Personal accident insurance

Dear Dr Tan.

Firstly I would like to say good job on your blog, truly inspiring.

Term life in Malaysia, somehow seems to be quite expensive. For RM100,00 protection (living benefit), I need to pay about RM67 per month.

This seems to be much more expensive in comparison to other countries, i.e. USA and Singapore.

I decided to consider a personal accident plan, which looks the same as a term life, but covers accidental death only.

Do you have personal accident, like in Malaysia? What is your view about buying a personal accdient plan, compared to a term life?

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REPLY:

Personal accident plans are sold in Singapore as well. The premium is less than $100 per annum, for a cover of $100,000. It covers death and permanent total disability caused by accidents.

In my view, a personal accident plan is suitable, especially for younger people.

As a Malaysian, you can buy a term life in Singapore, if you wish. You can also buy it from overseas.