Personal Accident Insurance
An accident can happen to anyone at any point in time in their lives and personal accident insurance ensures that the family is protected against loss of income because of disability or debt and the necessity of having to shoulder large medical bills. You just have to walk into the emergency room of any hospital in Singapore and the chances are that most of the patients being treated would have been victims of accidents. If you should have the misfortune to have an accident, your personal accident insurance will pay all your medical bills including doctors fees. You can opt for additional benefits including death and the loss of any parts of your body for a small additional premium. If you have a death benefit and you die, the insurer will make a lump sum payment to your family.
The statistics show that the most common reasons for hospitalization in Singapore are accidents leading to injury or death. Because health care in Singapore is expensive, the average hospital in a Singapore hospital will be a five figure one. As a result, these pills can cause quite a dent in the financial resources of your family and yourself if you are not protected by accident insurance. Just make sure that you present accurate and complete information to the insurer when you are taking out a personal accident insurance. Also ensure that your family possesses adequate documentation to prove that they are the beneficiaries under the insurance policy in the event that a claim has to be made. Your basic medical expenses reinvestment plan may cover some or all of your expenses but personal accident insurance can provide a useful supplement as well as coverage that is not available in your basic plan.
It is an unfortunate fact of life that you can take the utmost care with regard to your personal life and your health and yet accidents are completely outside your control. By definition, they will happen unexpectedly and often at the most inconvenient times. If you are unfortunate enough to be badly injured in an accident and the physical disability is enough to prevent you from working, personal accident provides the assurance of a steady income to support you as well as your family. If, God forbid, you should be killed in an accident, your family will receive a lump sum payment that should take care of their future financial needs such as the education of your children.
Very often, employers for the benefit of their employees take out Group Accidental Insurance. This kind of cover is offered by many insurance companies and protects employers against the financial consequences of accidents that employees may suffer during working hours. This means that you, as an employee, are completely protected if something should happen to you while you are on the job. Just ensure that your employer renews the policy in a timely fashion before it expires. Also make sure that you present your employer with accurate and detailed information about yourself so that any claims that have been made under the accident insurance are processed quickly and in a timely fashion so that you or your family get payment when money is required.
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