If you’re a regular reader of DollarsAndSense, you’re probably already pretty well-versed with the various types of insurance policies available on the market, including health insurance (which pays for your treatment costs), life insurance (which provides for your dependents) and general insurance (which covers assets you own).
What you might not know are certain less-common features of some insurance policies that you might interesting – and are available for you to purchase in Singapore today.
# 1 Hole-In-One Coverage
Do you know the saying: “Too much of a good thing, could be a bad thing?” Getting a Hole-In-One might be the dream of most golfers, but it also carries with it one serious downside, namely, the fact that it is a standing tradition for golfers who hit a hole-in-one have to buy a round of drinks for everyone who is at the clubhouse that day. Depending on how crowded the tee is that day, and how luxurious your golf club is, your bar tab could add up to thousands of dollars.
So, in addition to covering you from injuries, personal liability from damages, and theft of golf equipment, most Golfers’ Insurance policies also include coverage for hitting a Hole-In-One. For example, the most comprehensive Golfers’ Insurance policy from MSIG reimburses you up to $2,000 for celebratory drinks. This way, you can truly celebrate in style, without worrying about the bill at the end of the session.
#2 Cyber Risks Insurance
We rely on the internet for much of our personal and professional lives. We shop and pay our bills online, conduct our business activities online, and maintain an online presence for networking and keeping in touch with our loved ones. Unfortunately, the online world is also home to shady characters and hidden dangers, such as fraud, identity theft, or simply disputes with online merchants.
AXA Cyber Protector is an insurance policy that cover you from the above, and more. Other benefits policyholders enjoy include arranging for you to receive legal advice and representation to pursue legal action against third parties, and providing IT specialists to remove or suppress the content online that is damaging to your online reputation, as well as arranging for you to consult a psychologist for post-traumatic stress.
Read Also: Do You Need Cyber Insurance?
# 3 Insurance For Personal Mobility Device Users
Users of personal mobility devices (PMDs) are widely despised, especially when many black sheep abuse PMDs and cause accidents. However, just like drivers of cars, sometimes accidents do happen, even when using the PMDs legally and carefully. This is when an insurance that is specifically tailored for PMD users and bicycle riders come in handy.
The Personal Mobility Guard is a policy from NTUC Income that provides you with up to $1 million in personal liability coverage in the event you accidentally injure someone or damage someone’s property while riding a bicycle or personal mobility device. It also pays for your medical costs in the event of an accident, and gives a payout in the unfortunate event of a death or permanent disability as a result of riding on a PMD or bicycle.
# 4 Wedding Insurance
Your wedding is a big day, not only because of the significance it holds in the lives of you and your spouse, but in the scale and logistical complexity of the entire event.
Think about it. You have to co-ordinate dozens of family members, hired professionals like your photographer, hair stylist, banquet staff, as well as move large numbers of people across multiple venues. Not to mention, every wedding requires a significant financial outlay to buy or rent outfits, decorations, food, and more.
So you might be interested to know that Pacific Insurance Brokers has a Wedding Insurance policy that is designed to protect you from the many things that could go wrong, including accidental damage or loss of wedding attire, rings and documents, as well as claiming of deposit costs in the event your wedding needs to be postponed, abandoned or cancelled due to family emergencies or illnesses.
If suppliers and professionals you hire, like photographers and videographers do not show up, this insurance policy compensates you as well. And if they do show up but the photographs are damaged or lost, perhaps due to a SD card malfunction, you are able to make claims on that too.
# 5 Pet Insurance
If you own a pet, all it takes is one visit to the vet realise how expensive healthcare for pets are. Unfortunately for your pet, they do not have Medisave or government subsidies to help offset their medical bills.
In order to protect you from having to pay an arm and foot out of pocket every time your beloved pet is injured or sick, you might want to consider buying Pet Insurance, such as the AIA Paw Safe.
In addition reimbursement for seeing a vet, AIA Paw Safe provides you with financial assistance in the event your pet is stolen and protects you from liability costs if your dog attacks someone or causes property damage. The policy gives compensation if your pet passes away due to an accident, and pays for cremation or burial expenses too.
Read Also: Guide To Buying Pet Insurance In Singapore
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