3 Reasons Why Every Working Professional in Singapore Needs Personal Accident Insurance

1. 3 Reasons Why Every Working Professional in Singapore Needs Personal Accident Insurance A personal accident insurance plan is one that provides policyholders the financial support in the event of an unfortunate accident occurring. Many Singaporeans wonder whether they need a personal accident insurance plan in addition to their existing life insurance and health insurance policies. The answer to that is ‘yes.’ Personal accident coverage goes above and beyond to comprehensively secure your finances in the event of an unfortunate mishap. It works complementary to your existing life and health insurance plans to holistically secure your finances at any and every stage of life, come what may! It is very important for the breadwinner in every household to have a backup plan in case things go awry. To that effect, let’s look at 3 reasons why a working Singaporean needs personal accident insurance.

2. Supplements your existing medical insurance. Medical insurancecoversyour hospital bills in case of an unfortunate event. However, not all accidents, injuries & medical conditions require hospitalisation. Some of them can be treated with a couple of visits to the necessary medical practitioners. This is where personal accident insurance will step in and supplement your financial needs in case of unforeseen & unexpected events. Of course, some accidents, injuries & medical conditions do lead to hospitalisation. In this case, your medical insurance plan will cover the cost of your treatment. However, you can also opt for riders with your personal accident insurance that also providesweekly indemnities. All-in-all, personal accident insurance is an excellent additionto your existing medical/hospitalisation insurance to ensure comprehensive coverage in the event of an accident.

3. Offers death benefit If the policyholder passes on due to an accident, the personal accident insurance offers a payout to their beneficiaries. The beneficiaries are normally family members who are financially dependent on the insured person. This payout can help supplement the amount that dependents get through life insurance and provide

4. Reimburses for home modifications An accident might see you needing certain renovations at home to make getting around easier. For instance, if you need to use a wheelchair while you recuperate, you might want to lower the shelves at home so you can reach for things without constantly asking for help. These modifications may be pretty pricey and are certainly not covered by health insurance. Therefore, it makes sense to opt in for a personal accident insurance policy that reimburses you for home modifications required as a direct result of your accident. If you live alone, you could also use the payout from this insurance to keep domestic help to assist you at home.

5. Thus, we can see how a personal accident insurance plan can truly pay for the extra expenses that may arise due to an unforeseen circumstance. Remember – life can be unpredictable but you can ensure stability with the right insurance products. Speak to a reliable agent today about the options of personal accident insurance suited to your needs. Do discuss with your spouse and choose the plan that will best protect your family.

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