Singapore is a country which is known to be safe, modern, and equipped to protect its citizens as well as foreigners who live there. This high level of safety is bolstered by the many different and effective insurance policies which can be purchased in Singapore by foreigners. It is necessary for foreigners who live in Singapore to know what types of insurance policies are required. Such policies cover health, homes, and even some material possessions. The following paragraphs include information on some of the insurance policies which foreigners living in Singapore may purchase.
Health insurance helps people cover the high healthcare costs which exist in Singapore today. One of these is the government health insurance policy known as MediShield Life. Through this policy, MediShield Life provides essential and compulsory coverage for all Singaporeans. Unfortunately for foreigners, the protection offered by MediShield Life may only be claimed by Singapore’s permanent residents and citizens.
Foreigners who live in Singapore may purchase any of various types of health insurance policies. Medical expense insurance covers the hospital and surgical expenses of foreigners. Critical illness insurance applies to those who have been diagnosed with a significant illness. Such people are given a lump-sum payment according to the terms of this insurance policy. The long-term care insurance policy pays the total cost of the care required by a patient who is unable to be self-reliant.
General insurance protects the assets of foreigners who live in Singapore. General insurance in Singapore includes travel insurance, pet insurance, car insurance, maid insurance, personal accident insurance, and home insurance. General insurance also covers employees’ benefits.
As is implied by its name, life insurance provides full coverage for life. It also helps the families of those who have purchased life insurance. Life insurance in Singapore includes term life insurance, which lasts for a certain period, as well as whole life insurance, which covers one’s entire life.
Other Insurance Policies
A married foreigner who lives in Singapore can purchase an insurance policy for the foreigner’s spouse. There are also local and international insurance plans. Local insurance provides medical coverage for accidents and illness occurring in Singapore unless there is an emergency; in such cases, local insurance may be used abroad. International insurance provides global coverage.
Personal Needs Served by Insurance Policies in Singapore
The various types of insurance policies which exist in Singapore serve different personal needs. Life insurance helps individuals support their family when they are no longer able to do so due to death or disability. Life insurance is intended to support one’s dependants and help them lead a comfortable life regardless of the employment status of all income earners supporting the dependants. A foreigner who lives in Singapore can either choose to purchase term life insurance or whole life insurance. Whole life insurance is more expensive but is lifelong; term life insurance is less expensive but is temporary.
Health insurance covers one’s health-related expenses including hospital bills, terminal illness expenses, and surgery-related expenses. Healthcare is relatively expensive in Singapore; however, medical bills and other health-related expenses are covered by health insurance in Singapore. Thus, health insurance reduces the burden placed on foreigners in Singapore when they suffer an illness or injury.
Travel insurance helps foreigners in the event of delays of trips, lost baggage, missed flights, cancellation of trips, medical expenses incurred during the trips, and other matters.
Many other types of insurance policies are offered in Singapore that cater to the various needs of the people. These policies are able to protect one’s home, pay expenses related to vehicles, save money in the event of an accident, pay for pre-natal and child insurance, and even pay for veterinary bills.