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Moving to a new country can be an exciting and overwhelming experience. As you prepare for this exciting journey, it’s important to take the time to consider all the necessary details to ensure a smooth transition. One important aspect of this preparation is securing insurance coverage to protect yourself and your belongings. Whether you’re moving to Singapore for work, school, or simply a change of scenery, there are several types of insurance that you should consider obtaining before or shortly after your arrival. 

Don’t let the unfamiliarity of your new home put you at risk – make sure you have the coverage you need to feel secure and prepared for any unexpected events. In this article, we’ll explore the different types of insurance to consider when moving to Singapore, so you can make informed decisions and feel confident in your new home.

Understanding the various types of insurance

1. Medical insurance

In Singapore, it is mandatory to be provided health insurance by your employer. They may provide you with employee benefits but these benefits may not offer sufficient coverage for you as every individual needs different levels of health cover. Supplementing this with other policies can help you fill the gaps and keep you and your family protected. Medical insurance in Singapore typically includes the following: 

• Hospital and surgical insurance – This type of insurance will pay the costs of medical expenses incurred during hospitalisation and surgery. 
• Maternity insurance – Maternity insurance is a type of insurance that provides financial protection for medical expenses related to pregnancy and childbirth. This type of insurance can cover expenses such as prenatal care, delivery, and postpartum care. Some maternity insurance policies may also cover fertility treatments.
• GP & Specialist – ´Outpatient insurance’ as it’s otherwise known, covers medical costs that do not involve hospitalisation, that is a physician visit or visits to the specialist. 

It is important to carefully review the terms and exclusions of any policy you are considering, as coverage can vary significantly between plans. Some health insurance policies have deductibles, which is the amount you need to pay out of pocket before the insurance company will pay for covered expenses. Consider whether the deductible is affordable for you.

2. Home and property insurance

Getting home and property insurance is a prudent decision whether you will be renting or purchasing a home. This type of insurance can provide protection against damage or loss to your home and its contents due to events such as fire, flood, and theft. Some policies may also include personal liability coverage, which can provide protection if someone is injured on your property. 

There are three main factors to consider when reviewing home policies: property ownership, the total value of home contents and the coverage and add-ons. Does the policy provide coverage for the full replacement cost of your home and its contents or only the depreciated value? Also, take note to look at the exclusions of your policy, as there may be certain types of damage or events that are not covered.

3. Life insurance

Life insurance can provide financial protection for your loved ones in the event of premature death. There are several types of life insurance policies available in Singapore, including term life insurance and critical illness insurance. 

• Term life insurance – This provides coverage in the event of disability or death, and this type of life insurance provides coverage for a specific period of time, and ranges from 5 years to age 99.
• Critical illness insurance – This type of insurance provides a benefit to the policyholder in the event that they are diagnosed with a critical illness, such as cancer, heart attack, or stroke. It is designed to provide financial protection to help pay for medical treatment and other expenses related to their illness as well as a form of replacement income as they will be too sick to continue working.

It is important to carefully consider your needs and the needs of your loved ones when choosing a life insurance policy.

4. Travel insurance

When travelling outside of Singapore, having travel insurance will keep you protected against unexpected events such as trip cancellations, medical emergencies, and lost or stolen luggage. Some policies may also include coverage for adventure activities such as hiking and scuba diving. Consider the maximum coverage limits of the policy, which is the maximum amount the policy will pay for covered expenses. Make sure the coverage limits are sufficient to compensate for flight and accommodation costs. If you travel frequently for business trips or to visit loved ones back home, an annual travel insurance policy can be a more economical choice for you.

Get covered with Expat Insurance to hedge against risks 

Expat Insurance offers a range of comprehensive insurance policies that ensure you do not have to bear heavy financial losses. Speak with our insurance advisors now to find out more about how you can protect yourself and your loved ones now. 

