The importance of buying life and medical insurance has always been touted, but to what extent? It’s generally encouraged that you purchase health and life insurance early and there’s good reason supporting this. Premiums are considerably lower when you’re younger, plus with a lower risk of health conditions and the like, it’s unlikely that your cover will exclude you for any conditions.
Buying insurance is definitely a huge investment and a long-term commitment, so it’s essential that you put some thought into the kind of coverage policies you are keen on buying. Aside from the basics, there also are the home and contents insurance, critical illness insurance, and travel insurance. Before you look into all-encompassing coverage, it’s important to sort out the essentials – we recommend a good life and health insurance policy. Although learning about insurance can be a little dry for those who aren’t in the industry, it’s incredibly crucial that you put some time into it. If navigating the market is tedious, our team of health insurance brokers can help you through it.
What are the common principles behind purchasing life and health insurance?
Because many people associate insurance with illness, death, and other serious life situations, the process of buying and reviewing policies isn’t high on everyone’s list of things to do. However, dealing with this early will prevent any stresses later on when you have actual situations to manage. So, what are the motivating principles behind the purchase of life and health insurance?
Insure for both big and small events
It’s a common misconception that you should only insure yourself against bigger losses or projected incidents. For expats living and working here in Singapore, making sure you have adequate health cover is vital. Without it, accessing quality healthcare can be tough and medical bills can run pretty high.
Reframe your perspective when it comes to life and health insurance. You should insure yourself for both big and small potential losses – anything that could be financially catastrophic counts for an event that should be insured. Even though insurance isn’t cheap, it still is relatively small in comparison to potential losses that could come out of other financial losses. Your decision to purchase insurance shouldn’t be founded on your perception of the likelihood of needing coverage.
Choose broader coverage
Applicable to insurance types beyond life and health, we recommend going for broader insurance policies. Even though a good term life insurance policy might be expensive, they cover for a wide range of incidents and possible mishaps. While a smaller insurance policy is more enticing for its lower price point, it may not cover you for all possible potential losses.
Liaise with a broker
Trying to purchase your term life and health insurance in Singapore – with all the other options available – might get challenging. There are a wide variety of plans in the market, ranging from policy types and coverage to top-up plans and other benefits. As experienced health insurance brokers, we recommend liaising with a broker to get the most out of your plan and consult. Bringing experience and expertise to the table, you’ll be able to find more tailored and specific insurance cover for expats with a broker.
Why is purchasing early so important?
There are a couple of reasons for this. For expats living and working here in Singapore, getting a handle on your insurance plans is pivotal. It can significantly lower your expenses should you require medical attention, suffer a disability, and need coverage for your dependents.
Purchasing your insurance early also lowers your premiums significantly, allows for better investment planning, and protects you and your family ahead of time.
Consult Expat Insurance for life and health insurance
Having worked with both corporate and individual parties, our team of specialists are well-versed in managing and providing excellent advice on life and health insurance. We recognise that tailored policies can be incrementally better for they match your needs more closely than standard ones. Get in touch today and let us help you.