Top Insurance Companies in Singapore

top insurance companies in singapore

You’re on your way home from work when you notice flames shooting into the sky from a rooftop in your neighbourhood.

As you get closer, you realise it’s your roof!

So, you speed towards your house and breathe a sigh of relief to find your family standing in the yard. Everyone is safe. But the house you recently built or bought is heavily damaged by fire.

With no insurance, you’ll be left to bear the full brunt of repairing the house and replacing your damaged belongings.

What’s Insurance?

Insurance is a way of protecting your home, business, or personal belongings from financial losses. It’s a contract that serves to help you manage risks. So, instead of shouldering all the financial risks you incur in case of an accident or loss, you transfer it to an insurance company or agency in exchange for premiums or a fee.

The Benefits of Insurance

Insurance can help you to:

  • Own a Home

    Mortgage lenders don’t just approve mortgages. They first have to ensure that your home is protected. The insurance policy you get must cover your home for any damage or repair. It must also cushion you from theft and the damages caused by common perils, such as water and fire.

  • Drive Vehicles

    The repairs, legal expenses, and health care costs associated with accidents and injuries are only affordable by a few people. But, thanks to insurance coverage, you do not have to worry about any of them. Add to that, auto insurance is a legal requirement in Singapore.

  • Maintain Your Standards of Living

    Nothing has to change should you become disabled or end up suffering from a chronic illness. You can use insurance to cover your day-to-day expenses as you focus on recovery and your health.

  • Cover Health Care Costs

    You can take insurance to cover for your dental care, vision care, drug prescriptions, and any other health-related issues.

  • Provide for Your Family

    If something happens to you or in the event of your death, you can use insurance to cater to your family’s needs. You have the option of signing up for an insurance cover to protect your family home, lifestyle, mortgage, and children’s education.

  • Take Vacation

    You can take a vacation and have insurance cover you in case of emergency medical expenses while abroad or in case of flight cancellation.

Covid-19 Insurance Coverage in Singapore

No matter the nature and size of your business, it’s likely that you’ve been affected by Covid-19.

Singapore is among the few countries that have successfully managed to contain the virus. Never has the country been this united in fighting a pandemic.

It all started with the government offering to foot the public hospital bills covid-19 patients in the country incur.

It’s the same with some of the insurance companies in the country:

The Life Insurance Association and the General Insurance Association decided to extend their coverage to hospitalised COVID-19 patients.

Examples of Complimentary Insurance Coverage for Covid-19 Patients

Here are a few examples of insurance companies that provide free Covid-19 insurance coverage:

AIA

AIA is one of the largest pan-Asian life insurance groups. It offers financial insurance services in addition to writing life insurances for businesses and individuals.

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Who’s Eligible: Issued to corporate or individual or life insured policyholders by 31st July 2020. It’s estimated that up to 1.4 million of their existing customers are eligible for this cover.

Length of Coverage: The insurance cover is expected to run until 31st December 2020, or 30 days after DORSCON turns green, whichever comes earlier.

How Much is the Coverage: A lump sum pay-out of $1, 000 for those hospitalised, and $25, 000 for a policyholder who dies as a direct result of COVID-19.

More information about this special Covid-19 insurance coverage can be found here.

AXA

Who’s Eligible: General and Individual Life insurance policyholders.

Length of Coverage: The insurance cover is expected to run until 31st December 2020, or 30 days after DORSCON turns green, whichever comes earlier.

How Much is the Coverage: Covid-19 patients in the hospital are entitled to a daily pay-out of $200 for a maximum of 90 days. The amount is increased to $400 if you’re a frontline health worker.

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In case of death, a lump sum pay-out of $20, 000 or $40, 000 will be given to healthcare workers.

For more information concerning this insurance cover, be sure to check out this page.

China Taiping

Who’s Eligible: Policyholders with new or existing life insurance covers.

Length of Coverage: Until 29th May 2020

How Much is the Coverage: Those hospitalised are eligible for a cash payout of $100 per day for a period of up to 30 days. In addition to that, they’ll receive $1, 000 as recovery bonus or $10, 000 in case the patient dies.

For more information on this insurance coverage, click on this link.

China Life

Who’s Eligible: Life insurance policyholders whose policies were issued before 10th February 2020.

Length of Coverage: Until 31st August, 30 days after DORSON turns green, or after you receive a total payout of $620, 000, whichever comes first.

