You want to get money from financial institutions fast when you need them. In fact, when you’re faced with a problematic situation, you’d want to have your money as soon as possible to address the problem. Before moneylenders became legal in SG, banks and insurance companies in Singapore offered the only solutions to emergencies and untoward incidents. Unfortunately, due to their strict requirements, only a handful of Singaporeans can use them to their advantage.
True enough, companies such as Great Eastern, Tokio Marine, and HSBC insurance offer some of the greatest benefits possible for Singaporeans who can afford to pay them. However, health insurance or life health plans can always turn south, especially if your situation does not qualify for your benefits. Your best recourse are moneylenders. But if you’re set on using insurance providers, here are some of the best insurers in Singapore.
AXA has been in the country for decades. In fact, most Singaporeans seek to use AXA Singapore’s helpful and generous life plans, insurance policies, health plans, and more. The company provides comprehensive insurance for personal accidents, travel, property and car, savings and investment securities, and small business solutions, which include employee health & benefits that Singapore’s government requires from any Singaporean business owner.
AXA Shield is one of their most notable insurance products. It provides a high annual limit of S$1 million, covers you for 180 days for pre and post hospitalization, and lowers your consultation fees too. However, it only has a handful of diseases and ailments it can handle. For example, if HIV, STD, and AIDS caused your health problems, you cannot claim for your benefits.
Great Eastern Life
Similar to AXA, this insurer has been in Singapore for more than 10 years. It has become a reliable personal and business insurance provider in the country with some emphasis on retirement and micro-employee insurance policies. For example, the insureroffers an excellent retirement plan with a guaranteed monthly retirement income and acceptance of claims for Prime Retirement applicants.
Alternatively, this insurer protects all kinds of employees — even professional homemakers who do not enjoy the same benefits as business employees. Great Eastern Life’s Maid Insurance guarantees you won’t have to suffer financially in case something happens to your helper by providing him or her with up to S$60,000 upfront for death and disablement, S$10,000 for financial support after the accident, and S$30,000 yearly for hospital and surgical expenses.
Singapore’s finest insurance companies offer a wide variety of insurance products ranging from life plans to personal accidents. In doing so, Singaporeans who can afford them won’t have to deal with huge monetary issues aside from hospital admission and a guaranteed hospital room. Tokio marine offers an extensive health plan that focuses on critical illness.
For example, their product TM MultiCare provides a complete holistic protection against multiple critical illnesses, which is helpful for the elderly and aging employees reaching retirement age. Alternatively, TM early cover allows early treatment of critical illnesses. For example, a policyholder with an early-level critical illness can receive early benefits once the diagnosis confirms the early presence of any long-term malady.
HSBC insurance pretty much offers the same types of benefits all three insurance companies above can provide. However, major differences include HSBC adapting to current events with special products. For example, HSBC Life has recently released complimentary special benefits to help Singaporeans deal with the possible outbreak of the novel coronavirus fast infecting many people across the world.
In addition to these adaptive products, HSBC insurance provides a Life Retirement Income plan for young employees to begin saving for their future and retirement. In fact, plan holders can retire at the age of 55-65, and get a guaranteed monthly payout of S$300 per month paying for a single premium, or a five or ten-year premium term option. Other excellent products include OnlineProtector, which covers up to S$1,000,000 for qualified critical illness.
Specialising in vehicle, travel, retirement, life, and health insurance policies, Aviva from the UK offers great financial protection against almost any situation that can happen while you’re in Singapore. In addition to having personal and property protection, Aviva’s dollarDEX allows you to make do-it-yourself investments online. Why it’s attractive for many is its zero-fee requirement and risk profile questionnaire that helps beginners know where to put their money and get adequate return on investment over a modest amount of time.
Aviva also works with the government directly to provide MINDEF and MHA group insurance policies and the Public Officers Group Insurance Schemes. In doing so, they provide great options for those in public service.
Offering a wide range of comprehensive health, personal accident, and life insurance, NTUC income is popular as an affordable insurance company that helps even those with little to save an option to have excellent protection and benefits. With NTUC income, you can have extensive health insurance that guarantees hospitalisation, medical expenses, choice of additional infectious diseases coverage, and even lump sum amounts for possible accidental death and permanent disabilities.
Perhaps golf insurance is the most unique and niche policy NTUC offers. Most of its products parallel the offers of insurers we listed above and only have minor changes when it comes to premiums, options, and benefits. However, NTUC Income’s golfer’s insurance offer is an athlete-specific financial product that protects athletes against injuries, damaged golf equipment, public liability, and even provides a S$500 food and beverage bonus if you make a hole-in-one!
True enough, everyone needs an insurance policy. These products make emergencies flow seamlessly, allowing you to focus on your duties or your recovery if you’re the beneficiary. Public health policies can only do so much, so consider using private insurer policies for added financial help for any situation. In fact, it’s imperative that you save money to get one.
In any event you’re not qualified for an insurance policy due to your lack of income, you’ll need financial support. Fortunately, Singapore’s moneylenders can offer you personal emergency loans that can help you tide over your medical fees without any restrictions.