What is…Personal Accident Plan?

The cover photo shows me in an arm splint after dislocating my shoulder from kayak surfing with the high waves overseas. Having a suitable personal accident coverage is crucial because we never know when we need that financial protection from unexpected accidents while having fun like this one, or maybe something less/more happening for you. Each of us is unique and with different risk appetite, so read on to know what suits you in this part of financial protection. Have a sip of coffee or tea and let us explore this topic together…

 

Personal Accident Plan

A personal accident plan, also commonly known as PA plan, offers financial aid to policyholders in the unfortunate event of an accident. Primarily aimed at safeguarding against accident-related hardships, this plan provides compensation for injuries, disabilities, or loss of life.

In the event of an accident, you and/or your family may require financial support to maintain a similar standard of living despite the loss of income. Even less severe accidents can result in temporary disability, preventing you from working and leading to medical expenses that may not be covered by your health insurance.

 

Types of Protection offered by Personal Accident Plans

Personal accident plans typically offer coverage across four primary categories:

1. Death Benefits

In the unfortunate event of your passing due to an accident, your family would usually receive a payout equivalent to the insured sum. This additional benefit, separate from any existing life insurance coverage you may have, enhances your family’s financial stability in your absence.

2. Partial or Permanent Disability

An accident can result in permanent disability or the loss of essential physical abilities, making it difficult to maintain or earn an income.

In the event of disability, whether permanent or partial, you would receive financial compensation. This payout can cover medical expenses, daily necessities, and support for your family.

Additionally, there are optional riders available for purchase that cover expenses such as mobility aids, home modifications, and other potential costs following a severe accident.

3. Temporary Disability

Injuries, even if minor, can lead to temporary disability or prevent you from working temporarily. In such situations, personal accident insurance can cover medical expenses.

You might also have the option to buy supplementary riders for income replacement benefits.

4. Medical Expenses and Hospitalisation Benefits

You might also have eligibility to request specific outpatient and inpatient medical charges for your treatment. Nevertheless, the coverage provided by a personal accident plan might not be as extensive as health insurance coverage, and it’s unwise to depend on it for most of your medical expenses.

Many personal accident plans offer the option to buy supplementary riders for hospitalization benefits. These could include a fixed daily allowance during hospital stays, ambulance services, benefits for broken bones, and/or coverage for medical evacuation and repatriation.

 

Why Personal Accident Insurance Matters in Your Insurance Portfolio

Not everyone recognizes the importance of personal accident coverage. Some may assume it’s only for those in high-risk jobs or engaging in risky activities. However, accidents can happen to anyone, making personal accident insurance an essential consideration regardless of occupation or lifestyle.

1. Accidents are Inevitable

Accidents often occur unexpectedly, regardless of caution. They can be financially burdensome, depleting emergency savings if you’re unable to work. Therefore, preparing for such eventualities is crucial.

2. Covers Outpatient Treatments

Personal accident plans offer reimbursement for both inpatient and outpatient treatments, including traditional chinese medicine (TCM) treatments, as well as costly procedures like MRI or CT scans. Unlike hospitalization plans, you don’t need to be hospitalized to claim certain treatments.

3. Income Protection

Accidents can impact your ability to work, leading to lost wages. Personal accident plans provide compensation for medical bills and lost income through daily hospitalization benefits or lump sum payouts.

4. Comprehensive Coverage

Life and health insurance may not cover mild or severe disabilities that affect income generation. Personal accident plans offer peace of mind by providing financial support during challenging times, complementing existing insurance coverage.

While national schemes like ElderShield and CareShield Life offer disability coverage, eligibility criteria for payouts are stringent with disability of 3 out of 6 activities of daily living (ADLs). Personal accident insurance fills the gap, ensuring financial security in the event of accidents.

 

Ensuring Adequate Personal Accident Coverage

As we have seen earlier, a personal accident plan is not intended to substitute your health or life insurance. Instead, it serves to fill potential gaps in your coverage, safeguarding you and your loved ones from unforeseen circumstances in life.

There are many personal accident plans in the market that offer extensive coverage, ensuring financial assistance in case of injury, disability, or death, offering invaluable peace of mind. These can be purchased from as early as 2 weeks old and as late as 65 years old. If you need a plan to suit your needs from your occupational class or lifestyle, there are also many sub-plans to choose from, and premiums start from only a few dollars per week.

If you would like to have a discussion on which insurer and plan to purchase that suits you, feel free to drop me a message via WhatsApp.

Looking forward to connect with you.

 

Cheers,

Zechariah

Mobile: +65 88004252

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Zechariah See

Personal Story:
I almost lost an arm and that was when I realised I had zero insurance.

Many years ago, I was living my life on the edge and very involved in many adventurous outdoor sports. All these came to a shocking realisation when I almost lost my arm (or even my life), while kayak surfing with the high waves and deep waters overseas.

This lucky escape began my journey into the financial advisory business.

I wanted every person and family to know about the hard truth of being under-insured early and help everyone become better prepared. We run the risks of losing so much with every day we are not taking action to protect ourselves and our families financially.

Nobody has to deal with the same shock that I had experienced. You deserve better.

Why Me?
✅ I have a unique forte in helping families with their financial diagnosis and planning, since day one. I have been helping families, including young couples, big families, DINK couples, as well as their individual’s complex needs.

✅ I am a dedicated learner in the financial industry. I invested in my Masters in Wealth Management at SMU for this reason. I am still constantly upgrading myself year-on-year to become the best financial consultant for my diverse client profiles.

✅ My forte is in financial diagnosis.
My experiences in accounting and finance helps in giving proper diagnosis of your unique portfolio so that the correct approach/solutions could be personalised for you.

✅ I have a one-stop solutions platform.
Being an independent financial broker, I can represent you to find the solutions you need, all in your best interests. No need for hard selling. I am here for you and your family.

I am a strong believer that you can achieve more, beginning with what you have.

Feel free to reach out to me for a free consultation session with you and/or your family.

See you soon!

Email: zechariahsee@fapl.sg

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根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策

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By submitting this form, I confirm that

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  • I have read and understood FAPL’s Personal Data Policy, and hereby give my acknowledgement and consent to FAPL to use my personal data in accordance with FAPL’s Personal Data Policy.
  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策,并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
  • I have read and understood the disclaimers above and hereby affirm my acceptance of these terms.
  • 我已阅读并理解了上述免责声明,特此声明接受这些条款。
  • I have not been directly contacted or approached by any representative or employee of FAPL with an offer or solicitation to apply for any financial products not offered in my home country.
  • 鑫盟理财私人有限公司的代表或员工并未直接与我联系或提出要约或招揽购买我原居住国境内所不提供的任何金融产品.
  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照,并许可在新加坡共和国境内依据财务顾问法(第110章)和证券与期货交易法(第289章)进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
  • 鑫盟理财为非新加坡居民所提供的任何服务仅限于直接向鑫盟理财发出咨询请求的国外居民。
  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分,鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息(例如,关于海外司法管辖区以外的资金管理或投资咨询服务等信息)。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标,财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品,或达成交易或参与任何特定的投资策略,也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意,不得将这些文件全文或部分发布,传播,复制或分发给其他人。
  • This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject FAPL and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
  • 鑫盟理财无意在分发,出版或使用此类文件可能违反当地法律,或本公司及关联公司或关联人士需要注册,获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时,您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策