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What is a Personal Accident Insurance?

I was searching for different types of insurance on line and I came accross a company that offer various types of insurances. One that really caught my attention was the health and personal accident insurance. Accidents always happen and they are inevitable. Some accidents may be harmless but there are times when accidents would lead to injuries that needs medical treatment. What are the basic coverages of personal accident insurance?

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    Personal accident insurance pays you either a lump sum or reimbursements for out-of-pocket expenses in case of injury, disability or death resulting from an accident. Unlike medical insurance, the premiums are fixed, and you do not need to undergo any medical examination before the policy is incepted. The basic coverage are accidental death and or disability, children and medical reinbursement.

    2020.03.24 15:44

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Should I really get one?

Insurance is a great thing to have. Being secured for your future is a great idea that may help you and your family if ever something happened to you. But not everyone is convinced with insurance. Insurance is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for the payment of a premium. So your family's money is secured if ever something happens to you.

An overseas worker needs his insurance abroad.

It is a good thing to avail insurance while you are still young to be protected whenever an accident happened to you. Many insurance companies will satisfy your needs that you will benefit from soon. Most of this insurance can cover you even in abroad. You just need to give your details to confirm if you have availed it.

The property that I have is going for closure, but I recently got my insurance.

There are cases that we are evicted from our properties because the land lord have not settled its mortgage with the bank that needs to be paid as soon as possible. In his situation, he just availed a home insurance and got evicted. Your insurance company cannot deal with foreclosure. But when you find a new property, you can tell your insurance your situation.

I have been ill for the past weeks

Singapore has a lot of insurance companies. Any insurance companies offer a variety of healthcare coverage plans that can range from outpatient treatment to disability coverage. With the government helping to take care of citizens large hospital bills, employers actively try to cover their employees' outpatient care and smaller bills.

I got hit by a vehicle, I need my insurance from my country.

Check your insurance if you avail an insurance for overseas, most insurance have overseas category or listed with it. So most likely you can use your insurance wherever you go. Having insurance before going out of country is one of the best choices that you might make. Safety from travels can lessen your burden and might help you with your future tours.

Will our insurance system fail one day?

If I am correct, I think you are trying to ask that if start claiming from the insurance company, will they have the money to pay you when you die. First and foremost, it's a contract. Insurers pay billions in claims yearly. Secondly, the premium you pay insurance is invested so they'll be able to earn and pay you back when you die. Number three, all risk is already factored in. Some people will die earlier, others later, while some will cancel, and majority won’t even claim. All this is already priced in and you're paying fair value plus some mark-up for the risk you're passing on to the insurance company. Number four, there is regulation to make sure Insurers have enough money to pay claims. Lastly, insurance companies are reinsured by bigger insurance companies. So don't worry, keep paying your premiums, and you'll be able to claim.

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