needed after an accident. • 2. Does my coverage extend internationally? • Yes, leading Singapore insurance providers offer personal accident insurance plans with worldwide coverage. Policyholders usually get access to a 24/7 toll-free number that they can use to contact the insurance provider from anywhere in the world.

3. 3. Do I need personal accident insurance if my employer has covered me for outpatient costs under a group insurance plan? • Definitely yes! A group insurance plan will usually have many restrictions in place. For instance, there may be a limit on the coverage you can claim in a year. It is better to always supplement this plan with a personal accident insurance planof your own. Moreover, your employer’s group insurance will not offer coverage for your family members. Therefore, you would need to take a personal accident insurance plan that secures you and your loved ones too. • 4. Can personal accident insurance be added as a benefit onto my existing insurance plans? • Yes, you can add personal accident insurance as a benefit onto your existing plans. Most leading insurance providers allow you to add personal accident benefit as a rider to your life insurance and retirement savings plans.

4. 5. Can I add any supplementary riders to my personal accident insurance plan? • Yes, you can increase the coverage of your personal accident insurance plan with the help of suitable riders. These riders offer benefits such as daily cash pay-out on being admitted to the Intensive Care Unit, extra expenses for injuries such as fractures, and reimbursement for transport costs, among others. • As we can see, a personal accident insurance planoffers many benefits to the policyholder. Therefore, do opt in for this coverage as soon as possible. Make sure to get personal accident insurance for all your family members as well. Remember that holistic insurance coverage can truly protect your finances in dire circumstances. Discuss the various options of insurance with your spouse and pick the plans that fit your needs. We hope this article has helped you. Take care.

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