Personal accident insurance or PA is an annual insurance cover that compensates against events caused by accidents. Although life insurance can be the best form of protection to many, it may not be the best solution for others. If you fall into any of the latter group, but still want some form of insurance coverage, PA is an alternative you can consider.
I feel PA goes the extra mile for us. I can call them any time and they are there. They also keep our policies up to date.
The service that myself and my family receive from PA is second to none. No matter what the question, change, or problem is that needs to be addressed I can always count on them.
I have had the privilege to work with PersonalAccident.com and they are not only professional, they are a pleasure to work with.
This policy covers you against death or disablement caused by accidental, violent, external and visible means. This policy is extended to cover personal liability up to RM100,000.00 and terrorism cover (excluding nuclear, chemical or biological weapons of mass destruction).
Malaysian, Permanent Resident of Malaysia, Work Permit Holders in Malaysia and/or his/her legal spouse and/or child or employee who is legally residing in Malaysia. If the Insured is a corporate body, then the Insured is able to name its employee as the Insured Person.
Age Limit for:
1. Insured or his/her spouse or employee must be 16 years to 65 years old.
2. Insured’s unmarried child/children (including step and legally adopted child/children) who is/are wholly dependent on you for financial support is 30 days to 18 years old or up to 24 years old if he/she is studying full-time in a recognized institution of higher learning.
PA insurance covers death and total permanent disability (TPD) of the insured that is the result of an accident. It does not cover natural death, i.e death occurring in the course of nature and from natural causes such as age or disease. This is the main and most critical difference between PA and life insurance. However, PA does have a few unique advantages over life insurance.
This policy does not cover certain losses, such as:
You may cancel your policy by giving 7 days written notice to the insurance company. Upon cancellation, you are entitled to a refund of
the premium based on Company’s short period rate. There shall be no refund for cancellation of policy by either the Insured or the
Company under the following circumstances:
1. the policy is paid under monthly premium payment mode, or
2. if the amount to be refunded is less than Ringgit Malaysia Ten (RM10.00), or
3. in a situation that falls under 100% of premium to be charged under the short period rates, or
4. claim has been made during the current Period of Insurance
As always, it is best to do your own research before deciding on a policy that is best suited for you and there can always be better alternatives such as personal accident insurance in this case. Speak to an experienced insurance agent or financial advisor to get expert views on the matter