Jeffrey Wade
Personal accident insurance is a type of general insurance that provides benefits in the case of accidental death, disability, and injury. It is a good-to-have policy that offers great coverage at a low cost. Personal accident insurance plans provide coverage for medical expenses due to accidents and infectious diseases, including COVID-19. In Singapore, personal accident insurance is offered by companies like Singlife, Income, FWD, MSIG, Allianz, and Prudential. These plans offer worldwide coverage, 24-hour emergency assistance, and benefits for dependents in the event of accidental death or disability.
| Characteristics | Values |
|---|---|
| Purpose | Provides benefits in the case of accidental death, disability and injury |
| Coverage | Includes infectious diseases, third-party liability, sports equipment coverage, COVID-19 medical treatment, hospitalisation, and global liability coverage |
| Age Limit | 70 years old |
| Annual Premium | From S$124.20 to S$141.80 |
| Benefits | Protection for the whole family, 24/7 worldwide coverage, 24-hour emergency helpline, payout on accidental death, and protection against unexpected medical expenses |
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What You'll Learn
Infectious disease coverage
In terms of what is covered, infectious disease coverage can help with the financial burden of medical expenses, including doctor's visits, medication, and follow-up consultations. This can be especially beneficial for families, as highlighted in June's story, where her family's personal accident insurance plan covered the costs associated with her daughter's HFMD.
It's worth noting that some insurers may only provide partial coverage for infectious diseases, with a 50% limit on relevant benefits. Additionally, certain plans may exclude coverage for infectious diseases that have been declared as epidemics or pandemics by relevant authorities, such as the Singapore government or the World Health Organization (WHO). It is important to carefully review the terms and conditions of your chosen insurance plan to understand the specific infectious disease coverage provided.
When considering infectious disease coverage, it's essential to meet the eligibility criteria set by the insurer. For example, FWD's insurance plan requires individuals to be Singapore citizens, permanent residents, or valid pass holders under the age of 65, with no recent travel history outside of Singapore and no previous positive COVID-19 tests.
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Coverage for young dependents
Personal accident insurance in Singapore provides financial protection for individuals and their families in the event of accidental death, disability, or injury. It is a type of general insurance that offers benefits such as coverage for medical expenses, hospitalisation costs, and, in some cases, infectious diseases. This insurance is particularly relevant for parents, as it can provide peace of mind and financial support in the event of an accident involving their children.
When it comes to coverage for young dependents, personal accident insurance plans in Singapore typically offer protection for children up to a specified age limit. This age limit can vary between insurance providers, but it is commonly set at 18 or 25 years old. The specific details of the coverage may also depend on the plan chosen and the insurance provider.
For example, some plans offer free coverage for children when both parents are policyholders, while others may charge a premium for each child. The MSIG ProtectionPlus plan, for instance, includes coverage for up to three children at no additional cost if both parents are insured. In contrast, if only one parent is covered, MSIG charges a premium for each child, ranging from S$10.70 to S$26.75, depending on the tier of the plan.
Singlife, on the other hand, offers free coverage for children, giving parents peace of mind. Their plan covers kids' medical expenses, property damage, and even protects the family from having to pay outstanding loans if the insured parent dies in an accident. This aspect of personal accident insurance is essential, as it ensures that children are financially protected in the unfortunate event of their parent's death or disability.
It is worth noting that personal accident insurance for children is not limited to high-risk activities or professions. Any child can benefit from this type of insurance, as it covers a range of accidents and injuries that could occur during everyday play, sports, or other routine activities. As such, parents or guardians in Singapore have a responsibility to ensure their children have appropriate coverage, which can be obtained as early as when the child is a newborn.
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Worldwide coverage
Personal accident insurance in Singapore offers worldwide coverage, ensuring that you are protected against accidents and injuries wherever you are in the world. This includes worldwide cover for hospitalisation and medical treatment, so you can rest assured that you will be covered for medical expenses if you are injured in an accident during your travels.
Some providers, such as Singlife, offer 24/7 global coverage with their comprehensive personal accident insurance plans. This means that you are covered for medical treatment resulting from an accident, no matter where you are. Claims should be submitted as soon as possible, and no later than 30 days after the incident.
Other providers, such as Prudential Singapore, offer 24-hour worldwide emergency assistance with their PRUPersonal Accident plan. This includes a dedicated helpline that policyholders can call if they are seriously injured in an accident while overseas. The plan also includes worldwide coverage against accidental death, accidents, and up to 21 infectious diseases, such as dengue fever and hand, foot, and mouth disease.
