What Is Personal Accident Insurance And Do I Need It?

If you’re a young professional who has just started your career, there are so many things that you have to consider! You have a busy life––from dreaming of travelling to that dream destination, paying bills, juggling with increased responsibilities at work, to finding time to hang out with friends and family. The last thing that’s probably on your mind is insurance. Why would you think of insurance when you are this healthy and young and have so many other responsibilities to consider?

Well, it turns out that the best time to think about insurance is when you are healthy and young. 

For young professionals, a comprehensive insurance plan is a great, cost-effective measure to provide your loved ones with the kind of financial security and protection against any potential accidents.  

Okay, so which insurance should you consider? There are so many options out there––but picking the one which suits your needs and budget is key. 

If you’re a fresh graduate or a young professional just starting an exciting new chapter of your life, a personal accident insurance is a great option for you. While health and life insurance policies cover your finances with regards to certain parts of your life, the supplemental coverage from a personal accident insurance plan is a worthwhile addition and should be considered. In general, typical personal accident plans cover death, permanent and partial disability, income replacement benefit, medical expenses coverage and daily hospital income benefit in the event you sustain injury due to an accident. Consider getting a personal accident insurance policy if you are looking for something that’s not too complicated and has an affordable premium. Keep reading to know more about this excellent protection plan and see if it suits your lifestyle.

What is Personal Accident Insurance?

A personal accident insurance is an important addition to your insurance portfolio. Not many people know what personal accident insurance is and how it can aid you financially. Personal accident insurance is a comprehensive general insurance plan that provides you with financial support and protection in the case of sudden and unforeseen accidents. The types of coverage can range from fractures to severe burns and even hospital stays are covered, which may include long-term hospitalization. So now that you know what personal accident insurance is, do you know why you should get one?

Why Should I Get Personal Accident Insurance? 

You should consider getting personal accident insurance if you are the sole breadwinner of your family, or if the loss of your income is significant enough to leave you or your family in stressful financial circumstances. With the lump sum payout of certain benefits that come with personal accident insurance, you will be able to ensure that you and your family is taken care of financially should anything happen. 

Even if your employer provides personal accident insurance, supplementing this coverage with your own personal accident insurance would be a good move. The great thing about personal accident insurance is that claims across multiple policies are permissible for certain benefits. However, you should note that there will be a total limit to the amount you can claim. Getting your own personal accident coverage plan ensures that you are supported from all sides, giving you extra peace of mind.

Your personal accident insurance policy also covers you from accidents that happens abroad and can be extended to protect your spouse and children provided your product has such options. AIG also provides flexible add-on benefits so you can customize your plan to your needs. 

Want to know more? Check out our website and policies here:  https://www.aig.my/personal/personal-accident-insurance, and get you and your loved ones covered today.