Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Purchase of Insurance by Foreigners in Singapore

Home>Guide / FAQ>Purchase of Insurance by Foreigners in Singapore

Purchase of Insurance by Foreigners in Singapore

2021-02-04T12:34:37+08:00November 12, 2019|0 Comments

Foreigners who would like to be insured while they are living in Singapore need to familiarize themselves with the different varieties of insurance which may be purchased in Singapore. Differences between local insurance and international insurance must also be noted by foreigners.

Purchase of Insurance by Foreigners in SG

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

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

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.

Life Insurance

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.

Thinking of incorporating in Singapore? Let’s get started.

E A S I E R • F A S T E R • B E T T E R

Why Foreigners Should Purchase Insurance in Singapore

The primary reason why foreigners purchase insurance in Singapore is to protect themselves or their dependants from unfortunate circumstances. Foreigners may purchase partial insurance in collaboration either with their employer or other people living in Singapore. Employers are to provide the insurance coverage for those who desire such.

Foreigners require various types of insurances to guard against the effects of any unwelcome circumstances or conditions which may arise in the future. Insurance purchased should cover most of the expenses of the foreigner.

Foreigners in Singapore may either use local insurance or international insurance. Foreigners who purchase a local insurance plan must pay a different premium from that which is paid by Singaporeans. Foreigners are not covered under the MediShield Life Coverage; however, they may nevertheless purchase certain local insurance plans. Several local insurance providers also provide international insurance plans. Foreigners who plan to purchase the international insurance from a local insurer must receive insurance from them. Non-Singaporean insurance companies also provide international insurance plans. Such companies are based abroad; however, their services may be used by one who lives in Singapore.

Foreigners who possess an insurance policy in their home country must check to what extent their insurance policy will cover them in Singapore. 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.

As an aside, if you are a foreigner who has made plans to migrate to Singapore, we at Paul Hype Page & Co are able to assist you with this matter. We provide services related to the obtaining of the Employment Pass (EP). It is the Employment Pass which will serve as the primary tool which you will use to enter Singapore. Fortunately for you, we will settle all Employment Pass-related matters on your behalf; there is no need for you to be burdened by any such issues.

Conclusion

Most of the foreigners who come to Singapore to start a new career or new life may be unaware of how to best insure themselves against adverse circumstances. Insurance in Singapore may include health, travel, car, home, and other forms of insurance. Thus, foreigners who live in Singapore must be aware of all the insurance policies which exist in Singapore. Doing so will enable them to be able to select the most appropriate form of insurance which will best suit their needs.

Purchase of Insurance by Foreigners in Singapore FAQs

Are foreigners of any nationality eligible to receive insurance in Singapore?2020-07-03T14:54:46+08:00

Foreigners in Singapore of any nationality may use insurance policies in Singapore. They may take advantage of benefits provided which are related to health, travel, medical, car, home, or life insurance. Many foreigners who live and work in Singapore are also insured by their employers; however, such insurance might not necessarily provide all the coverage which may be needed. Those who find that the insurance provided by their employers is deficient in some regard are therefore encouraged to purchase their own insurance in order to receive more personalized and suitable coverage.

Can a foreigner be insured by insurance plans in Singapore and another country at the same time?2020-07-03T14:54:14+08:00

A person can be insured in Singapore and another foreign country at the same time. However, certain problems may arise for those who are using local insurance from Singapore which does not cover them globally. Thus, if such a person faces any health-related problems in another country, the person must pay for any necessary expenses.

However, those who use international insurance from Singapore can take advantage of the insurance benefits regardless of their location at any given time. Local insurance covers foreigners who return to Singapore for treatment. Foreigners who have international insurance but choose not to return to Singapore can opt out of the insurance policies which are to be used in the country. Those who do so are released from the burden of paying a premium.

What advantages does Singapore insurance have over insurance in other countries?2020-07-03T14:53:48+08:00

Singapore insurance plans provide coverage for their buyers regardless of whether they are currently in Singapore or abroad. Thus, those who have purchased Singapore insurance will receive coverage even after having left Singapore. Furthermore, foreigners in Singapore have multiple insurance options. They may opt to use either local or international insurance plans. The primary advantage of an international insurance plan lies in the fact that the person who purchased the international insurance plan will benefit from global coverage. Local insurance plans, on the other hand, only provide coverage abroad during emergencies. International insurance also provides one with the privilege of directly paying a healthcare provider instead of first paying an insurer.

Foreigners who have Singapore insurance also receive inpatient benefits. Such benefits cover the surgical and hospitalization costs incurred by foreigners. This insurance provides foreigners with complete reimbursement during their time in hospital. This reimbursement includes surgery, medicine, and diagnostic tests. Foreigners also receive outpatient benefits if they do not have to remain in a hospital overnight. This benefit is provided to foreigners who are required to see a specialist or therapist.

Travel insurance and emergency insurance also help an insured person who is on vacation. Thus, such a person will be properly insured if any medical emergencies are experienced while away.

Leave A Comment

Go to Top