As you enter your 30s, you may find yourself with more responsibilities, whether that be building your career, caring for your ageing parents, or starting and growing a family. This decade is a crucial time to start focusing on your finances and make smart money decisions that will set you up for success in the long term. However, this will involve more than just saving and investing. It also means being proactive and taking control of your overall financial condition to ensure that you are on track to meet your goals.

In this article, we’ll discuss some smart money decisions you can make in your 30s to achieve financial stability in Singapore. From creating a budget and paying off debt to investing for the long term and protecting your assets, these tips will help you build a solid foundation for your later years.

1. Create a budget and stick to it

One of the most important things you can do to improve your financial health is to create a budget and stick to it. This will help you understand your income and expenses, and identify areas where you can cut back or save more. In fact, by the age of 30 years old, the typical Singaporean would have at least $73,000 worth of savings accumulated.

When it comes to budgeting, you can keep an updated spreadsheet on your income, variable expenses (like groceries) and fixed expenses (like rent). Alternatively, you can use expense tracking apps like Wally, Spendee and Planner Bee to have an overview of your finances and see where you can make adjustments. As you plan, remember to be realistic and flexible with your budget as unexpected expenses will inevitably come up.

2. Pay off high-interest debt

If you have high-interest debt, such as credit card debt or student loans, it’s important to prioritise paying this off as soon as possible. The longer you take to pay off this debt, the more you’ll end up paying in interest. Consider speaking to your bank or consolidating your debt to get a lower interest rate.

3. Build an emergency fund

An emergency fund is a savings account that you can use for rainy days, such as a car repair or a medical bill. As a rule of thumb, have at least three to six months’ worth of living expenses saved up in case of an emergency. This will help you avoid going into debt or using high-interest credit cards to cover unexpected expenses.

4. Invest for the long term

In your 30s, you likely have more stable and steady income, with time to wait for your money to grow. At this stage, it can be a good idea to start thinking about long-term investments. Some of your options may include stocks, bonds, and unit trusts to help build your wealth over time. 

That being said, it is important to do your research beforehand and understand the risks and rewards of different investment options before parking your money. You should also continue to explore other types of investments, receive second opinions on your portfolio, and reassess your strategy regularly as the markets evolve.

5. Save for big expenses

In the near future, you may have more big expenses on the horizon, such as planning a wedding, buying a home, or starting a family. It is thus vital to start saving for these expenses early on to ensure you have the funds when you need them. Consider setting up a separate savings account or investing in a high-yield savings account to maximise your earnings.

6. Start saving for retirement

Additionally, it’s never too early to start saving for retirement, and your 30s are a great time to ramp up your efforts. Check out the Retirement Sum Topping-Up Scheme where you can make cash top-ups to your Special Account (SA) or Retirement Account (RA). Or transfer your Ordinary Account savings to SA to take advantage of the higher interest. It is crucial to save as much as you can, as the earlier you start, the more time your money has to grow.

7. Protect your assets with insurance

Finally, you may eventually have more assets to protect, such as a home or family. It’s important to have the right insurance coverage to protect these assets in case of an unexpected event. Consider purchasing home and contents insurance and life insurance to safeguard your financial future. If you are considering a life insurance and protection plan, for example, it is important to take into account your current financial situation and the needs of your loved ones. How much coverage do you need to ensure that your loved ones are financially secure in the event of your death? How much can you afford to pay in premiums? Answering these questions will help you determine the right type of life insurance policy for your needs.

If you are looking for temporary coverage, term life insurance will be an option worth considering. For example, if you have a young family and want to wait until your children are financially independent, a 20-year term life insurance policy may be a good fit. 

Term life insurance is a type of life insurance that provides coverage for a specific period of time, such as 10, 20, or 30 years. It is designed to pay out a death benefit in the event the insured person passes away. Term life insurance is typically the most affordable option, making it a popular choice for primary breadwinners or those on a budget in Singapore.