How Much is the Coverage: $130 daily payout for a maximum of 60 days, $80, 000 in case of death, and $800 as a diagnosis benefit.

Click here to find out more about this insurance coverage.

DBS/POSB

Who’s Eligible: Policyholders who signed up between 24th February to 15th Match, 2020

Length of Insurance Coverage: 30 days after you submit your application

How Much is the Coverage: Daily $100 hospitalisation benefit for a maximum period of 14 days. $1000 when admitted to ICU.

For more information concerning this insurance coverage, follow this link.

Top Insurance Companies in Singapore

Etiqa Top Insurance Companies in Singapore

Insurance Company

Etiqa Singapore

About Six decades of helping Singaporeans insure their lives. Registered in Singapore as a life and general insurance company, Etiqa offers a comprehensive suite of protection, retirement, legacy planning, and savings solutions. They’re focused on helping their customers plan for their future and all the uncertainties that come with it.
Key Services ·      Travel Insurance

·      Life Protection

·      Home Insurance

·      Personal Accident Insurance

·      Car Insurance

Contacts

 

Address: 16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581

Tel: (65) 6887 8777

Website: https://www.etiqa.com.sg/

Email: [email protected]

Review “Online purchases had been excellent over the years, cheap insurance products and good services, claim process has been very easy and prompt too. I’ll continue to buy from Etiqa.”

 


Income Top Insurance Companies in Singapore

Insurance Company

NTUC Income

About Locally owned insurance corporative in the country, the only one in the country

The company provides health, life, and general insurance solutions and products. The company has more than 7 branches, with five of the branches distributed all over the country.

Key Services ·      Life Insurance

·      Car Insurance

·      Health and Personal Accident Insurance

·      Home Insurance

·      Travel Insurance

Contacts

 

Address: 75 Brass Basah Road, Singapore 189557

Tel: (65) 6788 1777

Website: https://www.income.com.sg/

Email: [email protected]

Review “Service here was great! The staff are very helpful and you get help with anything you need in a professional and fast manner! First time coming here to make a insurance claim and I was attended to instantly as I reached! Overall a good place!”

 


Great Eastern Life Top Insurance Companies in Singapore

Insurance Company

Great Eastern Life

About Great Eastern Life was started more than a century ago. Their mission is to safeguard the future of families in Singapore. They’re one of the most trusted insurance companies in the country. The company has also experienced dramatic growth over the years to emerge as one of the leading insurers in the country.
Key Services ·      Wealth accumulation

·      Health Insurance

·      Personal accident Insurance

·      Life Insurance

Contacts

 

Address: 1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659

Tel: (65) 6248 2000

Website: https://www.greateasternlife.com/

Email: [email protected]

Review “Can’t wait to use the Prestige Partners lounge when it opens soon. Exclusive to selected top 150 advisors and their clients only.”

 


HSBC Top Insurance Companies in Singapore

Insurance Company

HSBC Insurance Singapore

About HSBC is a customer-focused insurance agency dedicated to providing the people of Singapore with high-quality insurance products. They’re dedicated to providing tailor-made and comprehensive insurance schemes for Singaporean customers, and ensuring that all your individual insurance needs can be met under one roof.
Key Services ·      Life Insurance

·      Life Retirement Income

·      Emerald Legacy Life

·      Life Protect Advantage

Contacts

 

Address: 21 Collyer Quay, #02-01, Singapore 049320

Tel: (65) 6225 6111

Website: https://www.insurance.hsbc.com.sg/

Email: [email protected]

Review “You would have to decide yourself if their insurance is good for you but the office location is very accessible. Short walking distance from raffles place mrt. Customer service area is not that big but its often empty with no queue.”

 


Manulife Top Insurance Companies in Singapore

Insurance Company

Manulife Singapore

About Manulife is a Canada-based insurance agency with offices in the US, Canada, and Asia. The company was started more than 125 years ago and has all along been determined to provide reliable, strong, forward-thinking, and reliable financial solutions to the people of Singapore and the other countries as well.
Key Services ·      Investment

·      Life Insurance

·      Saving

·      Health insurance

 

Contacts

 

Address: 8 Cross Street, #01-01A, Manulife Tower, Singapore 048424

Tel: (65) 6833 8188

Website: https://www.manulife.com.sg/

Review “I would like to thanks Mr Choah Wee Su for his excellent follow-up. He Is willing to go extra miles to help & clear my doubts regarding my insurance policy. I feel that his hard work should not go unrecognized.”

