Recently, it was reported that 38 people were killed in road accidents in 2018. The Traffic Police said in a statement that there has been a rise in road traffic fatalities. The Traffic Police recorded 38 deaths between Jan 1 and Apr 25 – a 12% increase compared with the same period last year.
In just the month of April 2018, there have been more than 22 road accidents reported with more than 23 people injured and at least, 7 reported dead. These figures are increasingly worrying, and of course not to mention, incredibly heart-breaking especially to hear the stories of the victims.
It is important that apart from being safe on the road (whether you’re a driver or a passenger or a pedestrian), you’re adequately protected with a Personal Accident Insurance plan – though a Personal Accident Insurance plan’s coverage extends beyond just road accidents.
Most people think of insurance coverage for Personal Accident as something that is non-essential and unimportant. No matter how much we may try to avoid them, accidents can and do happen to anyone, anywhere and anytime.
Accidents, particularly serious ones, can cause a financial strain on the family especially in the event of death or permanent disability resulting in a loss of a job or a need to take a long medical leave. It is good news to know that some of these risks can be transferred to the insurers by purchasing a Personal Insurance plan.
Covers more than a Hospitalisation Policy
Did you know that the number one cause of hospitalisation in Singapore is accidents? Most Personal Accident Insurance plans allow you to seek medical reimbursement in the event of an accident. This may sound similar to a hospitalisation policy however, it is important to note the difference that you do not need to be hospitalised to claim from your Personal Accident policy.
Accidental death, partial dismemberment & total permanent disability – one plan for all
A Life Insurance policy allows you to claim for total permanent disability but not from partial dismemberment. For example, if someone were to lose an arm or an eye or a leg, they cannot make a claim under their Life Insurance policy. A claim on total permanent disability in a Life Insurance Policy can only be made when two of the following situations are true: Loss in sight in one eye, loss of an arm or a leg.
A Personal Accident policy is one of the very few insurances that offer a pay-out for a partial dismemberment down to a loss of finger or a toe. Pay-out amount depends on your policy type.
Easy on the wallet
It is your responsibility to ensure that your family is well taken care of without you around especially if you have been the main source of financial support for your family. While your family might suffer financial hardship without you around, their financial well-being could be a lot worse if you were bedridden and are unable to provide for yourself and them.
For less than a dollar a day, a Personal Accident policy provides a lumpsum assured for your family. It is an important and a much-needed policy that all should subscribe to.