A Simple Guide To Personal Accident Insurance
You may ask, aren’t personal accidents covered by my regular health insurance? Or is there even any difference between personal accident insurance and health insurance? Where does critical illness insurance come into this equation?
The lines between different insurance types can seem a bit fuzzy at times, so we’ll try to clarify them for you!
What is Personal Accident Insurance?
Personal Accident insurance covers you in case of an accident - defined as an external event which is completely out of your control - causes immediate physical harm to you. The consequences of an accident may be an ambulance ride, an extended stay at a hospital, surgery, outpatient care, physical therapy, and much more. For these cases, your regular health insurance most likely does not provide full coverage. Therefore, having personal accident insurance is vital in order to avoid having to pay out-of-pocket.
Furthermore, an accident can be much more than breaking your leg. You could become permanently disabled, whereby your personal accident insurance provides a one-time lump sum payout. Food poisoning or an infectious disease could claim your body, and for this case, as well, your personal accident insurance provides coverage!
What does Personal Accident Insurance cover?
There are some major areas of coverage for personal accident insurance plans. In addition to these, you can add a mixture of riders. To further complicate the matter, personal accident insurance can, in some cases, be a rider in itself to a health insurance plan. The major coverages are shown below, using eTiQa’s “ePROTECT safety” as an example:
These are only the major coverage areas of a personal accident plan. Some plans may have more areas and some may have less. Getting a plan with comprehensive coverage, over a large number of areas, is important! You never know what will happen, so it's safest to plan for the worst.
Why is Personal Accident Insurance important?
Why is personal accident insurance important? While your health insurance policy covers the basics and normalities, personal accident insurance covers the unexpected. If you are a working adult with a family to support, for example, you could get hit by a bicycle or even a car, resulting in a broken leg and a huge dent in your family’s finances. With personal accident insurance, that dent will be drastically smaller!
We often falsely believe that we are unbreakable and unstoppable. There are always events beyond our control which say otherwise. These events are the ones which personal accident insurance aims to cover! If you have dependents, it is extra important to obtain personal accident insurance. If you are a risk-seeking individual who partakes in activities with increased accident risk, you may want to consider purchasing higher coverage.
How does one obtain Personal Accident Insurance?
Purchasing personal accidental insurance is only a few clicks away via PolicyPal! Once you’ve purchased it, your policy will be automatically uploaded onto the PolicyPal app, where all your policies can be viewed on-the-go, even when overseas. You’ll be able to get an overview of all of your coverages and premiums in one single place. No mess and no confusion, it is the one-stop-solution to all of your insurance matters!