Why a Comprehensive and well thought Personal Accident (PA) protection is a must to have and chances are, you probably overlooked or did not notice it is a missing component in your Insurance Portfolio despite investing good money on it every year!
Do you know accidents, poisoning and violence are the top causes of hospitalization in Singapore and it has been rising over the consistently over the years leading to 2014? (Source: Top 10 conditions for hospitalization)
8.4% or 46’655 discharged from hospitals in 2014 from causes that included accidents, poisonings & violence.
An average of 116 people each day, equivalent to 4.8 each hour across all walks of life were discharged from a hospital following treatment to accident related causes. By the time, you finish your hour-long lunch break, probably 5 people somewhere in Singapore would have been hospitalized for these reasons. This is not counting the many more who fell victims to accidents, poisoning and violence but probably did not require hospitalization. It is anyone’s guess how many of those discharged ended up with a form of temporary or permanent disablement resulting in loss of income and faced financial hardships resulting in an uncertain financial future over periods of time.
If you are an EMPLOYEE, it is critical to note while 2 months hospitalization leave = 2 months paid leave, 12 months hospitalization leave DOES NOT EQUATE to 12 months paid leave as our sick leave entitlements are clearly listed in the Employment Act.
Should you be an unfortunate victim of any accident and nursing your health with a 6, 12 or 24 months’ hospitalization leave, can your employer terminate your employment with them? Click HERE to find out.
If you are a SELF-EMPLOYED; small business owner such as Property agent, Tutor, boss of a Small Business Enterprise or any role where your daily activity contributes to your earnings. You probably don’t even have the safety net of a 60-days hospitalization leave as stipulated in our laws. How will an injury impact your income and in turn your ability to service your short-term financial commitments?
It was reported “Court awards a record S$8.65m in personal injury claims to cyclist”; Today 6 Dec 2016, “Biker still in coma. Wife wants to tell him she’s pregnant”; TNP 20 Aug 2016, “Housewife still unconscious, family not giving up”; TNP 24 Sep 2016, “Motorcyclist in ICU after boar collision on BKE”; Straits Times 15 Nov 2016, “Passenger on life support after being hit by unknown object on open-top bus”; TNP 16 Nov 2016, “Boy hurt in accident gets $1.52m in damages”; ST 25 Nov 2016 and “Thai teen hit by car in September is ready to go home” TNP 3 Dec 2016.
Beyond the attention-grabbing headlines on damages awarded, the victim will have legal fees to pay.
I thought the process of litigation is likely to be a heart wrenching and emotionally draining experience for the victims.
“For those who lose their loved ones or suffered from a disability in an accident, the pain, grief and hardship felt may be permanent, while for the perpetrators, the penalties are transient.”
A well thought Personal Accident (PA) insurance can offer a variety of benefits that may include: