Types of Insurance Singapore
Home insurance plans usually cover events such as fires, plumbing failure, electrical faults, and robbery. The packages vary according to the value of the property and the number of insurable events that you choose. For example, some basic packages will only insure the home structure in case of a fire but will not cover the content. Some other packages will cover both for a higher premium. Having home insurance can protect you from legal claims that arise if the home was bought on loan. Having home insurance is a requirement if you purchase a house through a Singapore mortgage lender.
Car insurance Singapore
Car insurance is one of the most common types of insurance Singapore has. All the cars on Singapore roads are required to have valid insurance in case of an accident. The insurance plans are priced differently, and each has its benefits. For example, the third-party car insurance Singapore plans usually cover the third party if there is an accident but will let the car owners settle their losses. Depending on the insurer, there are other benefits such as having roadside assistance and discounts if the driver has good driving behavior. Many people prefer full coverage because it gives them more protection if the car was purchased on loan. On the other hand, you would not like a situation where you keep on paying for a car loan long after the car was written-off in a nasty collision.
When the Covid-19 pandemic first hit, there were widespread job losses and retrenchment as most businesses could not keep up with the low revenues. An alarming problem that came alongside retrenchment is that many people had debts and other short-term obligations such as rent and credit cards running in the red. With the right insurance, people who were suddenly retrenched can get some compensation in lump sums or monthly cash disbursals to sustain them during the rough period. Even though most working-class people take retrenchment insurance for granted, it is one of the handiest types of insurance Singapore has to offer in case of job loss. The covers usually offer a monthly benefit which is a percentage of the salary earned in the previous six months before retrenchment.
Travel insurance covers you during your transit period and during any eventualities that may occur while you are on your trip. Some of the common problems travelers face include loss of baggage, cash and credit card theft, sickness, and accidents. Travel insurance ensures you have a backup in case you get into an accident while in a foreign land. In addition, some advanced covers will cater to medical treatment and other follow-up medication and appointments needed after the trip. Cancellation policies are recommended if you travel routes that are not frequently covered by most airlines. Such routes mostly end up being under-booked, and a slight flight delay may lead to losses. Having travel insurance that covers such eventualities will protect you from extra costs, such as booking new accommodation or missing a connecting flight.
Domestic help insurance
Having a domestic helper to help you take care of the family affairs while you are on your busy schedule may drive you to reward them in a better way than just offering an attractive salary. You can take a step ahead and cover them against accidents and medical emergencies. Taking domestic help insurance or maid insurance not only protects your employee but also saves you from any unplanned spending in case an accident takes place within your home premises. Some accidents arise from kitchen fires, scalding, and sudden illnesses from allergies, pet attacks, or falls. A typical cover will offer S$50,000 as an accident cover and can offer surgical treatment if needed.
Whether you have a long-term illness, hereditary disease, or none at all, there is no way to tell when and for what medical condition you will land in a hospital. Having the right health insurance Singapore will ensure that you get sufficient inpatient and outpatient cover whenever the time comes. Some of the best types of insurance Singapore has to offer are always connected to your health in one way or another. To the very least, a good health insurance cover will cater for some outpatient hospital fees that may include small checkups, diagnosis of ailments and medication. The more advanced plans will cover your admission charges up to an agreed maximum and still give daily cash benefits for the number of days you were admitted. They may also follow it up with any visits that are required after discharge. Premium health insurance packages include extra benefits like repatriation or any overseas emergency evacuations needed in case of sudden illness. Most packages have a list of events that are covered by the policy and critical illness plans need to be understood when purchasing the policies.
Personal accident insurance
Having a personal accident insurance plan ensures that you are covered against income interruption whenever you are in an accident. People often confuse it with accident insurance but they work differently. For example, if someone is involved in a car accident and gets injured, their health or medical insurance cover will take care of the hospital bills but personal accident insurance will give cash benefits to sustain them during the period they were immobile. Most come in the form of a fixed daily hospital cash amount for an agreed number of days. If there is permanent disability, some insurers will give a lump sum payment relative to the base insurance package.
Singapore has one of the highest rates of property ownership across the globe. That is why having insurance protection will give you an extra foothold whenever there is a fire, natural disaster, or any material damage that may occur. The insurance covers are categorized as all-risk, business interruption, and fire & perils. The fire and peril covers are highly recommended because it is one of the most common reasons people lose the property. The policy will cover the financial and material damage caused to the house, internal fixtures, and valuables that were inside the house during a fire. Businesses also get some compensation for the downtime experienced while the premise was undergoing restoration from fire damage.