Why Buy Insurance?
First of all, you never know when disaster strikes. Moreover, the year 2020 taught us the power of unpredictable things and how having a safety net is crucial. Insurance policies assure us of financial support in times of need. An unpredictable tough situation could be anything from health risk to financial damages. In this blog, read about five important insurance policies to buy in Singapore.
Number one on the list is Term Life Insurance
A term life insurance policy is a policy that offers a cash payout if/when you die. This insurance guarantees safety for your dependants. For instance, your wife and children or elderly parents as well. Also, some policies offer you a payout if unfortunately, you become disabled permanently.
In Singapore, the citizens and PRs are eligible for a small amount of term insurance offered to them by the Dependants’ Protection Scheme. There are many Hybrid Insurance plans too like endowment policies, whole life insurance, and other investment-related plans.
Number two is the Health Insurance
Undeniably, the Health Insurance policy is the most important insurance policies in Singapore to buy. A health insurance offers you financial support and covers all your medical expenses. For Singaporeans and PRs in Singapore, there is MediShield Life which is like a basic health insurance policy.
However, you can always choose to upgrade your insurance with Integrated Shield Plan or from private insurance companies. This will allow you higher coverage and access to better private hospitals.
Third, on the list, we have a Disability Insurance policy which will help permanently disabled people. Severely or permanently disabled means you won’t be able to carry out the daily activities of regular life. So, a payout from Disability Insurance will help you financially in your day-to-day life. This insurance in Singapore and works in collaboration with CareShield Life that is sponsored by the government of Singapore.
Personal Accident Insurance
This one is similar to a health insurance policy but it only offers insurance in case of accidents. With the help of a personal accident insurance, you can get a payout for personal accidents, permanent disability, or death.
Many policies also let you claim medical expenses like cash benefits for hospital bills, etc. Additionally, many personal accident policies offer benefits like free coverage for your children, reimbursements, emergency medical evacuation, and many more. Look for the perks you are getting before you sign up.
Critical Illness Insurance
This insurance policy in Singapore and covers critical medical conditions like cancer, heart diseases, etc. Critical Illness Insurance provides you financial support when you are in an emergency medical condition that does not allow you to continue your job. This policy offers payout without a confirmed diagnosis of critical disease.