A Saturday morning soccer game can turn into a major financial burden for your family if you do not have proper accident insurance.  If your son breaks his ankle while kicking the ball through the goal posts, it can easily consume a month’s salary. You now have bills for ambulance and emergency treatment, and debt accumulating for weekly physical therapy treatments.

What are accident plans?

Accident insurance covers expenses incurred a the result of personal injury from an accident. The type of medical issues covered can range from fractures and a broken tooth to burns. Hospital stays are also covered, and may include long-term stays such as in the case of a coma. Your standard health insurance will not typically cover these expenses.

In the event of an accident, you can buy coverage for medical-related services including ambulance, emergency and non-emergency care, medical exams, hospital stays, therapy, surgery and medical equipment. Accidental death and permanent disability is covered. Accident insurance in Singapore helps you handle the medical and out-of-pocket costs that add up after an accidental injury. This includes emergency treatment, hospital stays and medical exams, and other expenses you may face, such as transportation and lodging needs.

Please note, however, that definitions of certain terms may vary across insurance companies.

Accident Insurance helps you handle the medical and out-of-pocket costs that add up after an accidental injury. This includes emergency treatment, hospital stays and medical exams, and other expenses you may face, such as transportation and lodging needs.

Please note, however, that definitions of certain terms may vary across insurance companies.

What to look out for when buying accident plans in Singapore?

Whose covered? Check to see if travelling partners, spouses and children are covered. Are children included or covered up to a certain age? If you buy a family plan, will an unmarried partner be covered?

Special services such as emergency assistance may be contingent upon you taking out a certain level of insurance, say, $500,000.

Under certain circumstances, the benefit may be doubled or tripled. An individual covered by Prudential travel insurance and travelling in a private or public vehicle will receive double and triple benefits, respectively. A child in an accident at school, during school activities or on a bus may get double benefits, whereas the weekend soccer injury at a community centre would be subject to the normal benefit payout.

When will accident plans in Singapore not pay?

Beyond the standard coverage, the additional services covered by a policy will vary greatly from one insurer to another. A number of accident-related events may not be covered by a primary accident insurance policy. NTUC Singapore covers the following events, but some policies will charge extra:

– acts of terrorism, hijacking
– motorcycle riding
– suffocation by smoke, fumes, gas or drowning
– riots, strikes
– disappearance
– miscarriage due to an accident or infectious disease

NTUC will pay some fees towards a Chinese medicine practitioner and chiropractor. This is a standard feature in many Asian policies, but not all. Prudential provides separate coverage for fractures, burns and dislocations. Coverage can be region-specific. Your policy may not cover you in countries where the risk of injury is high due to a high risk of terrorism or war.

Insurance Questions to Ask Your Financial Consultant

How can it benefit you?

With a wide range of accident plans in Singapore, it is possible to tailor a plan just for you. Shopping for the right accident plan should involve reviewing many different plans, since what they have on offer varies greatly. If you have a high amount of loans – car loans, a mortgage, student loans, and so on – you will want to get outstanding loan coverage to ensure your bills are paid while you are ill. Ensure you have coverage to keep you accident insurance premium paid while you are off work.

Insurance companies are innovating to attract your business, so do not hesitate to update your plan. The newly introduced AXA SmartFamily Plan is an example of how highly specialized products are being designed to meet the post-accident needs of very specific niches. As a mother with young children at home and perhaps an elderly parent, you may be primarily concerned with homecare and keeping your busy homestead running smoothly. The Smart Family Plan had you in mind when it designed a policy to cover child guardianship, home nursing, doctor’s home visits, housekeeping services, and transportation for medical appointments.

Asian children today also have highly specialized needs. Ensuring all of your children’s needs are met in the event that you or your children are in an accident often requires more than one insurance product. The POSB Kids Care plan covers the basics of personal accident care and also specialized care such as hospitalization benefits for Dengue fever, influenza and other conditions. Chinese medical treatment in Singapore is included. The Child Education Fund helps cover your child’s education in the event something happens to you, the parent.

If you are at risk for injury due to an occupation or hobby, you may be able to get discounts on your premiums. The sports injury market, for example, is very competitive and insurers are willing to offer discounts and special deals to attract clients.

Different Types of Accident Coverage

The type of coverage varies greatly among insurers. Motorcycle riding often requires a separate, higher premium policy. You would not want to overlook disability coverage, provided by NTUC but not by GreatEastern Life, in which case you will require additional coverage. Accident coverage is commonly taken out for trips based on a daily rate, but as plans become more affordable annual coverage is becoming more popular.

 Accident Plans In SingaporeNTUC

PA Assurance

Prudential**

Comprehensive Personal Accident III

GreatEastern Life

AccidentCare Plus II

Types of CoveragePermanent disability

Medical expenses

Physiotherapy/home modification

Child support fund (event of death)

Infectious disease (optional)

Accidental death and dismemberment

Minor injuries

Medical expenses

Motorcycle riding

Overseas evacuation

 

Not covered: Disability, critical illness

Maximum Benefits

 

Accidental Death

 

Permanent Disability

 

Medical Expenses

 

 

 

$100K – $1 million

 

 

$150K – $1.5 million

 

 

$2K – $20K

 

 

 

+Dismemberment $50K

 

 

 

 

$5K

 

 

 

$200K

 

 

$200K

 

 

$10K

 

Premium$198-$950 Group A/year

Children: 40% discount on premiums

$0.35 a dayMale, 30

$63.84/month

 

 

Singaporeans do not need to settle for general accident insurance policies. Write a wish list of all of your accident coverage needs before speaking with insurance providers. Insurers are adding more and more additional benefits à la carte, allowing you to design an accident policy plan for you busy lifestyle.

**Prudential recently launched a new insurance plan for personal accident and savings – PRUpersonal accident

Introduction To Insurance – A Beginner’s Guide

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).