Choose Personal Accident Insurance Carefully to Protect Family’s Future

Choose Personal Accident Insurance Carefully to Protect Family’s Future

We are all familiar with stories about how a friend in good health got injured or even died from a car crash or some other accidents. Life being so unpredictable, we can never guarantee what would happen in the next moment, making it necessary to stay well prepared. Personal Accident insurance can provide protection to yourself and your family, thereby lessening unexpected financial pressure arising from accidents.

Differences between personal accident insurance versus medical insurance

You might wonder: "if I already have medical insurance, would I have to purchase personal accident insurance in addition?" Medical insurance typically provides benefits on a reimbursement basis. So if the insured person was hospitalised from being injured by a fallen object, medical insurance would reimburse the related medical expenses. These might include room charges up to the daily limit, miscellaneous charges, intensive care unit charges, perhaps even fees for follow-up out-patient visits. As long as the amount being claimed did not exceed the overall limit for hospitalisation, the insured would be reimbursed. However, if the accident resulted in disablement or death, reimbursement-based medical insurance would not be able to provide for the long term needs of the insured or family members.

Personal accident insurance plans available in the market would provide a lump sum payment for death or permanent disablement from an accident. The maximum benefit depends on the plan and can help alleviate financial pressure on one's family. The insured can also add protection for temporary disablement. If an accident resulted in the insured not being able to work temporarily, a benefit based on the insured person's weekly income would be provided for the duration of disablement.

Given the above, there is no conflict between personal accident insurance and medical insurance. The two complements each other to provide more comprehensive protection.

How to choose personal accident insurance plans

First and foremost, one should choose a personal accident plan with the suitable scope of coverage and benefit amount. Some plans in the market offer additional benefits such as double or triple indemnity in case of accidental death. For instance, if the death resulted from an accident while travelling on public transport or from an accidental fire, the death benefit would be doubled; and if the accidental death occurred while travelling on public transport anywhere in the Greater Bay Area, the death benefit would be tripled. Some plans offer extra benefits if the accident occurred on a general public holiday in Hong Kong.

For those who wish to further protect one's family, there are family plans in the market that would include all children under 18 years of age for the same amount of premium. This would provide benefits in case of accidental death or permanent disablement suffered during school activities. If the insured or spouse needed to take time off to tend to a child hospitalised for an accidental injury, the plan would also provide a benefit for the parent's leave from work.

Some personal accident plans also provide protection for medical expenses and extended benefits for treatments involving a physiotherapist, chiropractor, bonesetter or acupuncturist; while some plans would even cover trauma and bereavement counselling. Choosing a suitable personal accident insurance plan as protection against the unexpected can bring added peace of mind for you and your family.

If you have any queries regarding different personal accident insurance plans, please feel free to contact us contact us or find out more about our insurance plans:

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