What is personal or home insurance?
In our daily lives, we have many instances where insurance policies are useful, critical and even made compulsory by the government to protect our assets and values. In HM Consultancy, we specialized in General Insurance.
These types of insurance are under “General Insurance” and are usually not sold by most life insurance agents out there who recommend whole life, endowment plans, investment-linked products, critical illness plans, etc.
General Insurance are these insurance plans that do not have cash value, must be renewed yearly, such as those covering your car, home, travel, etc.
Car motor insurance
For example, Singapore’s Land Transport Authority has made it compulsory for all motorist, be it cars, motorcycles, vans, lorries or other vehicles to purchase at least Third Party Motor Insurance, and the majority of Singaporean car drivers bought that or comprehensive motor insurance for wider protection.
Home insurance for HDB, Condo, or landed homes
Most Singaporeans live in HDB and are also obliged to pay for the basic HDB structure insurance, though not many realise this basic compulsory insurance does not cover their home furnishing or contents.
Foreign domestic worker insurance
For those who have domestic helpers or maids, the common maid insurance gives them peace of mind in disputes or medical situation for their caretakers.
Some Singaporeans who want better coverage beyond the national healthcare insurance scheme (CPF Shield) or non-Singaporeans such as expatriates may prefer to have their Private Medical Insurance to cover themselves. They may opt for private medical insurance that covers them GLOBALLY, while at a much lower cost than life insurers.