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­­­4 Benefits Of Having An Accident Protection Plan

[fa icon="calendar"] Oct 24, 2018 10:45:01 AM / by Teo Youliang Hakim

When someone brings up a possibility of an accident, you might scoff and think that there’s really nothing much that can be done about it. After all, an accident is something that’s out of our control. You can reduce the chances of it occurring, but when it happens, it happens.

There are many benefits of having an accident protection plan.

You should, however, be worried about the after effects instead. Accidents can cause permanent disabilities which often require long term and expensive medical care. Are you and your family financially prepared in the event of an accident? Hence, here are four benefits of having an accident protection plan in place.

1.   Financial Coverage

With accidents becoming more common every year, it’s increasingly important to have an insurance coverage in place. A 2018 newspaper report from Today reported a threefold increase in accidents involving personal mobility devices, bicycles and power-assisted bicycles, which left victims with staggering medical bills due to the lack of insurance coverage. 

When misfortune strikes, wouldn’t it be nice to receive financial aid to help ease your worries?

Look out for personal accident insurance plans that provide monetary compensation should permanent disability occur due to an accident. Some plans also provide compensation if the accident results in death. Such financial aid will go a long way in easing your troubles while you seek to recover from the situation. 

2.   Medical Reimbursement

Being hospitalized does not come cheap, as reflected by a recent article from The Straits Times. Healthcare costs in Singapore are expected to rise much more quickly than other Asian countries, which can spell bad news for those who have not bought an insurance plan for themselves. 

While Integrated Shield Plans can typically provide relief from medical expenses in relation to hospitalization, smaller bills from your visits to the neighborhood Doctor, TCM practitioner and chiropractor can add up to a pretty costly amount. Hence, it is important to seek a personal accident insurance plan that reimburses medical expense for injuries due to an accident. Keep a look out too for plans that cover niche afflictions such as dengue fever, food poisoning and Zika virus.

3.   Affordable Premiums

The premiums on insurance plans can vary greatly depending on the benefits and compensation the plan provides. Usually, insurance plans that offer protection against sickness and critical illnesses are more expensive than a personal accident plan.

You should cut costs and also seek out plans that provide only the benefits you require. For example, some personal accident plans provide a daily hospital cash benefit for each day of hospitalization due to accidental injury but this might not be necessary if your short-term absence from work (due to hospitalization) does not affect your income.

Lastly, there are personal accident insurance plans that do not require customers to undergo pre-purchase medical screenings and does not charge additional premiums based on the customer’s occupation. These are commonly known as ‘Guaranteed Acceptance’ plans and are definitely worth considering!

Young parents would enjoy the benefits of an accident protection plan.

4.   Parental Planning

Parenthood is exciting and certainly brings about a great change in your life, but along with that comes the responsibility of caring for your children and ensuring a bright future for them ahead.

Often, parents overlook the significance of having an insurance policy in place to provide for their kids. While they are certain that they might be able for cater for their needs until the children are ready to stand on their two feet, what happens when fate snatches that ability away from these parents and they are physically unable to do so anymore?

A personal accident insurance plan that provides compensation should the parent(s) suffer permanent disability or even death due to an accident will help the family through such times of needs, and ensure that their children are well taken care of.

There are many insurance plans available in the market but there is not likely a single on that will meet all of your life’s requirements.

Hence, it is important to take stock of what is important to you and your family at this point in time and seek out an insurance plan that is tailored to your specific needs.

Hopefully, this article provides you with a basic guide in the areas to look out for when deciding on an insurance policy that is right for you!

Topics: Slice Of Life

Teo Youliang Hakim

Written by Teo Youliang Hakim

A CaregiverAsia writer, Hakim loves nothing better than to spruce up informative content for the readers, especially if it helps to make the world a better place. Other than that, he also enjoys the occasional chocolate chip cookie or catching reruns of F.R.I.E.N.D.S on the telly!