2 main reasons why you need personal accident insurance for you child
1) Your integrated shield plan (IP) will only pay for bills relating to hospitalization.If there is a fall or a cut but the injury requires only a bandage at your paediatrician’s clinic or a quick assessment in the A&E, it may not fall under “hospitalisation”. These bills though only a couple of hundreds of dollars can happen very frequently and are NOT CLAIMABLE! The personal accident plan is meant to reimburse for such bills.
2) Your integrated shield plan (IP) will not pay compensation for any losses due to personal accident
Personal accident plans can be used to compensate for serious accidental injuries. In such events, a lump sum compensation will be paid to you as a benefit. If you have more than one personal accident coverage, you may seek compensation from multiple plans. This will help you defray rehabilitation/treatment cost that your child may incur.
I have read up on 3 plans specifically catered for children personal accident coverage and have presented them in the table below. Do note that this list is not exhaustive as new plans come onto the market frequently.
For serious accidents, items 1,2,3 in the table will compensate you with a sum of insurance proceeds so as to allow you to take care of your child. Sompo Insurance PA plan covers the highest limit for accidental dismemberment while the AIA PA plan covers the most for catastrophic disablement. For bills relating to A&E or GP clinic visits, item A on the table will entitle you to reimbursements for any treatment costs. Great eastern’s PA plan stands favourably in this comparison.
Information from insurers
SOMPO Insurance PAJunior Teddy Plan
AIA Starshield Plus Plan2
GE Junior protector plus Plan B
These benefits apply for accidents suffered anywhere in the world, even on holiday! The premium of around $200/year is really a small price to pay. Personal accident plans also provides certain compensation for burns, fractures, HFMD, other illnesses and accidental death of parent. Some plans even include food poisoning claims which seem easy to claim.
If you company provides group personal accident coverage which extends to dependents, you may not need such plans. Otherwise, you may contact your financial planner to find out more about such coverage for your child. Do remember to request for accident insurance specifically for children as they have different benefits from those covering adults.