The Different Types of Insurance
Life is full of uncertainties; that is why the best remedy that you can have is to be prepared for it. Wherever you are, you can always rely on insurance plans to save you from rainy days. Hence, Singapore has a lot of competitive insurance companies that are just within reach. Among the best are Prudential, HSBC Insurance, Manulife, and Great Eastern Life. Although having a pool of insurance companies to choose from is an advantage, sometimes if the entity who buys insurance lacks knowledge on this matter, it can still be destructive. Therefore, some people tend to buy insurance plans that are not suited for their lifestyle only to realize that they’re spending for nothing. For you to avoid this instance, it is best to know the different types of insurance first.
Life Insurance
This type of insurance provides a specific amount of money to the policyholder once faced under the following circumstances:
- Permanent disability
- Critical illness
- Death
This type of insurance does not directly benefit the policyholder, but instead, it aims to give financial aid to the dependents of the policyholder once the policyholder is no longer capable of working.
In Singapore, a retirement plan is a type of life insurance. As long as the policyholder lives, these retirement plans come in the form of an annuity. An annuity is a policy which grants fixed payments at regular intervals.
Health Insurance
Health insurance covers the policyholder’s medical treatment and hospitalization expenses. Aside from that, it also compensates for the unearned income of the policyholder during the time when he was hospitalized.
In case, you want to make the most out of your health insurance, here are some policies that you should consider:
- Medical expense insurance
- Hospital cash insurance
- Critical illness insurance
- Disability income insurance
- Long term care insurance
General Insurance
This has a wide range among the other types of insurance. General Insurance gives financial coverage for loss of personal belongings and assets. The following are the types of general insurance:
- Home Insurance
- Motor Insurance
- Travel Insurance
- Pet Insurance
- Business Insurance
Other insurance types in Singapore
Aside from those mentioned above, there are also other types of insurance that most people don’t probably know existed in Singapore.
Overseas study insurance
Many schools in Singapore are already conducting overseas trips. Since these travel and learning opportunities for the students possess some risk, overseas study insurance is offered. In case an accident occurs, the student’s school fees can be reimbursed, and their parents can also receive free airfare to fly over.
- Cyber risks insurance
This type of insurance is offered in AXA’s Cyber Protector insurance plan. This covers those who fell victim to fraudulent transactions online. This also includes a psychological treatment for those identity theft victims.
Getting to know the different types of insurance is important, especially if you are still on your first step to independence. This knowledge will help you manage your finances properly so that you wouldn’t overspend on unnecessary expenses, especially when the cost of living in Singapore is undeniably expensive.
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