If you’re moving to Singapore or have recently arrived, you might be wondering, “What insurance do I need as an expat?” Here, the Expat Insurance team walks us through four key policies you should consider as a foreigner living in Singapore.
#1 Health coverage
For foreigners living in Singapore, obtaining medical insurance is a must. The country’s healthcare is quality, but costly. The Singapore Ministry of Health (MOH) statistics show the cost of treatment in private hospitals averages $1,800 to $3,700 per day, with the average bill for surgeries reaching around $28,000. Pregnancy and childbirth can cost anywhere from $6,000 to $30,000.
As an expat, you won’t have the same access to subsidies in the public health system as Singaporeans. Therefore, it’s wise to get a family health insurance plan to keep medical costs down.
Luckily, insurance for foreigners in Singapore doesn’t have to be expensive. Expat Insurance offers a variety of different plans to choose from.
International health insurance
This type of insurance is comprehensive, usually coming with high limits, a wide network and additional benefits such as travel, health screenings and dental coverage. It offers long-term coverage for medical care while living overseas, with durations varying across insurance providers.
If you require extra coverage for you or your family, you can get a top-up insurance plan, which increases a client’s accident, annual and lifetime limits. This is particularly useful for addressing any gaps in employer-provided health plans, which are often minimal, covering only basic emergency and hospitalisation bills. You may want to add on dental or maternity to top up your existing employer-provided medical insurance plan.
The team at Expat Insurance is experienced in working with expats to figure out exactly where they need top-up coverage and upgrading their plans accordingly.
#2 Term life insurance
Term life insurance is a must for any working adult with dependents while living in Singapore. It offer expats a financial safety net for their families and themselves in the event that an incident occurs. It’s an inexpensive but protective type of coverage that pays out upon death.
Most employee benefits packages provide some level of life insurance. However, it’s usually not enough for most families who will need to cover one or two decades of expenses if the breadwinner is no longer around. Employee benefits are also not transferable if you lose your job. However, buying a personal policy can ensure that the coverage can be used anywhere you go.
You can purchase term life insurance with riders to provide additional levels of coverage. Critical illness cover, for instance, is a very popular add-on. There’s also Total Permanent Disability (TPD) insurance, which provides protection in the event that the insured suffers a loss of limb or sight that prevents them from working.
Critical illness cover
Some critical illnesses are covered under most health insurance policies in Singapore. However, this doesn’t account for the loss of income while you undergo treatment and recovery. Living overseas sometimes means you can’t call on your family for help; you therefore spend more money than you would if you were back in your home country. Having critical illness cover is beneficial because it usually takes care of one to two years’ worth of living expenses. This makes it much easier to take time off work for recovery.
#3 Home, contents and valuables insurance
While Singapore’s crime rate is super low, there’s still a chance that your belongings could go missing. Home, contents and valuables insurance is an ideal type of coverage for expats renting a home in Singapore. It offers protection for any unexplained loss or disappearance of valuables . That means everything from an engagement ring, watch and camera to fine art, sports equipment and that awesome rug you brought back from India.
This type of coverage is particularly beneficial if you’re renting in Singapore because it offers protection for your home and its contents against potential risks like fires, or any damage incurred. Sometimes, a landlord’s insurance only covers the damage to the building structure itself. This means that the tenant must pay for any additional repairs or replacements out of pocket. Protecting yourself with home insurance can give you that peace of mind you need knowing you won’t return from that weekend trip in Bali only to find out you owe an arm and a leg for home damage.
As an extension of your home insurance policy, you can also insure your personal belongings outside of your home. This makes the cover attractive for those protecting valuable jewellery and other portable items.
#4 Relocation insurance
Moving is stressful enough as it is. Worrying about your belongings actually making it to your new destination doesn’t have to play a part in that!
Getting a house full of boxes from point A to point B across continents always comes with potential risks. That’s why relocation insurance is recommended, especially for long distance moves. Expat Insurance has a relocation insurance policy that provides protection for household items and valuables. Purchased as a stand-alone addition that’s separate from home and contents insurance, relocation insurance is designed to offer maximum cover during one specific move.
The policy starts from the moment those boxes leave your current residence, and continues until they’re delivered to your new address. Don’t know your new address yet? No problem! You can choose to have your belongings kept in storage for up to 60 days upon your arrival.
For more information, get in touch with Expat Insurance. They can walk you through the process and answer any questions.
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