 


Sompo Top Insurance Companies in Singapore

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Insurance Company

Sompo Insurance

About Sompo Insurance is part of Sombo Holdings, one of the leading providers of insurance solutions in Japan. The company was founded in 1989 and has grown to serve more than 30 different countries and regions. They’re widely known for providing affordable but premium insurance solutions in Singapore.
Key Services ·      Maid Insurance

·      Travel insurance

·      Private Car Insurance

·      Personal Accident Insurance

·      HomeBliss

Contacts

 

Address: 50 Raffles Place, #05-01/06, Singapore Land Tower, Singapore 048623

Tel: (65) 6461 6555

Website: https://www.sompo.com.sg/

Email: [email protected]

Review “Our preferred Travel Insurance Insurance Company and accident plan. Tenet had been great in service with innovative plans. Have being recommending Sompo (tenet) since 2015.”

 


AXA Top Insurance Companies in Singapore

Insurance Company

AXA Singapore

About AXA delivers insurance packages that match your needs to a tee. They’re here to help you prepare for the uncertainties that might arise in the future. With more than 150 million clients and 160 thousand employees, it’s safe to say that they’re one of the largest insurance companies in the world.
Key Services ·      Personal Accident Insurance

·      Health Insurance

·      Saving and Investments

·      Life Insurance

Contacts

 

Address: 8 Shenton Way, #24-01, AXA Tower, Singapore 068811

Tel: (65) 6880 4888

Website: https://www.axa.com.sg/

 


Zurich Top Insurance Companies in Singapore

Insurance Company

Zurich Life Insurance Singapore

About Zurich’s first appearance as an insurance agency was in 2006. Since then, they have been very committed to ensuring their customers get exemplary insurance services and support. The company operates as an all-rounded insurance solution, providing both general and life insurance services to the people of Singapore.
Key Services ·      Travel Insurance

·      Life Insurance

·      Savings and Investments

Contacts

 

Address: 50 Raffles Place, #29-01, Singapore Land Tower, Singapore 048623

Tel: (65) 6236 2210

Website: https://www.zurich.com.sg/en

Email: [email protected]

 


Tokio Marine Top Insurance Companies in Singapore

Insurance Company

Tokio Marine Life Insurance

About Tokio Marine ranks as one of the leading life insurance companies in Singapore. Their services don’t just end with life insurance, but cover other insurance products, including life insurance, personal lines, and marine cargo insurance, to name a few.
Key Services ·      Life Insurance

·      Marine Cargo Insurance

·      Personal lines

·      Engineering

Contacts

 

Address: 20 Mac Callum Street, #07-01, Tokio marine Centre, Singapore 069046

Tel: (65) 6592 6100

Website: https://www.tokiomarine.com/sg/

Email: [email protected]

Review “Tokyo marine is selling corporate insurance.”

 


Sing Life Top Insurance Companies in Singapore

Insurance Company

Singlife

About Singlife was started because they believed insurance companies weren’t operating to the expected standards. Their plan was to revolutionise the industry by offering better insurance services. They started by digitalising their services, after which they automated the processes and made everything more convenient and affordable.
Key Services ·      Term Life Insurance

·      Cancer Plans

·      Critical Illness

Contacts

 

Address: 18 Robinson road, #04-03, Singapore 048547

Tel: (65) 6911 1111

Website: https://singlife.com/

Email: [email protected]

Review “Happy customer of Sing Life! Awesome product that is truly value for money, and not forgetting the excellent after sales support! :)”

 


Money Owl Top Insurance Companies in Singapore

Insurance Company

Money Owl

About Money Owl offers to be your fund management assistant and financial advisor. They’re here to empower you and help you make more calculated financial decisions. They’re Singapore’s first bionic financial advisor, an all-rounded financial platform.
Key Services ·      Insurance

·      Investment

·      Comprehensive Financial Planning

·      Wills

Contacts

 

Address: 23 Keong Saik Road, Singapore 089130

Tel: (65) 6329 9188

Website: https://www.moneyowl.com.sg/

Email: [email protected]

Review “Good service provided by the staff there. Insurance policy and investments questions can be settled all at the same place. Good recommendations of policies by Mr. Shawn. Very patient and understanding even though with we were late for the meeting.”

