One cannot afford to be financially challenged in today’s world. In Singapore, it is mandatory and enforced by law to have insurance on your vehicle. To be able to drive, you require at least a third party insurance which will cover any damage repair of the third party only. But what about personal physical injuries, your life and your loved ones? All it takes is one huge slip-up on the road and you could end up fighting for your last dime.
Safeguarding your wealth is undoubtedly just as imperative as accruing it. If you cannot save and store from your income, then even the slightest glitch can upset your apple cart called life. Insurance remains a vital aspect of any wealth strategy. Inept planning in just one of these facets could prove to be damaging to your prosperity as it will take one misfortune to throw you in a vicious cycle of pecuniary damage. In spite of this, the general trend is to try to hold back when it comes to accident insurance.
You can register for an accident insurance on your own, and you also have the choice to supplement it with an insurance for your child.
Why do you need Accident Insurance?
It is indispensable to have a liability insurance in the event of a mishap. Basic liability insurance will cover injury to third party, including both physical injury and property destruction as well as legal bills. If you wish to cover things like car damage or theft, that is totally up to you.
Get your accident insurance in place and you can have peace of mind knowing that in the event of unfortunate contingency, you need not worry about arranging the required funds.
Accident Insurance has a lot of advantages (though we pray that you and your family will never need to resort to them) including securing you and your loved ones’ financial future and to aid you on the path to recovery from any grave accidental injury.
Types of Accident Insurance:
- Accidental Death & Dismemberment Insurance: Accident-only disability cover is generally considered a low-end option. Some of its features are a tad different from the other types of accident indemnity. Instead of being a lump amount, the advantage is a having an insurance payment per week or month.
- Comprehensive Worksite Accident Insurance: This will usually get covered by the organization you work for.
- Travel Accident Insurance: Contrary to what the name suggests, travel accident insurance is quite specific. If an accident occurs during business travel, it might be covered by the company. In other cases, if you have a travel insurance, it should cover any expense borne due to accidents occurring during the journey.
- Blanket Accident Insurance: To insure yourself mainly against accidents occurring while participating in a sport, blanket accident cover is the best option.
- Student Accident Insurance: Student accident cover can be said as an extension of blanket accident insurance.
- Accident Only Disability Insurance: Here the insurance amount given will be based on how the accident has affected the injured person’s job performance.
- Catastrophic Accident Insurance: Catastrophic accident coverage is a kind of accident insurance policy that has gained limelight in the last decade. It covers only grave accidents that entail loss of limb, or sight, speech and/or hearing. Naturally, catastrophic accident policies come with huge face amounts as these occurrences are quite uncommon.
List of major banks and insurance companies providing Accident Insurance in Singapore:
- AIA Insurance
- AXA Insurance
- AVIVA Insurance
- Great Eastern Life
- ETIQA Insurance
- HSBC Insurance
- Manulife Insurance
- NTUC Income Insurance
- Prudential Insurance
- Tokio Marine Insurance
- QBE Insurance
- Liberty Insurance
- AIG Insurance
- Tenet Sompo Insurance
Choosing the right accident insurance is tricky, but you really do not want to over spend when it comes to insurance. There are scores who spend as high as one fourth of their earnings on insurance just as there are many who do not have a single policy to their name. These days it is so easy to get information about various insurance providers, products and their seasonal offers via comparison websites. Compare and choose wisely. Your wealth will be grateful.