Best Accident Plan

[blurpandasg2014]

Wondering if Sompo still has the most comprehensive accident plan for the price or should I change to smth cheaper

 

[JuniorLion]

Since a term plan also covers death, why do you need an accident plan?

 

[oceanicmanta]

Since a term plan also covers death, why do you need an accident plan?

for outpatient medical ??

more relevant for self employed or unemployed ?

 

[moejoseph]

Since a term plan also covers death, why do you need an accident plan?

Accident Plan do not just cover death alone

 

[exterminazn]

What’s definition of best?

 

[BBCWatcher]

In my view “PA” insurance should only ever be an optional addition to Disability Income Insurance and medical insurance, in particular. If you’re (still) concerned about accident-related risks and their impacts, then that could very well mean you have insurance gaps across the board. Fix that problem first if fixable.

DII isn’t available if you aren’t working (past the allowed time limit — still in university or back studying, for example) or if you cannot clear a DII underwriting hurdle (usually much the same as life insurance). In those cases you might have to settle for patchwork, spotty coverage in PA+CI, if you can get it. So I don’t totally rule out the possibility that PA makes sense. Note that PA+CI won’t pay anywhere near DII limits. Get run over by a bus, unable to work ever again, and DII could pay you millions. PA might pay you a tenth of that, and then “good luck.”

 

[ivortyt]

PA covers medical bills incurred due to an accident. Goes well beyond just death coverage.

Definition of accident also defers. Prupersonal accident covers things like food poisoning, dengue fever, zika virus.

Covers TCM medical reimbursements too.

For short trips, I don’t usually buy travel insurance. As I travel light, my personal belongings are always kept to a minimal (not of high value). PA would be good enough for me, as if I meet with an accident overseas I’m covered for medical bills 24/7 world wide.

 

[BBCWatcher]

PA covers medical bills incurred due to an accident.

Yes, and so does medical insurance, and so does cash. (And you have that much more cash if you’re being efficient in your insurance purchases.) PA doesn’t cover anything when your doctor discovers some oddity in your brain that causes vertigo and headaches. (It’s not clear that CI would cover you either. Brain cancer, yes, probably, but not everything or even most things that can go wrong with a brain.)

PA doesn’t even really begin to replace the millions in lost income if you cannot work.

PA can only ever plug a couple gaps in foundational insurance coverage, if that. It’s not actually a very good product.

See if you can plug foundational gaps first, which will primarily be via medical insurance and DII. Then, if it still makes sense to layer PA on top (for some imperfect gap plugging, since it’ll only ever be that), OK.

For short trips, I don’t usually buy travel insurance. As I travel light, my personal belongings are always kept to a minimal (not of high value).

That’s damn foolish in my view, especially in high cost medical care countries such as the United States. There are plenty of medical emergencies that have nothing to do with the comparatively short list of risks that PA includes. And PA coverage limits could be easily, quickly exhausted in the U.S. even if PA would pay.

 

[ivortyt]

Yes, and so does medical insurance, and so does cash. (And you have that much more cash if you’re being efficient in your insurance purchases.) PA doesn’t cover anything when your doctor discovers some oddity in your brain that causes vertigo and headaches. (It’s not clear that CI would cover you either. Brain cancer, yes, probably, but not everything or even most things that can go wrong with a brain.)

PA doesn’t even really begin to replace the millions in lost income if you cannot work.

PA can only ever plug a couple gaps in foundational insurance coverage, if that. It’s not actually a very good product.

See if you can plug foundational gaps first, which will primarily be via medical insurance and DII. Then, if it still makes sense to layer PA on top (for some imperfect gap plugging, since it’ll only ever be that), OK.


That’s damn foolish in my view, especially in high cost medical care countries such as the United States. There are plenty of medical emergencies that have nothing to do with the comparatively short list of risks that PA includes. And PA coverage limits could be easily, quickly exhausted in the U.S. even if PA would pay.

Hence “short trips” to nearby countries. Eg: Malaysia, Thailand etc.

 

[BBCWatcher]

Hence “short trips” to nearby countries. Eg: Malaysia, Thailand etc.

I don't think it particularly matters what the length of the trip is. The risk is still incurred, and the length of the trip simply reflects the duration of the risk.

There are really three parts to (decent or better) travel medical insurance: covering the medical care itself, medical repatriation, and medical evacuation. We've already established that PA doesn't pay anything if your illness or ailment isn't caused by something on the PA policy's "insured perils" list. OK, let's suppose your Integrated Shield plan will reimburse medical care expenses "well enough" in nearby countries. (That assumption is a bit brave, but let's go with it.) What it certainly won't do is help you get back to Singapore while in a medically impaired state. I think it's quite important to have quality travel medical insurance if you venture outside Singapore, especially for that reason (repatriation and evacuation). I don't mean travel insurance, which is much less important. I mean travel medical insurance, the stuff that steps in and handles getting you to the nearest suitable medical facility, paying for the care provided there, and then getting you back to your home country as soon as you're medically stable enough to travel -- which is not the same thing as being able to board a normal airline flight, bus, or train.

You can buy an annual travel medical insurance policy that covers any number of short to medium length trips outside your home country. The incremental cost of coverage for each trip is thus zero. If you venture outside Singapore more than a couple times, the annual policy is highly likely to be the same or lower cost as individual trip coverage.