What Is Personal Accident Insurance And Do You Need It?

What Is Personal Accident Insurance?

In Singapore, personal accident insurance is a type of insurance policy that provides coverage for accidental injuries, disabilities, or death resulting from an accident. It also covers infectious diseases such as Dengue and Hand, Foot & Mouth disease.

It is typically purchased as a standalone policy,

Personal accident insurance policies generally provide a lump-sum payment to the policyholder or their beneficiaries in the event of an accidental injury or death.

The policy also provides reimbursements for medical expenses, hospitalization, physiotherapy and rehabilitation costs related to the accident.

In Singapore, policies also reimburses medical bills from Traditional Chinese Medicine (TCM).

What Does Personal Accident Insurance Cover?

Personal accident insurance policies can cover a wide range of items which include the following.

  • Accidental injuries, such as those resulting from motor vehicle accidents, falls, or sports-related accidents.
  • Injuries from traveling, working, or participating in adventurous or higher-risk activities.
  • Food poisoning
  • Infectious diseases such as Hand, Foot and Mouth Disease and Dengue.
  • Injuries sustained during National Service and reservist trainings.

Policies can also provide worldwide coverage for the above items.

How Does Personal Accident Insurance Complement Your Existing Insurance Coverage?

  1. Income protection. Personal accident insurance can provide you with a lump-sum payout or ongoing benefits in case you are unable to work due to an accidental injury. This can help cover your lost income and other expenses.
  2. Additional Medical Expenses. personal accident insurance can cover your medical expenses which are usually not covered by your existing health insurance. These include physiotherapy, acupuncture & TCM, outpatient treatments and others.
  3. Coverage For Disability. Personal accident insurance can provide coverage for permanent or temporary disabilities that may result from an accident. This can help cover the cost of medical care and rehabilitation services, as well as any necessary modifications to your home or vehicle.
  4. Travel Protection. Personal accident insurance can provide coverage for accidents that occur while traveling. This can include coverage for medical expenses, emergency medical transportation, and other expenses related to accidents that occur while traveling.
  5. Coverage For Sports Injuries. Personal accident insurance can provide coverage for injuries that occur while participating in sports or other high-risk activities. The policy includes coverage for medical expenses, lost income, and other related expenses.
  6. Coverage For Accidental Injuries Or Death Resulting From An accident. This coverage is typically not included in traditional health insurance policies, which are designed to cover medical expenses related to illnesses and non-accidental injuries.
  7. Affordable Premiums. Personal accident insurance policies can be quite affordable, with premiums that fit within most budgets. This means that you can get the protection you need without breaking the bank.

Who Should Consider Getting Personal Accident Insurance?

  1. People who enjoy doing sports casually or those that participate in high-risk sports or activities, such as mountain climbing, skydiving, or motor racing.
  2. People who travel frequently, especially those who travel to high-risk destinations or engage in adventurous activities while traveling.
  3. Individuals who are the sole breadwinners for their families may want to consider personal accident insurance to ensure that their family is financially protected if they are unable to work due to an accidental injury.
  4. Self-employed individuals or those who do not have disability insurance through their employer.
  5. People who may be more likely to suffer an accidental injury on the job such as delivery riders and private hire drivers
  6. Individuals who work in hazardous environments, such as construction sites, factories, or oil rigs.

Personal accident insurance can provide peace of mind knowing that you have additional coverage in case of an accident. This can be especially important if you have dependents who rely on your income or if you work in a higher risk occupation.






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