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.