 


Prudential Top Insurance Companies in Singapore

Insurance Company

Prudential Assurance Insurance Company

About Prudential Assurance is linked with a UK-owned insurance company, Prudential PLC. In Singapore, it’s one of the most trusted life insurance companies. The company was started more than 85 years ago, and since then, they have been at the frontline in safeguarding the financial interest of the people of Singapore.
Key Services ·      Investments

·      Life Insurance

·      Medical Insurance

·      Saving

Contacts

 

Address: 7 Straits View, #01-18/19, Marina One the Heart, Singapore 018935

Tel: (65) 6333 0333

Website: https://www.prudential.com.sg/en/

Review “I just experienced the best customer service. Thank you, Ms Jessie Xu she is very kind, patient and helpful.”

 


FWD Top Insurance Companies in Singapore

Insurance Company

FWD Insurance

About FWD first ventured into the world of insurance in April 2016. In September that same year, they went ahead to launch their direct-to-consumer business, and at the time of this publication, they’re a full-suite insurance company, dealing with car, travel, maid, and personal insurance services.
Key Services ·      Personal Accident

·      International Health

·      Term Life

·      Motorcycle

·      Commercial Car

Contacts

 

Address: 6 Temasek Bvd, #18-01, Suntec Tower Four, Singapore 038986

Tel: (65) 6820 8888

Website: https://www.fwd.com.sg/

Review “I’m amazed by the quick response from FWD claim team. Yesterday submitted Travel insurance claim and on the same day received an approval notification. The claim reimbursed to me the next day. Really gave me the confidence to use your insurance in future.”

 


China Taiping Top Insurance Companies in Singapore

Insurance Company

China Taiping Insurance

About China Taiping is a popular insurer in Singapore. The company also doubles as a one-stop financial solution. For more than 80 years, the company has been dedicated to ensuring their customers enjoy the best insurance services in the country.
Key Services ·      Domestic Maid Insurance

·      Motor Insurance

·      Life Insurance

·      Travel Insurance

·      Savings

Contacts

 

Address: 3 Anson Road, #16-00, Springlife Tower, Singapore 079909

Tel: (65) 6389 6111

Website: https://www.sg.cntaiping.com/en/

Email: [email protected]

Review “Very attractive life products offered by them.”

 


HL Assurance Top Insurance Companies in Singapore

Insurance Company

HL Assurance

About HL Assurance is a daughter insurance company of the bigger Hong Leong Group, an established conglomerate of diversified business in the banking and financial sectors.
Key Services ·      Critical Illness Protect

·      Family Protect

·      Car Protect

·      Travel Protect

·      Maid Protect

Contacts

 

Address: 11 Keppel Road, #11-01 Abi Plaza, Singapore 089057

Tel: (65) 6702 0202

Website: https://www.hlas.com.sg/

Email: [email protected]

Review “Is a good experience as it was my first time bought my car insurance online. The premium offered was very reasonable with good coverage. Your staff was very good in explaining the term and condition of the policy. With this pleasant experience I did not hesitate to recommend my family and friends to buy the insurance policy with your Insurance Company.”

 


Direct Asia Top Insurance Companies in Singapore

Insurance Company

Direct Asia Insurance

About Direct Asia was launched in 2010 with the goal of giving the insurance industry a new face. The company operates on a simple principle, where the customer dictates how they handle their business. The agency promises to be there with you at your time of need.
Key Services ·      Travel Insurance

·      Car Insurance

·      Motorcycle Insurance

Contacts

 

Address: 20 Anson Road, #08-01, Singapore 079912

Tel: (65) 6655 5555

Website: https://www.directasia.com/

Email: [email protected]

Review “Direct, easy, fast and convenient! Follow step by step to the end and all will be mailed to me before 45 days of my insurance policy! No hassle and superb renewal done within 30 minutes or lesser! Even over the counter, the customer service staff was very knowledgeable and efficient! Kudos to all Direct Asia staffs!”

 


MSIG Top Insurance Companies in Singapore

Insurance Company

Msig Singapore

About Msig is an internationally-recognised insurance company, offering a range of insurance solutions. They have one of the most established distribution networks, having partnered with a global network of brokers, agencies, and financial institutions.
Key Services ·      Health Insurance

·      Personal Accident Insurance

·      Motor Insurance

·       Travel Insurance

·      Maid Insurance

Contacts

 

Address: 4 Shenton Way, #21-01 SGX Centre 2, Singapore068807

Tel: (65) 6827 7602

Website: https://www.msig.com.sg/

 


AIA Top Insurance Companies in Singapore

Insurance Company

AIA Singapore

About AIA first ventured into insurance in 1931. Since then, they have been committed to helping families lead a happier and stress-free life. Their mission is to make insurance easier for everyone by offering innovative insurance products and quality financial advice.
Key Services ·      Medical Insurance

·      Investments

·      Critical Illness Insurance

·      Life Insurance

·      Savings

Contacts

 

Address: 1 Robinson Road, AIA

Tel: (65) 6248 8000

Website: https://www.aia.com.sg/en

Review “Considering how expensive it can be to visit the Pediatrician, I bought the AIA Star Protector Plus for my 2 kids. It has been 4 years.”