Get started

Once you have procured the necessary insurance coverage, it is a good idea to review your term life insurance policy periodically to ensure that it still meets your needs. As your circumstances change, you may need to adjust your coverage. With the help of a trusted insurance broker in Singapore, you can safeguard your financial interests in your 30s and beyond. For more information on life insurance and other types of plans, don’t hesitate to reach out to Expat Insurance today.

Mental health problems can manifest themselves in a variety of ways, from absenteeism and lower productivity to increased conflict and turnover in the company. Yet, despite the significant impact mental health conditions have on businesses, there is still a great deal of negativity around discussing mental health in the workplace. 

Some may feel uncomfortable talking about their mental health problems with their employer or co-workers for fear of being judged or passed over for opportunities. This discomfort often leads to people suffering in silence which can exacerbate mental health conditions and lead to even more productivity losses.

In line with our “It’s OK to Talk About It” forum on Mental Health in the Workplace held on 13 October 2022, this article will discuss mental health in the workplace and what Human Resource (HR) professionals can do to address it. 

Why Mental Health is a Costly Problem for Businesses

In order to better understand the true cost of mental health in the workplace, it’s important to first understand what mental health is. Mental health includes our emotional, psychological, and social well-being. It has an impact on how we think, feel, and act. Just as physical health can be affected by poor diet or a sedentary lifestyle, mental health can be affected by stress, anxiety, and other psychological factors. 

Whether it’s meeting deadlines, juggling multiple projects, or managing difficult co-workers, these are just a few of the factors that can contribute to a feeling of being overwhelmed. For some people, this stress can contribute to mental health issues such as anxiety or depression and have a profound effect on their ability to function at work. 

For example, they may have difficulty concentrating on tasks and dealing with customers or have trouble mustering the motivation to come into work each day. As a result, poor mental health can eventually lead to errors, increased absenteeism and higher turnover rates. All told, depression and anxiety disorders is estimated to cost the global economy US$1 trillion each year in lost productivity.

In fact, research found that almost 40% of working Singaporeans are experiencing significant mental health strain and are considered high risk in terms of their mental health. Chances are, then, that your workplace is not immune to the direct and indirect costs associated with mental health. 

How to talk about mental health at work

These costs can add up quickly and have a significant impact on businesses—both financially and operationally. Fortunately, there are steps businesses can take to support the well-being of your employees:

1. Create an open and inclusive environment

Employees should feel like they can openly discuss their mental health without fear of judgement or discrimination. This starts with upper management setting the tone; if management is supportive of employees with mental illness, that will trickle down throughout the company. Employers should also organise staff events that address mental health through education and team building. 

2. Promote wellness programs

Wellness programs are a great way to promote overall employee health, including mental health. These can include things like mindfulness training, stress management classes, yoga classes, or even regular walking groups. As part of employee benefits insurance, you may also consider including free or subsidised mental health screenings for depression in Singapore. 

3. Encourage employees to take breaks

This could mean anything from providing extra vacation days or allowing working from home policies. Breaks are important for everyone but they’re especially important for those dealing with mental illness in order to avoid burnout. 

4. Be proactive about addressing concerns

When employees are struggling, it’s important that the right resources are within reach. You can provide access to free or subsidised counselling through an Employee Assistance Program (EAP) for all employees. This will give employees the opportunity to speak to someone about their mental health in a confidential and safe setting. To promote early intervention, you may also make mental health self-assessment tools available to all staff. This way, employees can assess their own mental health and see if they are experiencing any symptoms of anxiety or depression. 

It’s okay to talk about it

By pairing your employee benefits insurance policy with additional wellness program initatives, you can help reduce the cost of mental health in your organisation and create a happier, healthier workforce in the process. We cover more information in our whitepaper that goes into detail about the impact of workplace mental health in Singapore. You may get in touch with Expat Insurance if you would like a copy. 

