One of the great things about having a full-time job is the perks that come with it. Paid medical and annual leave, EPF employer contributions and medical insurance are part of the usual benefits offered to employees. However, if the company insurance policy is the only insurance coverage that you have, you could actually be under-insured. Below are some reasons why it’s prudent to consider purchasing Personal Accident insurance (PAI) in addition to your work insurance policy:
1. You Do Not Own The Insurance Policy
Most company insurance policies are group policies owned by the employers. With group coverage, there is only one policy in effect. Employees can come and go, but it does not affect the policy. The setback is, once you leave the company, you cannot bring the policy with you. This means that you will be uninsured.
With Personal Accident insurance: You are covered 24/7 everywhere you go, even if you leave the company for good. Just remember to pay the affordable monthly premiums every month!
2. The Coverage Is Inflexible
With the insurance coverage offered by your company, you’re stuck with whatever plan your organisation decides for you. Also, it is a one-size-fits-all policy that may not be customised or adequate for your needs.
With Personal Accident insurance: You have the flexibility to add on extras that make sense to you and your family so that your lifestyle can be maintained in the event of accidents and unexpected emergencies. This can include coverage for snatch theft, emergency cash for hospitalisation, allowance for follow-up treatments, and even home content coverage against accidents, theft and natural disasters.
3. The Insurance is Limited
Typically, the insurance only covers medical bills or is only claimable upon death or is only for a total permanent disability. That is not enough to cover your financial commitments. Also, what if you’re not able to do your job because of a disability? Will the company still retain you as an employee?
With Personal Accident insurance: You will have a good backup plan in case you couldn’t work because of a disability caused by an accident. For instance, EZCover pays weekly cash benefits for up to 104 weeks if you suffer from a temporary total disability that stops you from working for 4 consecutive weeks. You can also claim additional amounts on top of your work insurance plan as the plans would not override each other.
4. It Does Not Cover You After You Retire
Your work insurance policy effectively ends when you resign or retire from employment. Ironically, this is the time where you may need financial protection the most.
With Personal Accident insurance: EZTakaful offers PAI plans that are available to applicants up to 70 years of age and the insured are protected until they are 75 years old. For those above the age of 50 to 70 years, EZPrime offers thoughtful add-ons for injuries due to accidents such as broken bones and hip replacement, as well as a weekly nursing care allowance post-accident.
5. Benefits Are Paid To Your Health Provider
Employee medical insurance claims are normally paid out to the hospitals or medical centres, not to you or your family.
With Personal Accident insurance: Benefits are paid directly to you or your beneficiary who will receive 100% of the sum assured, not to the doctors or hospitals.
6. Restricted List Of Health Care Providers
Due to the benefits being paid directly to your health provider and not you or your beneficiary, you are restricted to seeking medical attention from a selected list of preferred hospitals and medical centres.
With Personal Accident insurance: No such restrictions are imposed and you are free to go to any hospital of your choice.
Nothing To Lose, Everything To Gain
Should the worst happen and you find yourself unemployed, don’t leave yourself uninsured as well. By purchasing your own personal accident insurance from EZTakaful, you will receive 24/7 worldwide coverage and peace of mind for you and your loved ones.
Affordably priced from RM10 per month, EZTakaful’s comprehensive range of plans are the perfect complement to your work insurance policy. In fact, the benefits are paid on top of any other insurance you may already have. So, you don’t have anything to lose but everything to gain! To get a good idea of what EZTakaful has to offer, click here.