More and more insurance companies are offering a number of their products online, and that includes accident insurance.
This article provides an overview of accident plans available online, what they are, and how they can help you prepare for unexpected events.
Table of Contents
What is accident insurance?
In life, accidents sometimes can happen.
They can be mild like losing your balance, falling to the ground, and getting some scrapes. At times they can be serious and require huge sums for recovery such as injuries, wounds, etc.
An accident insurance is designed to cover such events.
How it works is simple. You buy the insurance in advance. If you become a victim of an accident that is part of the coverage, you can expect to receive the sum insured from the insurer.
Accident insurance is often a term insurance that is effective upon the payment of the first premium and/or activation until 1 year, 5 years or 10 years. The plan can be renewed up yearly up to a certain age.
There are plans whose benefits can be extended to family. Insurance riders can also expand the coverage such as hospitalization, benefit for being a victim of robbery or assault, burial benefit, etc.
Is accident insurance important?
To prepare for life’s unexpected situations through insurance is part of personal financial planning. One of the ways to be prepared is getting an accident insurance.
No one ever plans to be part of an accident, much less to be injured in one. Accident insurance comes in handy as a cushion on unexpected situations that are beyond your control. When it does happen, whatever its cost can be addressed by insurance proceeds.
For example, you might be involved in an accident that is not your fault and sustained a few injuries. You can file a claim if you have an accident insurance and, after approval, receive its benefits.
What are you buying?
So what are you purchasing exactly? It depends on the plan.
- Accidental death. This is the basis of most, if not all, accident insurance coverage. The beneficiary can file a claim and expect to receive a sum of money on the death of the insured because of accident.
- Accidental disablement and/or dismemberment. The insured gets benefits based on a schedule of loss of ability or bodily parts or function. Disablement benefit is given when the insured is no longer able to perform normal activities like being bedridden, needing assistance for mobility, etc. Meanwhile, dismemberment benefit is given upon the loss of use of limbs, fingers, and toes; or loss of sight, speech, or hearing.
- Other benefits. Additional benefits include burial benefit, murder and assault, accident involving two-wheeled vehicles like motorbikes, critical illness, daily hospital income, emergency care, etc.
Who offers accident insurance plans?
They are offered by many insurers such as life insurance companies and non-life insurance companies.
Their plans are not only available through their agents and sales channels. They also partner with other companies like pawnshops, remittance centers, e-wallets, etc.
And a number of insurers are making their products available digitally for purchase, including life insurance plans that can be purchased online. So it is now quite easy to obtain insurance coverage on accidents.
What are the advantages of getting accident insurance online?
It can be fairly easy, convenient, and fast. The process is done online, so application can be made at the comfort of your home or wherever you are anytime.
On top of that, there is no need to talk to an insurance agent. This is true when the terms of the insurance product is straightforward and the website contains all the details.
Furthermore, you can look up for other comparable plans online. You can shop around and get the best deal for you.
Besides, one may apply without going through medical exams.
What are the disadvantages of buying accident insurance online?
You might not get immediate support when you want to get more information about the plan. You are also on your own to understand the contract, as there can be no available insurance agent to help you out.
Security is another concern. You are often asked to disclose any info about yourself or create an account.
Applying for a plan and making a claim may also be done online. So it can be a bit of a challenge when you wish to reach out to a person to let you understand any important details and fine prints about a plan.
In addition, cash is not an option so the only way to pay the first premium is through a debit card or credit card.
Reminders before purchasing accident insurance online
Here are a few things to bear in mind when buying accident insurance on the internet.
It is crucial that you understand what you’re buying, how long it’s going to take effect, and other such information. Try to find out more about the plan so that you know exactly what you’re getting.
- Are there any exclusions? Exclusions are circumstances, illness, or any situations that are not covered by the contract.
- What range of ages are allowed to be issued with the plan?
- How long is the plan going to take effect?
- What are the insurance riders that are part of the contract?
- Check the table of permanent disablement or dismemberment.
- Are you insurable? You may have to go over a checklist of eligibility to be considered insurable such as health condition, occupation, hobbies, lifestyle, etc.
Valid ID. Prepare a valid identification card.
Availment. Most plans are only available to Filipinos living and residing in the Philippines. Check if the coverage also includes accidents occurring abroad.
Limits. Some providers may only allow you to buy up to a maximum number of plans per individual and/or maximum amount of coverage.
Payment option. Insurers may require that the name that appears on the debit card or credit card is the same person being insured.
Email address. An electronic copy of the contract may be sent to your email address.
Beneficiary. You may be asked a list of people you can designate as beneficiary.
