Globalization has affected every area of life all over the world today. Interaction between countries and their respective citizens has reached unprecedented levels because of the increase in connectivity between the various countries of the world. Thus, it has become more possible than ever before for people to leave their respective home countries to seek new challenges and experiences abroad. Therefore, the number of foreigners who have arrived in Singapore has increased in recent years and is expected to continue doing so. Foreigners who choose to move to Singapore also have the option of purchasing an insurance plan there. In fact, all foreigners who move there are advised to do so because just as is the case anywhere else in the world, there are no guarantees that they will never experience any severe adverse circumstances after having done so. For this reason, every foreigner who moves to Singapore ought to purchase an insurance plan while there.
Similarly, there are also many Singaporeans who plan to head for a foreign country. Some leave the country on a short-term basis; others on either a long-term or permanent one. Just as every foreigner who moves to Singapore should consider purchasing insurance in Singapore, so every Singaporean who moves abroad should give thought towards purchasing insurance in the country for which they are bound.
Everyone who lives in Singapore and has plans to travel to any other country for any reason needs to ensure that their insurance needs will be fully satisfied when they are in the foreign country. Before they leave the country, especially in the case of those leaving on a long-term or permanent basis, Singaporeans must consider purchasing insurance in that country which will help them cover their health, travel, and medical needs. For this reason, Singaporeans ought to purchase insurance in other countries which they deem to be suitable by purchasing any insurance plans which provide all necessary coverage. Once the insurance has been purchased, the Singaporean purchaser will be just as well-protected in the other country in the same way as in Singapore, assuming that the purchaser already owns a Singaporean insurance plan.
Another reason why one ought to purchase insurance before leaving Singapore on a long-term basis is that many of the benefits provided by insurance plans which have been purchased in Singapore are only applicable when the purchaser is within Singaporean borders. For this reason, a Singaporean who has gone abroad and faces an emergency or medical issue while not having an insurance plan of the other country will have to suffer a severe financial loss. Therefore, Singaporeans who are leaving the country on a long-term basis ought to purchase insurance in that country so that they will be adequately covered in times of difficulty which will inevitably arise during their time abroad.
Ownership of Insurance in Singapore and Other Countries at the Same Time
It is possible for Singaporean citizens and permanent residents to own insurance coverage in Singapore and another country at the same time. However, before they may do so, there are
specific terms and conditions by which prospective insurance owners are to abide. Nevertheless, they ought to utilize the services of an insurance company in the country for which they are bound which provides a sufficient degree of insurance coverage. It is important to ensure that the insurance coverage purchased will provide the necessary level of protection regardless of the country in which the purchaser is. In this way, anyone who faces hardships abroad which are covered by insurance will not need to have any concerns about the financial loss which they would otherwise suffer.
Singaporean citizens and permanent residents who are using international insurance have an additional advantage because they may claim the benefits of their insurance policy in any location and at any time. International insurance differs from local insurance because local insurance is only in effect when its purchaser is in Singapore unless certain circumstances apply. For this reason, it might be advisable to purchase an international insurance plan, especially if one is headed for a country in which it might not always be easy to find or purchase an insurance plan which covers all of one’s needs.
Foreigners who live in Singapore and are able to afford international insurance also ought to do so for the same reason. Whether purchased by a Singaporean abroad or by a foreigner in Singapore, international insurance benefits may be claimed regardless of where in the world its purchaser may happen to be at any time. Therefore, foreigners in Singapore ought to purchase an international insurance plans which will provide them with sufficient protection.