Running a business is no easy feat. On top of managing staff and ensuring you maintain a healthy turnover, you also have to be aware of the potential risks your business can face. Unforeseen incidents can be disruptive and costly for your business, whether it’s a cyber phishing attack, allegations of discriminatory hiring practices or workplace injuries arising from negligence.

This is why it’s imperative that businesses seriously consider business insurance to protect their organisation and assets. No matter the size of your organisation, whether you’re a start-up or a large international entity, business insurance can offer a safety net against potential risks. In this article, we cover the different types of business insurance and how each serves to protect your organisation. 

What is business insurance?

Business insurance protects businesses against loss due to certain events such as fire, theft, natural disasters, etc. Businesses cannot afford to lose their inventory, equipment, or records, so having insurance ensures that these assets are protected. Business insurance also provides coverage for legal fees and court costs associated with lawsuits filed against a business. Additionally, business insurance covers the cost of rebuilding or repairing damaged property caused by an event covered under the policy.

What are the different types of business insurance? 

1. Professional Indemnity

No matter how long you or your team have been in the trade, human error is inevitable. While minor mistakes go largely unnoticed, some errors can have severe consequences and can mean a significant financial loss to your business. Professional Indemnity insurance is a type of liability insurance that helps your organisation guard against the financial consequences of negligence, error or omission. It protects businesses against legal claims made by third parties.

Professional indemnity insurance is different from general liability insurance, which only covers accidents caused by the negligence of employees or contractors. By contrast, professional indemnity insurance covers legal claims arising from negligent acts committed by the insured party themselves. It’s important to note that this type of coverage doesn’t cover intentional acts or crimes.

Directors & Officers

Directors and officers of companies assume a large share of responsibility and are accountable to several stakeholders, including investors, board members and employees. When you run a company, you are vulnerable to a host of factors that may not necessarily be under your direct control. You might be wrongfully accused of discrimination, improper management of company finances or negligence of duties.  

Directors & Officers Liability insurance protects the head of the company from being embroiled in lawsuits involving wrongful allegations made by employees or customers. It is designed to protect the key decision-makers of the company and cover the legal costs of lawsuits. Typically, D&O policies include indemnification provisions that require the insurer to pay any judgement rendered against the insured. 

3. Workers Injury

Work injury compensation insurance plan covers your employees in the event they are injured during the course of their work. Some roles and industries involve a significant amount of manual labour and put employees under physical stress and risk of machinery-related incidents or equipment failures.

The Work Injury Compensation Act (WICA) stipulates that employers cover their employees for workplace accidents. This act covers workers who engage in manual labour and/or earn less than S$2,600. To ensure your workers are protected and receive adequate financial and medical support if they meet with an accident during work, explore work injury compensation plans. 

4. Cyber Risk and Data Protection

As organisations transform digitally and more information is stored in the cloud, the risk of cyber-attacks poses an even greater threat. The consequences of such attacks can mean the loss of sensitive personal data and information, financial repercussions and a damaged reputation. Businesses can guard against data breaches by taking steps towards increasing their business security, such as by regularly updating software and maintaining password security. 

An important component of assuming a strong cyber posture is getting your organisation protected with cyber risk and data protection insurance. There are two main types of cyber risk and data protection insurance: first-party coverage and third-party coverage. First-party coverage protects you from direct losses. This involves the forensic costs associated with evaluating and containing a cyber breach, data restoration and cyber extortion. Additionally, first-party coverage also provides support against business interruption. Third-party coverage, on the other hand, protects you from liability for damages caused to others.

Protect your business with Expat Insurance

Expat Insurance offers different types of business insurance plans based on your unique needs. While some coverage might be mandatory by law, other types of coverage are optional but do still offer protection against potential financial loss. 

Our insurance advisors will help to assess your organisation’s needs and vulnerability gaps and offer coverage solutions that enable you to mitigate risks. In this way, your business is protected and strengthened. Speak with us now to learn more about our business insurance packages.