List of accident insurance plans
Below is a table containing a list of accident insurance products available online. It also provides an overview of the coverage, how to purchase, and the provider.
| Policy | Details |
|---|---|
| Family Personal Accident | Benefit: Accidental death, disablement How to buy: Through website Insurer: BPI MS Insurance |
| Personal Accident | Benefit: Accidental death, disablement How to buy: Through website Insurer: BPI MS Insurance |
| Troo Flex | Benefit: – Accidental death, disablement – Critical illness Coverage: 1 year (up to age 64) Insurer: East West Ageas How to buy: Through Komo |
| Personal Accident | Benefit: Accidental death Insurer: Fortune Life How to buy: Through website, Kwik Issue age: 18 to 60 Premium: Single |
| Fortune Accident Secure | Benefit: Accidental death Coverage: 5 years How to buy: Through website Insurer: Fortune Life Issue age: 18 to 60 Premium: Single |
| Fortune Accident Secure-10 | Benefit: Accidental death Coverage: 10 years How to buy: Through website Insurer: Fortune Life Issue age: 18 to 60 Premium: Single |
| Family Protector Plan Plus | Benefit: – Accidental death and dismemberment – Accidental medical reimbursement – Burial assistance How to buy: Through website Insurer: Fortune Life Issue age: – Insured: 18 to 60 – Co insured: 18-60 (spouse/parent), 1 to 19 (children/siblings) |
| Personal Accident Micro | Benefit: – Accidental death and dismemberment – Murder and provoked assault coverage – Burial benefit How to buy: Through website Insurer: Fortune Life Issue age: 18-59 Premium: Single |
| Orange Circle | Benefits: – Accidental death, dismemberment, disablement – Unprovoked murder and assault – Medical reimbursement – Sexual assault – Counseling Assistance – Accidental burial benefit – Cash assistance benefit – Household helper financial assistance – Damage to purse – Personal liability – Additional coverage available Coverage: 1 year How to buy: Through Kwik.insure Insurer: FPG Insurance Issue age: 18-64 Profile of client: Woman or woman at heart (transwoman, gay) |
| 3-in-1 Protection Insurance Plan 5397 | Benefit: Accidental death and disablement Coverage: Up to age 55 How to buy: Insurer: FWD Life Issue age: 18-50 Premium: Yearly (until age 54) |
| GenCare Life Personal Accident | Benefit: – Accidental death, disablement – Unprovoked murder and assault – Reimbursement of medical accident involving motorcycling accident Coverage: 1 year How to buy: Through Kwik.insure Insurer: Generali Life Assurance Philippines Inc. Issue age: 18-65 |
| GenCare Family Care | Benefits: – Accidental death, dismemberment, disablement – Daily hospital income – Emergency Care coverage How to buy: Through Kwik.insure Insurer: Generali Life Assurance Philippines Inc. Issue age: 18 – 65 |
| GenCare Personal Care | Benefits: – Accidental death, dismemberment, disablement – Daily hospital income – Emergency Care coverage How to buy: Through Kwik.insure Insurer: Generali Life Assurance Philippines Inc. Issue age: 18 – 65 |
| Liberty Moms | Benefits: – Accidental death, dismemberment, disablement – Medical expense due to accident – Burial expense due to accident – Medical reimbursement for miscarriage – Disorders of immune system – Severe malnutrition – Congenital heart defects of baby How to buy: Through Kwik.insure Insurer: Liberty Insurance Issue age: 20-45 |
| Family Relief | Benefits: All due to accident – Burial expense – Burial services – Funeral service expense – Funeral services – Casket or urn – Insurance riders are available How to buy: Through Kwik.insure Insurer: Malayan Insurance Issue age: 1-70 |
| Stela Shield | Benefits: – Accidental death, dismemberment, disablement – Unprovoked murder and assault – Medical expense due to accident – Burial expense due to accident – Daily hospital income due to accident and sickness – Additional benefits available How to buy: Through Kwik.insure Insurer: Malayan Insurance Issue age: 18-64 Profile of clients: Women |
| 365 Ready Accident | Benefit: Accidental death, dismemberment, disablement How to buy: Through website Insurer: Manulife |
| Individual Personal Accident Insurance | Benefit: – Accidental death, dismemberment, disablement – Medical expense – Burial expense – Motorcycling coverage – Unprovoked murder and assault – Emergency medical transport – Comatose state lump sum – Repatriation of mortal remains following accident – Daily hospital income due to accident – Daily hospital income due to acute physical illness Coverage: 1 year Insurer: Oona Insurance Philippines Issue age: 18-70 |
| Cash for Income (Accidents only) | Benefit: Accidental death Coverage: Up to 64 years old How to buy: Through GCash Insurer: Singlife Issue age: 18-54 |
| Accident Protect | Benefit: – Accidental death, dismemberment, disablement – Accidental medical reimbursement – Accidental death burial benefit – Accidental burns benefit – Accidental common carrier benefit Coverage: 1 year How to buy: Through Kwik.insure Insurer: Starr Insurance Companies Issue age: 18-65 |
| Personal Accident Armor | Benefit: Accidental death, dismemberment, loss of sight Coverage: 1 year How to buy: Through Lazada, Moneygment, GCash Insurer: Sun Life Philippines |
| Life Armor | Benefit: Accidental death, illness Coverage: 1 year How to buy: Through Lazada, Moneygment, GCash Insurer: Sun Life Philippines |
| Family Armor | Benefit: – Accidental death, dismemberment – Hospital income Coverage: 1 year – Family Armor I: Coverage for you and your children. – Family Armor II: Coverage for you, your spouse and your children. – Family Armor III: Coverage for you and your parents. – Family Armor IV: Coverage for you, your parents and your children. How to buy: Through Lazada, Moneygment, GCash Insurer: Sun Life Philippines |