From key insurance policies that cover life, health, disability, etc. to weird ones that cover death by laughter and multiple birth (because babies are expensive!), it can be daunting to kickstart one’s journey of financial planning. We’re here to make things easier! If you have been asking, “what is the most important insurance to have?” especially amid the current COVID-19 pandemic, read on to learn more about personal accident insurance and why you should seriously consider it.
What is Personal Accident Insurance and why do you need it?
Sometimes, accidents happen, in spite of our best efforts to be careful. It could be a fall due to slippery floor, a mosquito bite that transpires to dengue fever or just being in the wrong place at the wrong time. Injuries, disabilities or even death can cause high expenses or loss of income that not only affects you, but also your dependents.
A personal accident insurance provides financial support to the policyholder in the unfortunate event of an accident occurring. Personal accident plans are available as:
- a standalone plan
- a rider, which is a complementary plan that you add onto existing plans (e.g. a health policy) to enhance your plan coverage
Should you buy personal accident insurance as a standalone or rider?
This depends on the insurance coverage that you already have and the gap that you are trying to cover. It all boils down to your needs. Other factors that you should consider when deciding between a standalone policy and rider are:
- Additional benefit(s) – Not all personal accident insurance policies are made equal. Check the benefits! For example, ePROTECT safety at Tiq by Etiqa now comes with complimentary COVID-19 and Dengue Fever cover for a limited time only.
- Flexibility – Most standalone policies provide annual coverage but there are options for monthly cover, which is great for those who don’t like to commit for a year. With a standalone policy, it’s easier to adjust your portfolio versus a Rider that will only be inforce if your main policy is maintained. If you surrender your main policy, you will need to give up your rider benefits too.
- Affordability – A rider may not necessarily be cheaper than a standalone plan. When considering prices, be sure that it’s an apple-to-apple comparison.
- Convenience – Some personal accident policies require medical underwriting, which takes more time and effort… while ePROTECT safety can be purchased easily online in the comfort of your home.
- Insurer’s Credibility – This is a no-brainer. We buy the insurance so that we can get the claims if the need arises. Check out the Fitch ratings for the insurers that you have shortlisted to assess their financial strength.
Do you still need personal accident insurance if you have life insurance?
Most life insurance covers death and disability only, but not injuries or treatments. An accident plan covers that if your injuries or treatments are due to an accident, and could be handy to have. In fact, some occupations and lifestyles are considered to be riskier and having a higher level of protection would definitely help.
Some benefits of ePROTECT safety that you should know
As mentioned earlier, not all personal accident plans provide the same benefits but most actually provides worldwide coverage. That applies to ePROTECT safety too. If you travel overseas and get injured, you can make claims on your personal accident policy. (Note: a personal accident plan does not replace a travel insurance)
Flexible monthly coverage from S$18 per month
Most personal accident plans comes with annual coverage, but we hear you! Hence, ePROTECT safety is available for monthly coverage from just S$18 per month. This means you get to decide if you want to continue your protection for each following month. Don’t like the hassle of monthly renewal? Choose auto renewal!
Free COVID-19 and Dengue Fever cover
For a limited time only, each sign up for ePROTECT safety will enjoy the free coverage for COVID-19 and Dengue Fever where insured policyholders will get a cash benefit of S$3,000 upon each diagnosis. Learn more here
Is it worth to get a personal accident plan such as ePROTECT safety?
“It will never happen to me.” Many people are prone to having optimism bias, which makes people believe that negative events are less likely to happen to them. Well, keep Murphy’s Law in mind. A personal accident plan such as ePROTECT safety is worth considering, especially with the current COVID-19 pandemic making its way around the globe. It is better to be safe than sorry.
Information is accurate as at 20 April 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. You should seek advice from a qualified adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. It is usually detrimental to replace an existing personal accident plan with a new one. A penalty may be imposed for early termination and the new plan may cost more or have less benefit at the same cost. Benefits of the policy will only be payable upon an accident occurring.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
Discover the full range of Tiq online insurance plans here.