Personal Accident Insurance 2020

There are some insurance plans that everyone and their family should get. Hospitalization (via Medishield) is one and I think the next is personal accident plan, with a few others not far behind. Primarily, I look at insurance as a way to cover for large sum payments in the unexpected event. It's commonly heard that in Singapore, you can be poor but you better not be sick! I add to this thought that if you are not sick, then you better not get into an accident! Which is more likely to happen? 50-50 I suppose.

Hence, I had to look up the available accident plans in the market since the terms, premiums and coverages seem to change every year. What I am concerned are the coverage of infectious diseases and premium affordability for a family. With young children, the probability of accident is naturally higher and with so many diseases waiting to pounce (think dengue, zika, covid), it's most important to me that any insurance plan must cover these. Also, due to the creative ways employed to scramble up insurance offers, the pricing usually take some time to compare on a per head or per family basis.

This year, I narrowed the search to FWD, Manulife, Sompo and Aviva. I left others out for reasons such as not meeting my required coverage, high costs and bad claims experience (as heard). In the end, I chose Sompo PA Star Standard Plan for an annual premium of $288.90. It has a bit of everything i.e disablement, medical expense, hospital allowance, evacuation, mobility aid etc. This is a tradeoff for other benefits such as broken bones, taxi allowance, home modifications. Most importantly, it's to select an insurance plan that I need and can afford.

Tip: A&W Root Beer Float