If you were to unfortunately fall down a flight of stairs, would your insurance policies cover for your injuries sustained? The answer is maybe, you might be able to claim from your insurance if your injuries are severe enough to require hospitalisation. However, if you are not hospitalised then the cost of these outpatient treatments are likely to be borne by you. This is because while your life and health policies provide comprehensive coverage, they typically do not cover outpatient medical expenses. Therefore unless you have a personal accident policy, it is unlikely that such accidents will be covered by your insurance.
(See "How Much Should You Have In Your Emergency Stash?")
What are Personal Accident Plans?
Personal Accident (PA) plans provide coverage for accidents and can be used to complement any existing life or health policies. In the event of an accident, the insured will be able to claim for inpatient and outpatient medical expenses, hospitalisation costs, permanent or temporary disability and death. Additional benefits such as daily hospitalisation allowance, re-employment benefits or a weekly income for temporary inability to work are usually also included in PA plans.
(See "Comparing Term Life Policies")
#1 For your child
If your child attends childcare, then perhaps you may be aware of the risks of contracting Hand Foot & Mouth Disease (HFMD). Common among young children and infants, HFMD is a common illness that can easily be spread to others due to its contagious nature. While HFMD usually isn’t serious, the recovery period can still take up to 10 days.1 With PA plans offering coverage for infectious diseases such as HFMD and dengue, parents can rest assured knowing that they would be able to claim for their child’s treatment costs. This includes hospitalisation and/or other outpatient treatment costs that may not be claimable from Medishield.
(See "Here's How Money Can Buy You Happiness")
#2 For young parents
For young parents or those looking to start a family, a personal accident plan may be useful to have. Providing cash benefit for each new-born child and additional pay outs in the unfortunate event of a miscarriage, a PA plan can provide young families with a peace by mind by offering comprehensive coverage. Furthermore, apart from just providing coverage for the insured, some PA plans also provides complimentary coverage for the insured’s children and/or parents if both spouse are covered under the same PA plan. Other features include coverage for your domestic helper and an education fund where your child will receive a lump sum for his/her education should either parent unfortunately pass on due to an accidental death.
(See "What Wikipedia Can't Tell You About Your Child's University Education")
#3 For all who are active
With PA plans providing coverage in the event of an accident, it is generally suitable to be used by anyone mobile. Take for example a road accident where you are left injured and unable to work. In such a scenario, a PA plan could provide you with a weekly income benefit until you are fit and able to resume your usual work duties. Additionally, PA plans also covers treatment expenses should you need to visit a chiropractic or Chinese physician for treatment following an accident.
(See "Want An Early Retirement? Find Out How Much It Costs")
How FSMOne can help you get on track
Our team of friendly advisers are able to help you review your financial objectives, long term commitments, and offer you investment and insurance advice specific to your needs. If you would like assistance in reviewing your financial and protection portfolio, or simply to get a quote for an insurance plan,
Available Products on FSMOne Insurance |
Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment from Manulife, NTUC Income and Tokio Marine Life Insurance *Please check with our advisory team if the product you want is available on FSMOne Insurance |
1Source: https://www.cdc.gov/features/handfootmouthdisease/index.html
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