Insurance coverage in Singapore

Hello everyone,

Moving abroad requires adequate insurance coverage.

What type of insurance expatriates need the most in Singapore: health, house or liability insurance? All of them? Do they come as a package?

Are there other insurance options to consider like critical illness, damage or property insurance?

Is it better to purchase insurance from an expat insurance specialist or from a local insurance provider?

And what about insurance costs?

Tell us about your experience in Singapore.



Singaporeans in general do not put much emphasis into insurances. They usually deal with losses and damages as and when they occur. Thus local insurers offer little - and international ones with coverage in Singapore are usually expensive.
The following insurances are common:

1. Health insurance of some (limited) coverage is usually included in employment contracts. They might or might not cover spouse and kids and often involve co-payments  and maximum claims (meaning of you get seriously sick you have to pay yourself!).
Most non-employed Singaporeans have no health cover, or just an accident insurance (which is available from local insurers).
European-style health coverage, where every doctor visit and treatment is covered, is unknown. Coverage for dental treatment does also not exist.

2. Investment-linked life insurance is offered by many providers, and is often less attractive than the many agents will make you believe (do read the fineprint and do your calculations!).
Pure risk life insurance (which often makes more sense) is available from some providers, e.g. NTUC Income.

3. Car insurance (third party liability) is compulsory when you own a car.

Household or personal liability insurances are all but unknown. There are also no social security insurances (for unemployment, pension, etc.), but CPF offers some protection in such cases (foreigners on EP cannot participate in this).

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