Accidents can happen anytime and anywhere, and they can be sudden and unpredictable, potentially changing a person’s life and disrupting their financial plans. Imagine going about your day, and suddenly an accident happens. It could be a slip, a fall, or something more serious.
A personal accident insurance policy is there to assist you through each stage of this ordeal. It starts by covering the costs of evacuating you from the accident scene. Then, it takes care of your hospitalization expenses, medical treatments, and the path to rehabilitation and recovery. And yes, in the unfortunate event of a fatality, these plans also provide a death benefit to your loved ones.
Personal accident insurance is one of the most affordable insurance options that many people overlook, with premiums as low as $0.38 per day, yet offering six-figure payouts.
However, with over 20 insurers providing accident insurance, it can be daunting to find the best plan. Each plan may cover different categories, and the lowest premium may not necessarily be the best option.
Depending on your coverage priorities, in this article, we hope to provide the best options for accident plans based on various criteria.
Best Personal Accident Insurances
After analysing countless personal accident insurances, we think the following at the best, based on the following general criteria.
Keep in mind that the best insurance should fit your personal lifestyle and needs. You may find it beneficial to talk to your advisor for personal recommendations, reach out to me at Holistic Wealth Planners.
1. Best For Affordability – TM 365
If affordability is your main concern, TM 365 personal accident insurance is right up your alley.
The premium is low, and yet it can cover up to $4,000 per accident for medical reimbursement and up to $1,000 for Traditional Chinese Medicine (TCM) per accident.
Alternative: MSIG Protection Plus
2. Best For Ease of Claim – AIA Solitaire PA
Submit your claim online, and it could be approved before you even reach home.
While other insurers may have similar claim procedures, claim process with AIA has been smooth and fuss-free in our experience.
3. Best For Elderly – NTUC Silvercare
When covering the elderly, an important feature is the ability to renew personal accident coverage for a lifetime. NTUC Silvercare is one of the few personal accident plans that allow you to renew coverage for a lifetime, while most plans only cover up to age 75 or 80.
Alternative: Liberty SeniorCare
4. Best For Children – AIA Star Protector Plus
As a parent with two kids, I understand the importance of having personal accident coverage for children.
Toddlers can be prone to falling down when they are running around, and Hand-Foot-Mouth Disease (HFMD) seems to happen almost every other month in childcare.
Having a personal accident plan allows you to make claims for accidents and HFMD. AIA Star Protector Plus offers many other coverage options focused on children and allows you to add a child critical illness rider.
Alternative: Sompo PA Junior
5. Best For High-Risk Occupations – FWD Personal Accident
Personal accident insurance premiums for high-risk occupations are typically higher due to the increased likelihood of accidents. FWD Personal Accident is considered one of the more cost-effective plans for high-risk occupations.
Alternative: Manulife Ready Protect
6. Best For Highest Accidental Medical Reimbursement – FWD Personal Accident
If you’re seeking maximum coverage for accidental medical reimbursement, FWD Personal Accident covers up to $15,000 for such expenses, and the premium is competitive.
Alternative: AIA Platinum Accident Care
7. Best For Infectious Diseases – NTUC PA Assurance
NTUC PA Assurance covers common infectious diseases like HFMD, Dengue Fever, and Influenza. You can also add children’s coverage and receive an additional 40% discount on the children’s premium.
Alternative: FWD Personal Accident
8. Best For Military Personnel Seeking Off-duty Coverage – NTUC PA Assurance
While some insurers completely do not coverage military personal, NTUC PAssurance allows for Military Personal (whom are higher risk occupations), to go for Off-Duty Coverage at (lower risk premiums)
9. Best For PMD Users or Cyclists – NTUC Personal Mobility Guard
Tailored for PMD users or cyclists, NTUC Personal Mobility Guard provides coverage for accidental medical reimbursement, personal liability, and accidental death at an affordable premium of $96.90 (inclusive of 8% GST) for one year of coverage.
I’ve listed 9 different scenarios and shared the best available personal accident insurances at the point of writing.
While you choose the best for your lifestyle and needs, you should keep in mind that premiums are classified based on occupational class. And your occupation will directly affect the choices of the best personal accident insurance for you.
Here’s a quick overview:
Occupational Classes For Personal Accident Insurances
The typical occupational class categories are as follows:
Group 1 occupations
Professional, managerial, administrative personnel engaged in indoor and non-manual work.
Examples: Managers, Executives, Administrative, Teachers, Architect, Lawyer, Doctor, Nurse, Surgeon (non-veterinary), Indoor salesperson, Retiree, Homemaker.
Group 2 occupations
Supervisory and occupations of an outdoor nature or light manual duties not involving the use of tools or machinery of special hazards.
Examples: Outdoor Salesperson, Property agents, Engineer, Surveyor, Supervisor, Non-electrical technician, Tour guide, Hairdresser, Beautician, Student, Waiter, Cleaner, Storekeeper, Fitness instructor, Veterinary surgeon.
Group 3 occupations
Occupations involving manual work or use of tools or machinery in light industries.
Examples: Cook, Baker, Kitchen helper, Drivers of buses, lorries, taxi, Dispatch rider, Delivery, Hawkers, Production worker, Packer, Mechanic, Plumber, Renovation worker, Electrical technician.
The Best Personal Accident Insurance Plan For You Is…
All the above comparisons are based on our research and analysis. It’s essential to understand your overall coverage needs and objectives.
Please consult your trusted advisor or reach out to us at Holistic Wealth Planners. We are a team of financial advisors whose planning philosophy encompasses wealth protection, wealth accumulation, and wealth distribution as integral processes throughout our clients’ lifetime financial journey.
The above are accurate as of Oct 2023. Details, coverage and premiums may change without notice, do check with your advisor or reach out to me for the latest.