 


Top Insurance Trends in Singapore

Here are a few insurance trends that will be shaping up the industry as the year rolls by:

  • Personalised Products

    Customer preference is shifting from one-size-fits-all insurance products to more personalised products. For this, insurance companies have to adopt digitalised models that create intermediaries in the value chains. That means they would start offering flexible coverages, peer-to-peer insurance, and micro-insurance services.

  • Artificial Intelligence and Automation

    Artificial Intelligence (AI) and Robotic Process Automation (RPA) will take centre stage in the insurance landscape. They’ll be driven by better data processing capabilities, newer data channels, and advancements in AI algorithms. Many insurance companies now deploy behavioural economics and AI as their core elements.

  • Advanced Analytics and Proactiveness

    Premiums will become personalised, facilitated by new tech-enabled data sources, such as Internet of things (IoT), wearables, and mobile-enabled InsurTech apps. Connected devises are poised to grow even stronger in the coming years.

  • InsurTech Partnerships

    Traditional insurers only have two options: to partner with InsurTech companies or to acquire the technology. Innovative products and services are on the rise — it’s a win-win situation for all the parties involved. Insurers will benefit from the faster results and increased customer reach, while customers experiences will be significantly enhanced.

  • Mainstreaming Blockchain

    Insurers operate with large volumes of data, some of which have to be processed in real-time by different insurance functions. This demands that some of the data be transferred across organisations and a diverse range of stakeholders. Blockchain technology has been designed to provide a secure transfer of this data across different stakeholders and multiple interfaces.

What to Consider While Choosing the Right Insurance Company in Singapore

Unfortunately, in Singapore, people look at insurance as nothing more than another run-of-the-mill financial action. It’s for this reason that many of them make critical mistakes when choosing an insurer.

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Here’s a list of the things to look for when choosing the perfect insurer in Singapore:

  • The Price Tag

    You can’t put a price on your life. But, when choosing insurance, you have to crunch the numbers and go with the highest possible value. It’s simple logic — you want to reap the maximum benefits from the cover you get. A better approach would be to enlist the services of insurance aggregators (such as GoBear) and compare everything. The offer you choose must complement your financial plan without overshooting your budget.

  • History

    Don’t get swayed by the flashy adverts a company puts out. Run some background checks. Find out more about the company and how long they have been in business. You’re looking for a company with an established track record and a bevy of happy customers. Look at their claim settle ratio, ratings, reviews, network, and reach. You want to choose a company that has recorded a steady performance and is not erratic in their pay-outs or decisions.

  • Size Matters

    No one should lie to you; size is of the essence when choosing an insurance company. It narrows down to the brass tacks when choosing an insurer. Look into crucial numbers — total assets, growth ratio, market share, and premium. You’re doing all this to determine if they have the financial muscle or ability to meet your claims when you make one.

  • Service Quality

    No one wants to do business with an insurer that shows hostility towards their customers. Is the insurance company available to answer your questions whether it’s over the phone or in-person? How patient are they? Are they always busy with making sales pitches with little to no time to address their customers’ concerns?

  • Complaints and Reviews

    It makes great sense to dig around for negative reviews or complaints on an insurance company before you can decide if they make a good fit for you. Of course, some of the reviews are fake, with some even generated by competitors. What’s important is to look at how the company responds to the negative reviews and complaints addressed at them. A company that portrays a don’t-care attitude should be avoided like the disappointment they are.

What Insurance Should You Get?

Which insurance cover should you get in Singapore? After a little bit of digging around and contacting insurance experts, we compiled a list of insurances that you can get in Singapore:

Type Description Why Recommended Coverage
Health Insurance (Hospitalisation and Surgical) Covers your expensive hospital bills, surgical bills, or outpatient care. Usually, it’s offered as an extension medical cover to Medishield (a government health plan for government hospitals).