In addition to these comprehensive plans, some providers offer worldwide coverage for specific situations. For example, MSIG ProtectionPlus offers a Silver plan that includes up to S$1,000 in worldwide medical expenses coverage, including Traditional Chinese Medicine. This plan also provides a daily hospital cash benefit of S$200 for a maximum of 50 days if you are hospitalised due to an accident.
Overall, personal accident insurance in Singapore offers robust worldwide coverage, ensuring that you are protected against accidents, injuries, and medical expenses no matter where you are in the world. This gives you the peace of mind to travel and explore with the knowledge that you are financially protected in the event of an unexpected accident or injury.
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Premiums and payouts
Personal accident insurance in Singapore offers coverage at a low cost, with premiums and payouts based on the level of protection required. This type of insurance provides benefits in the case of accidental death, disability, and injury, with some plans also covering infectious diseases.
The cost of premiums varies depending on the provider and the level of coverage. For example, the annual premium for the FWD Personal Accident Plan starts from S$141.80, with a minimum sum assured of S$100,000. This plan offers a dedicated Guardian Angel benefit of up to S$500,000 per policy year, providing financial protection for dependents in the event of accidental death or permanent disability. The basic tier provides S$100,000 coverage for accidental death and disability, and S$2,000 for accidental medical expenses.
MSIG ProtectionPlus offers an annual premium starting from S$124.20, with personal accident coverage of S$100,000 for accidental death and up to S$150,000 for permanent and total disablement. The Silver plan includes up to S$1,000 in worldwide medical expense coverage, including Traditional Chinese Medicine. For those with young dependents, MSIG ProtectionPlus includes coverage for up to three children for free if both parents are policyholders. If only one parent is covered, the child premium ranges from S$10.70 to S$26.75, depending on the plan's tier.
Allianz’s Accident Protect offers a Silver tier policy with a S$50,000 payout upon accidental death, total permanent disability, or partial permanent disability. Singlife's personal accident insurance provides coverage for accidental injuries, hospitalisation, COVID-19 treatments, and global liability coverage. They offer a 10% discount for spouses and free coverage for children.
It is important to note that personal accident insurance benefits are only payable upon the occurrence of an accident, and there is no cash value if the policy ends or is terminated prematurely. The annual premium is independent of claims, and policyholders can choose to change providers each year. Additionally, some plans may not cover infectious diseases diagnosed within a certain timeframe or those that have been declared as epidemics or pandemics.
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Eligibility
Age:
Most plans require individuals to be within a certain age range, typically between 18 to 65 years old. Some plans may have a narrower age range, such as 18 to 50 or up to 70 years old. SilverCare Senior Personal Accident Insurance, for example, is designed specifically for seniors aged 50 to 75.
Residency:
Many plans require individuals to be residents of Singapore or to have a valid pass issued by the Singapore government and be residing in the country. For example, the Sompo Personal Accident policy is open to Singapore citizens, permanent residents, and foreigners with valid employment passes, work permits, or other specified passes, provided they are domiciled in Singapore.
Occupation:
The nature of an individual's occupation can also impact their eligibility. Insurers often classify occupations into risk tiers, with higher-risk occupations resulting in higher premiums. Some plans may have specific exclusions or restrictions based on the insured person's occupation.
Pre-existing Conditions:
While not always a factor in personal accident insurance, some providers may consider an individual's health status and pre-existing conditions when determining eligibility. This is more commonly seen in health or life insurance policies.
Hazardous Activities:
Participation in hazardous sports or activities, such as skydiving or racing, may be listed as exclusions in personal accident insurance policies. Engaging in these activities could impact an individual's eligibility for coverage or result in higher premiums.
It is important to carefully review the eligibility criteria and exclusions of a personal accident insurance plan before purchasing it. Each provider will have specific requirements, and understanding these details will help ensure that you meet the necessary qualifications for coverage.
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Frequently asked questions
Personal accident insurance is a type of general insurance that provides benefits in the case of accidental death, disability, and injury. It covers medical expenses due to accidents and infectious diseases.
Some personal accident insurance plans in Singapore include FWD Personal Accident Plan, MSIG ProtectionPlus Insurance, and Allianz’s Accident Protect. Singlife and Prudential Singapore also offer personal accident insurance plans.
Personal accident insurance provides financial protection for individuals and their families in the event of an accident. It can help cover medical expenses, hospitalisation costs, and protect against unexpected medical expenses. It also offers worldwide coverage and provides peace of mind for individuals and their loved ones.
