Get ready to be shocked! Read the guide about major insurance companies in Singapore that has freaked out millions of Singaporeans here
Oh, to be young, wild, and free…
Until reality slaps you in the face with a traffic ticket, mounting hospital bills, and homelessness after an unprecedented flood, all because – you guessed it – didn’t have insurance.
Life insurance premiums double as you get older, car insurance is mandatory by law, and there are a million more reasons why to stop avoiding the rite of passage into adulthood that is insurance. But where to begin?
Now that we’ve added the stress, it’s time to add the relief. Get ready to freak out as we break down the different types of insurance and list the top insurance companies in Singapore.
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Most Common (and Useful) Types of Insurance
There are dozens of types of insurance out there, but we’re not here to bore you with the weak stuff. While we want to touch on the mandatory policies, all of the insurances below are here to benefit you.!
We’re sure you didn’t see this one coming from our intro.
Without wanting to beat a dead horse, here’s a quick overview. Life insurance is a contract between you and the insurance company that promises to pay out a sum of money to your loved ones in the unfortunate event of your death.
No young adult, or even middle-aged adult, wants to think the worse, but the worse does happen. Funerals are obscenely expensive, and that’s one bill you don’t want to leave your family with.
Car insurance, the hidden car payment no one wants to face, especially if they’ve racked up a record.
No matter, this insurance is required by law and aims to protect you and your vehicle in the case of an auto accident. There are tons of different plans to match the modern adult, from strictly vehicle coverage to medical coverage.
Another important aspect of vehicle insurance is it’s not only about protecting you; it’s about protecting drivers as well. Welcome to the age of accountability!
A spicy topic this one is.
While Singaporeans get to bask in a universal healthcare system, unlike some other countries that come to mind, it’s still nice to have the option of private healthcare.
Health insurance covers medical treatments, bills, and other related medical expenses, so you don’t have to shell out what could be thousands for something you had no control over.
For all the travel bugs and nomads on here that may scoff at the above insurances, we have one that’s definitely for you.
If you’ve ever had your luggage lost, been stranded at an airport because of delays, or gotten hurt on a trip, then you know how aggravating it is to be faced with unplanned costs.
With travel insurance, you don’t have to worry about out-of-pocket charges damaging your wanderlust. The insurance company will cover the lost luggage, emergency hotel room, and medical bills accrued during the trip.
Partnered with a travel credit card, and you’re living worry-free!
The Best Insurance Companies in Singapore
This isn’t us saying to sell your soul to these companies, but we are saying you should consider it. They typically have the best insurance portfolio and work well with everyone’s personal finances.
Award for Best in Life Goes To...
Etiqa, FWD, and Singlife! Each of these companies offers at least one direct purchase insurance policy (DPI), as well as other affordable options.
Besides a DPI policy, when it comes to life insurance, it’s hard to whittle it down to “bests” because of all the particulars and specifics of each individual that go into forming a life insurance policy. Nonetheless, the companies above are a great place to start.
Top Tip: When looking at insurers, look for companies that allow you to adapt your policy as you get older. For instance, you want to switch to a whole life policy, or you start a family.
Next up, Best in Car Insurance
You may see some familiar names in the category. The best car insurance companies are FWD, Budget Direct, and Aviva. They offer affordable premiums and comprehensive coverage for all kinds of drivers.
Even you, the one with all the speeding tickets.
With medical, towing, and temporary transport coverage, as well as roadside assistance, you can’t go wrong with these companies.
Now For All The Health Nuts
Making its third appearance, we have FWD for best health insurance, as well as Great Eastern and Prudential.
FWD is our top choice for international health coverage (aka travelers check here), while Great Eastern and Prudential are our favorite choices for Integrated Shield Plans. Regardless, all the options are excellent as they all provide easily affordable policies and full coverage.
What We've All Been Waiting for Best in Travel
FWD, Aviva, and Allianz are the best travel insurers in Singapore. So the next time you hop on a plane, make sure you have these guys in your fanny pack.
They have amazing competitive rates, easy claiming procedures (trust you’ll want this), and excellent scalability. From a single trip to year around coverage and 24/7 assistance, you’ll sorely regret not having them on your travel checklist.
Insurance: The Next Hot Trend
Insurance isn’t only about protecting yourself; it’s about protecting others, whether that be your family or a stranger. Don’t wait for something to happen to finally get insurance because by then, it’s too late.
So let’s make insurance trendy by exploring the insurance companies in Singapore listed here and discovering what plan best suits you!
We hope you gained a new understanding of insurance, and we’re happy you chose us to help you do it! Here at Money Advisor, we love to educate, so be sure to connect with us or check out our blog for more money-savvy tips!