Personal Accident Insurance: 3 Myths You Die Die Must Not Fall For

 

There are many misconceptions about personal accident insurance, and uncovering the truth behind them can be tricky. Don’t worry though, we’re here to set the record straight. In this article, we debunk three common insurance myths to ensure that you stay updated and protected 24/7.

Myth 1: Personal Accident Insurance is Very Costly

Most personal accident policies actually offer very affordable premiums. For just S$12 a month, you can buy coverage of up to S$50,000 in respect of accidental death or permanent total disablement. That works out to less than 50 cents a day — cheaper than a packet of tissue!

Myth 2: Personal Accident Insurance is Unnecessary

Have you checked if your life insurance policy covers you for costs incurred in an accident? While most plans provide coverage for permanent disability, such as the total and irrecoverable loss of limbs and sight, not all provide additional coverage for accidental expenses and the loss of income from temporary disablement. If you meet with an unfortunate accident or come down with dengue fever and are unable to work for a period of time, then you will likely need to fork out hundreds and thousands of dollars from your savings to cover medical expenses and your loss of income. Personal accident insurance comes in handy here as it covers you in the event that you are hospitalised due to an accident or dengue fever. In some cases, a personal accident plan can provide a daily fixed sum benefit to the policyholder while he or she is hospitalised following an injury, and up to 14 days of any subsequent recovery if he or she spends more than three days in hospital.

Myth 3: Personal Accident Insurance Doesn’t Provide Enough Protection

We know that personal accident insurance typically covers accidental death, permanent disablement or temporary disablement. But, did you know that a comprehensive personal accident policy in the market may also provide additional benefits such as accidental medical expenses reimbursement, daily income protection for 14 days, mobility aid coverage and even child living expenses benefits if you are unable to provide for your family due to accidental death or permanent disablement? A comprehensive personal accident insurance plan reduces the financial burden on your family by protecting them from medical expenses brought on by an unfortunate accident. There are policies that also provide opt-in coverage for family members at affordableprices, ensuring that both you and your loved ones are protected.

Grab Partner Guard is a personal accident policy, created and underwritten by Chubb Insurance Singapore Limited with each Grab driver-partner’s well-being in mind. Learn more here. Driver-partners can now enjoy up to 20% off insurance premiums through the Emerald Circle rewards programme. *Grab Partner Guard is underwritten by Chubb Insurance Singapore Limited.