What Insurance Do You Need Now?

HOW TO PROTECT YOURSELF AGAINST THE UNEXPECTED This year, get organised and make sure you are protected with the proper insurance to suit your circumstances. To help you on the right path, we asked Expat Insurance to explain the kinds of coverage that ar

Independent living: See the world:

Travel may be a big part of life during your twenties, as you explore the world and discover new cultures, cuisines and more. Travel insurance gives you freedom to roam the globe knowing that you’ll be able to afford medical care should anything unexpected happen to you. For many of us, renting a house or a condo is a normal rite of passage during our twenties – and it can be a lot of fun! Whether you’re renting a single-family home or a shared apartment, renter’s insurance will help cover the cost of replacing your belongings if they’re unexpectedly damaged. You can also protect your most precious things such as engagement rings, cameras and other valuable items in the event of loss, damage or theft.

Don’t forget about your health:

Medical insurance is an investment worth having if you live in a country where government-subsidised healthcare isn’t available. In Singapore, private medical care is among the most expensive in the world, so international medical insurance is essential. Health insurance policies give you the flexibility to be treated in private, world-class medical facilities or, if you choose, to be transferred back to your home country for treatment and recovery.

Family planning:

Women who are planning to have children in Singapore should get health insurance with maternity coverage. Maternity insurance is an addition to general medical insurance policies, and one that’s worth buying for additional protection during pregnancy, childbirth and postnatal care. It’s important to remember that most maternity insurance plans require a 10- to 12-month waiting period prior to the onset of pregnancy.

Buying a home:

When you buy a home, you take on a mortgage obligation that must be paid back, even at death. Life insurance with mortgage protection is important for your peace of mind, since both the mortgage terms and amount are fixed. Should you or your loved one become unable to work due to critical illness or severe disability, mortgage protection will enable you to continue repaying your home loan. In addition, home insurance will insure your home against fire, natural disaster, accidental damage and loss, theft and vandalism.

Protecting your valuables:

Consider contents insurance when you begin buying valuable jewellery, technology and more expensive furniture and homeware, or investing in art. It insures your personal belongings such as kitchenware, electronics, bikes and sports gear against loss or damage caused by accidents, theft and natural disasters.

As an extension of your home policy, you can also insure your personal belongings outside of your home, which makes the cover attractive for those protecting valuable jewellery and other portable items.