If you have SOCSO do you still need PA?

Have you heard of Personal Accident Insurance or PA?

Those that I have came across will usually give me the answer..

I have life, and medical, PA? What’s that”

I have SOCSO, why still need PA?

I think my company has that for me, but I don’t know much.

PA covers only accident related right? so What’s the point? ?

My response is , you will be surprised, if you see the shear number of benefits included into any PA packages available in the market; you will be even more surprised by the relatively small premium as compared to other types of insurance.

Much has been said about life, medical and savings insurance. Occasionally I do come across people who have no idea about the existence of Personal Accident insurance. Some tend to think that with life insurance that comes with total permanent disability coverage why would they need a personal accident cover or PA. Well, in actual fact they do. PA coverage is essential to have a comprehensive personal insurance coverage.

Personal accident insurance (PAI) is a safeguard intended to alleviate the financial burdens individuals and their families may face in the aftermath of unforeseen accidents resulting in injuries, disabilities, or loss of life. Beside having a relatively high coverage for a given premium as compared to life insurance, PA can also provide payout for partial permanent disabilities such as loss of fingers, a limb or one eye, where a life policy will only payout upon total permanent disability such as loss of 2 limbs from ankle or wrist and above, lost of sight of both eyes. Some PA also comes with optional weekly temporary disability benefits, this is especially important to those whose income depends on them being able to perform their work. PA plans can also come with medical benefits. Hospital income can be claimed based on the number of days stay in the hospital. Whereas medical expense can be claim on reimbursement basis. This means that if the insured has claimed the medical expenses on his PA plan, he will not be able to make the same claim on his medical insurance if he has any.

The type of coverage that is normally provided under PA policy include:

?accidental death

?permanent disablement

?medical expenses

?hospitalization benefits

?funeral expenses

?weekly indemnity

?repatriation benefits

The major exclusions under this policy include the following (list is not exhaustive and may vary between insurers):-

?War, terrorism, radiation or contamination by radioactivity

?Suicide or self-inflicted injury, pre-existing physical defect or infirmity, AIDS, pregnancy

?Professional or hazardous sports, aerial activities, underwater activities requiring breathing apparatus

?Motorcycling, member of armed forces, rescue services, police forces, aircraft crew