The importance of having a Personal Accident Insurance Plan

Did you know that you’re exposed to the risk of accidents every day, regardless of your age, gender or where you live? If you’re not prepared to handle the worst case scenario of a serious or fatal accident, keep reading!

Last week, we discussed what’s covered and what’s not in a personal accident plan and today we’re going to talk about three important reasons for having a personal accident insurance plan to protect yourself and your family.

 

1st reason: Financial and lifestyle protection

You work hard to create a comfortable lifestyle for your loved ones, yet the cost of living keeps rising all the time. It can make it difficult for you to save a lot of money. Even if you do manage to put away something every month, one sudden accident could use up your entire life-savings.

In fact, you could go into debt trying to cover the high hospital fees and costs associated with medication, therapy and more. Worse, an accident could leave you with a disability that prevented you from earning a wage. In this case, you would have the added problem of trying to pay your bills without an income.

Now what if you didn’t survive the accident? Yes, it can be difficult to think about what would happen to your loved ones without you, but it will be harder for them if you don’t think about it. How would your family cover their everyday expenses? Who would pay for your children’s education? Would expenses like home or car loans burden them? Naturally, you would never want your family to suffer – and that’s why having a personal accident insurance plan is so important.

In Malaysia, personal accident insurance generally provides a lump sum payout for death and total permanent disability. Cash benefits are also available to cover hospital expenses, medical bills, and other costs. These cash payouts can be used to pay for your accident-related expenses, your loss of income, and your family’s bills, too. This money would become even more important if you were to die as a result of your accident. In short, it could help ensure your loved ones were able to maintain their existing lifestyle.

 

2nd reason: Insurance provided by your employer is limited

If you’re hoping that your company’s insurance benefits will provide all the coverage you need, you may be disappointed. Usually, this type of coverage is only for hospital or clinic medical bills or it can only be claimed upon death or only for a total permanent disability. The truth is, your company insurance simply may be not enough to cover your financial commitments.

Plus, remember that this insurance coverage is only provided while you’re still working for the company. What if a disability prevents you from doing your job permanently? Will your employer still keep you on staff and allow you to receive company benefits?

In situations like this, having personal accident insurance becomes an essential backup plan. Moreover, having additional personal accident insurance coverage allows you to claim additional amounts as one plan does not override the other.

 

3rd reason: Accidents are not predicable

Unfortunately, no matter how careful you are with your life, you cannot control when, where or how an accident will strike. However, you can control the after-effects of an accident – if you have a plan in place that includes insurance coverage.

With personal accident insurance, you’ll always know that if an accident results in hospitalisation, disability or even death, the cash payouts can be used to cover bills and debts without burdening your family and affecting their lifestyle.

Now that you’ve learned about the importance of having a personal accident plan, you may decide that the benefits are worth the small monthly sum to protect yourself and your family.

If so, you’ll be pleased to know that at EZTakaful, our personal accident insurance plans start from as low as RM10 a month for coverage that’s in effect 24-hours a day anywhere in the world. Moreover, our plans are 100% Shariah compliant and you can customise them by choosing add-ons that best suit your lifestyle.

Click here for more info on EZTakaful plans

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