 

Hospital bills, surgical bills, and outpatient care Public A or Private Hospital
Term or Whole Life Insurance A coverage-focused insurance product where all your monthly or yearly premiums go into your coverage.

It also has a saving component and covers people above the age of 65.

In the event of your death, this policy works to ensure that your family receives the assured total. It’s a policy that you take when you don’t want your loved ones to suffer when you die Five times your monthly income or five times the total sum of your liabilities
Disability You receive a monthly pay-out for income loss in case you fail to work. It’s a crucial insurance plan if you’re a sole breadwinner or entrepreneur. You want to make sure that you’ll still be able to take care of your family or business should something happen to you. A monthly pay-out that matches your salary should something happen to you and leave you in a position where you’re unable to work $3000 per month/a pay-out matching your monthly salary
Critical Illness Works as an extension insurance in case you’re diagnosed with one of the 37 critical illnesses. For instance, you may insure yourself against cancer. In case you’re diagnosed with it, you’ll receive a pay-out that you can use to seek early treatment. Paid an agreed amount of money when you’re diagnosed with a critical illness, such as cancer Pay-out tied to your life insurance
Personal Accident (PA) Covers the medical cost incurred as a result of minor accidents, like when you sprain your leg or break an arm. Pay-outs based on the underlying medical expenses, like MRT or CT scans (only outpatient) Pay-outs based on your incurred medical expenses

Things that Can Void Your Car Insurance

Silly — and avoidable — mistakes that happen to even the most responsible of Singaporean citizens could actually void an insurance cover. We’ve highlighted a few of these mistakes in this section of the post:

  • Not Being Honest

    If you ever get into an accident and fail to state what happened truthfully or lie about it, the insurance company has the right to refuse to cover the loss should they find out the truth.

  • Not Being Corporative

    Insurance companies don’t just rush to cover you in case something happens; they have to investigate and find out what happened before they can proceed with any pay-out. For this, you have to closely work with them and provide them with all the necessary details and information. Otherwise, the insurance has the right to refuse the cover.

  • Fronting

    Your insurance company may charge you a higher premium if your driving record is that bad since they consider you high risk. One common trick that bad drivers use to avoid paying high premiums is to buy the insurance cover under the name of a better driver. This is what is referred to as fronting.

  • Using Your Car for Any Purposes Other than Private Purposes

    If you take an insurance cover for a private car and, for some reason, end up using the car for commercial purposes, that’s reason enough to void your policy. An example is when you hire your private car, and it gets into an accident. Your insurance company has the right to refuse the cover.

How to Get Cheaper Premiums for Your Car Insurance

The premiums charged by an insurance company will always vary depending on factors such as your experience, age, type of car, and so on.

  • No Claims Discount

    You can ask for a no-claims discount. Insurance companies give this discount to drivers that go without making any claims for long periods. So, in a way, driving safely is one way to lower your premiums.

  • Get a No-Claim-Discount Protector

    An NCD protector is designed to help you preserve your No Claims Discount (NCD) should your car get into an accident. But if you’re sure of not getting into an accident, driving without this protector is another way you can save money.

  • Install an All-in-Car Camera

    Some insurance companies will give you a discount on your premium for recording a continuous video of your journey. This can also serve as evidence should an accident happen and you are looking for a way to push the insurance company to settle claims quickly.

  • Only Pay for What You Need

    Learn to cut unnecessary costs. For instance, some policies come with unnecessary covers, such as transport allowance, round-the-clock-phone assistance should your car break down, or repatriation costs in case your car needs to be towed back to Singapore from a neighbouring country. The truth is, you don’t need all these services. Just go through the list of services included in the policy and strike off all the services you don’t need. This should lower your premiums.

Investment and Insurance

The question most people ask is if it’s okay to mix the two?

Here’s the thing: if an agent ever approaches you with an Investment-Linked Product (ILP), the chances are high that they think you’re lazy or too busy to handle your own investments.

You should separate the two to avoid attracting a long chain of middlemen and avoid driving up management costs, fees, etc.

Here are some of the reasons you should learn to separate your investments from insurance:

  • You’ll have a chance to take charge of your finances. You don’t want to give this power to an agent. Separating the two will give you the power to know what’s happening to each.
  • You’ll have more flexibility when it comes to withdrawing and reallocating the funds. This comes with lower fees and lock-in.
  • If not, you’ll be paying more fees to the middlemen involved in the transactions (management costs and fees).

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