• Disability Insurance for Foreigners in SG

Every foreigner who lives in Singapore and is able to afford a disability insurance policy ought to purchase one. This is because owning a suitable disability insurance policy will protect a foreigner from incurring significant expenditures, whether they be medical or otherwise.

Singapore Disability Insurance for Foreigners

Definition of Disability Insurance

Disability insurance is a form of insurance which serves as a partial replacement for one’s income when one is rendered unable to work. Such a circumstance usually takes place due to a physical injury or ailment. In Singapore, anyone who is able to afford disability insurance is permitted to purchase it regardless of their country of origin.

There are two types of disability insurance which exists in Singapore. These are short-term and long-term disability insurance. Any foreigner who intends to purchase insurance in Singapore should consider their needs which are related to the insurance before making a purchase so that everything they require to be insured is covered at the most affordable price which can be found.

Anyone, including foreigners, who purchases disability coverage in Singapore usually ought to know that it does not serve as a complete replacement for one’s income. Therefore, one should not become overly dependent on the money which would be generated through disability insurance.

The cost of disability insurance in Singapore is dependent on one’s level of coverage, income, age, and employment status. In most cases, the cost of disability insurance in Singapore, including that which is purchased by foreigners, typically increases as one ages because the person is more likely to suffer an injury which prevents one from working in the normal manner.


Why Foreigners Should Purchase Disability Insurance in Singapore

The most important reason why foreigners purchase insurance in Singapore is to protect themselves or their dependents if they are ever rendered unable to work. Many people from all over the world have come to Singapore in order to earn a living. However, it may sometimes be the case that a foreign worker in Singapore is stricken by physical misfortune. If the injury or illness is extremely severe, it will prevent the foreigner from being in any condition to return to the foreigner’s home country in order to claim any insurance benefits. Therefore, every foreigner who lives and works in Singapore is very much advised to purchase a suitable insurance plan with benefits which may be claimed within Singaporean borders.

Nevertheless, foreigners who already possess an insurance policy from their home country might sometimes be able to claim benefits from such a policy even while they are in Singapore. For this reason, it is crucial for such foreigners to verify just how their insurance policy will be able to cover them in Singapore if it is able to do so in the first place. It is advisable for them to ask their insurer about the various insurance plans available in Singapore so that they will choose the most suitable insurance according to their personal requirements.

Foreigners who live in Singapore may either choose to use local insurance or international insurance for their disability insurance. Any foreigner who purchases a local insurance plan is required to pay a premium which differs from that which is paid by Singaporeans. Although foreigners who are living in Singapore are ineligible for the benefits which may be received through the government’s MediShield Life Coverage program as well as other government insurance programs, this fact does not prevent them from purchasing disability insurance in the country. Disability insurance in Singapore may either be purchased from either a local or a foreign insurance company which is based in Singapore.

Want to Start business in Singapore
Want to Start business in Singapore

How Disability Insurance Spares Foreigners from Incurring Significant Financial Losses

It is important for every foreigner who lives in Singapore to purchase a disability insurance policy to call their own. By taking this important step, a foreigner will be spared from incurring significant financial costs. When a foreigner who lives and works in Singapore becomes unable to work due to the effects of a disability, the foreigner would have to pay large sums of money for healthcare and other important expenses. However, any foreigner who is insured in Singapore may claim the privilege of bypassing this requirement because such a foreigner is entitled to certain financial benefits as specified by the insurance policy in question. In this way, owning a disability insurance policy in Singapore would serve as an important buffer which protects the foreigner from untoward circumstances.

Furthermore, foreigners who purchase their own disability insurance policy in Singapore have the freedom to select an insurance company with the most suitable options after taking into consideration all possible options. In this way, they will remain in control of the disability insurance; the coverage will remain intact as long as the person who is insured pays for the insurance. Collection of insurance benefits can be made by any foreigner who is eligible to do so.


Advantages for Foreigners who Purchase Disability Insurance in Singapore

Disability insurance is designed to help an insured person be protected from the heavy financial costs incurred when one is unable to work due to physical conditions. Foreigners are highly advised to purchase such insurance while they are living in Singapore because although healthcare standards across Singapore are generally excellent, this medical excellence does come at a significant cost. Healthcare costs in Singapore are more expensive than in most countries. In many cases, a disabled foreigner will not be physically capable of travelling to a country in which healthcare costs are more inexpensive and receive treatment there. Therefore, probably the most important advantage experienced by foreigners who have purchased disability insurance in Singapore is the financial element.

As has been mentioned, Singapore is able to boast of outstanding healthcare and medical standards. This fact therefore allows any foreigner who is insured to benefit from the high quality of Singapore’s healthcare system. Should everything go according to plan, it should not be long before the foreigner is once again able to return to working in Singapore if the disability suffered is not a permanent one.

On a related note, before any foreigner who plans to work in Singapore may do so, any of the necessary work visas will be required. If you happen to be such a foreigner, we at Paul Hype Page & Co are able to serve any of your needs. We have provided packages and services which enable anyone who is interested to obtain a valid Singapore work visa. We will also contact any government authorities on your behalf if you require us to do so.

Should the foreigner in question have suffered a permanent disability, the foreigner may benefit from the fact that Singapore extends many important rights to the disabled. The country’s government has done much to ensure that the country as a whole is more accessible to anyone who is disabled. Singapore is also part of the Convention on the Rights of Persons with Disabilities as well as the Enabling Masterplan.

Disability Insurance for Foreigners in Singapore FAQs

What is the Relationship between Foreigners and Health Insurance in Singapore?2020-06-23T11:59:47+08:00

Foreigners living in Singapore who are not protected by government-run medical insurance programs ought to obtain a form private health insurance to cover their hospitalisation expenses. Many health insurance policies purchased by foreigners in Singapore cover the entire bill up to a certain extent. Some policies also offer a co-payment scheme which serves to reduce the total amount of the insurance premium. However, all foreigners who purchase health insurance in Singapore ought to take note of the fact that certain private insurance policies limit the related healthcare coverage to healthcare providers on a specific list.

Can a Foreigner Benefit from a Singapore-based insurance plan while abroad?2020-06-23T11:58:06+08:00

Any disability insurance plan which has been purchased in Singapore is able to provide coverage for its buyer regardless of the buyer’s current location. Thus, any foreigner who has purchased disability insurance in Singapore will benefit from its coverage even if the foreigner is not currently in Singapore

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