Beyond the usual Shield plans offered by all life insurers, medical insurance can be offered by some general insurers that offer benefits way beyond the usual scope.
It can be real global coverage, with premium medical care. It can cover all outpatient Singapore medical care (visiting local GP clinics).
Domestic maids are not Singaporeans and face high hospitalization bills if they are sick from accident or sickness. We can reduce the odds of them suffering from bad injuries or sickness but if they need medical attention, the bill can be crazily high with no medical safety nets for them.
Basic domestic maid coverage is useful to prevent such headaches for you as the employer. It also helps protect your security deposits if your maid decides to run away for selfish reasons.
Your HDB has very basic home fire insurance, not just to protect you, but to protect HDB from fire damages, and therefore they ask you to buy more home insurance to protect your home contents and furniture.
If you own a landed or condo, this is even more important for you. Your neighbors are rich, well-connected residents too. In any event of a fire or disaster that starts from your home, you are legally culpable for their losses! A great home protection policy will help you to settle any big losses arising from fire, flood, and other disasters.
Personal accidents are the most frequently bought policies due to many life insurance agents selling them. However, do you know that the same personal accident with the same coverage is a lot cheaper from General Insurers than Life Insurers (such as AIA, Prudential, Great Eastern, etc)
General Insurers can offer PA policies at so much lower rates because the commission rate to agents is very little, and there are no big incentive trips, bonus, etc for the GI agents compared to life agents.
Singaporeans love to travel! (who can blame us, Singapore is so small!) Do forget to pack travel insurance as early as possible.
Buying travel insurance early
If you buy now vs buying just before you fly, the price is the same AND you get to enjoy extra benefits for free! For example, if you have some unfortunate events, such as an accident, your insurance policy may allow you to file a claim for unforeseen circumstances in forgoing air tickets. If you bought a travel package, early purchase of insurance also cover in case of travel agencies defaulting (For some travel policies).
Also, Singaporeans travel to Malaysia so much, we are so used not to buy insurance package. But Malaysia is where many Singaporeans face problems in their travel, such as accidents, robberies, stolen cars, and mobile phones, etc.
Get annual plans, it is so much easier and hassle-free and save you so much more money!
if you drive, you need to buy compulsory car insurance. LTA mandates that you need to buy at the minimum 3rd party liability for your car, but with car repairs so expensive, you are probably better off with Comprehensive Car Insurance, which covers your own car too in the event of accidents. If you want the best, go for all workshops coverage. If you prefer value for money, go for “Authorised Workshops Only” coverage
If you really want the bare minimum to comply with LTA’s motor insurance rules, then just grab the cheapest 3rd Party Liability Motor Insurance.