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[Beginners’ Guide] Buying Insurance In Singapore

Finding it hard to understand insurance? We got you ‘covered’ in this guide.


Insurance is one of the key components of personal finance. Buying the right type of insurance can not only protect ourselves, but also our loved ones who may be reliant on our income.

If budget is of no concern, all of us would want to buy the best possible coverage for ourselves and our loved ones. However, we live in a real world where we face budget constraints and have other financial objectives such as retirement planning that we also have to work towards. Hence, it’s essential to ensure that you buy the right coverage you need, not just what your insurance agent is trying to sell you.

To help you understand the different types of insurance policies that you may need, we have this simple guide. This guide compiles all the useful insurance articles that we have written on DollarsAndSense.sg

If you are new to insurance and want to learn more, this guide is meant for you. You can read the articles in the links below in sequence, as we have designed it to educate readers in a step-by-step manner. However, if there are specific areas about insurance that you wish to find out more, feel free to skip to the parts that are most relevant to you.

More importantly, we hope that this guide will help ensure that you buy the right insurance policies that you need.

The Importance of Insurance

To start off, we should first understand the importance of insurance. There are three main types of insurance policies that we can consider. Health insurance, life insurance and general insurance.

Health Insurance

Health insurances protect us against the possibility of falling ill and incurring high healthcare cost.

Medical Expense Insurance: Cover your hospital and surgical expenses.

Here are some articles that you can read to better understand how medical expenses insurance works in Singapore.

Here are 5 Questions To Ask Yourself Before You Upgrade Your MediShield Life To An Integrated Shield Plan

Healthcare In Singapore Isn’t Going To Get Cheaper: Here’s How You Can Ensure Your Loved Ones Are Adequately Insured

 Here are 5 Ways To Ensure You Avoid Overspending On Health Insurance In Singapore

 

Critical Illness Insurance: Gives you a lump sum pay out to help with expenses when you are diagnosed with a major illness

Guide To Understanding How Critical Illness Policy Works

We Explain How An Early Stage Critical Illness Plan Work

Is An Early Stage Critical Illness Plan Really Necessary?

4 Major Misconceptions That Singaporeans Have About Their Critical Illness Insurance Plan

Long-Term Care Insurance: Pay the cost for care you need when you are too weak to look after yourself.

Turning 40 This Year? Here’s What You Need To Know About ElderShield

 

Life Insurance

While health insurance is meant to cover our healthcare cost in the event of an illness, life insurances provide coverage for our loved ones in the event that we are no longer around to provide for them.

There are two main kinds of life insurance policies. Term and whole life insurance. Term provides life insurance coverage for a limited term period while whole life insurance, as its name suggests, provide coverage for life.

Here are some articles that you can read to better understand these two types of life insurance policies.

Term Life Insurance 

How To Understand A Term Insurance Illustration

Here’s Why Buying Term Insurance And Investing The Rest Is Worth Considering For Your Financial Well-Being

Term And Whole Life Insurance: Which Is Better?

Whole Life Insurance 

Understanding How Whole Life Insurance Works

Should You Get A Whole Life Insurance Policy? We Explain In Details How It Works

Here Is Why You Should Not Expect Returns From Your Life Insurance Policies

 

General Insurance

General insurance is meant to protect the assets you own. Example of general insurance policies include home content insurance, travel insurance, maid insurance and even pet insurance. You can find out more about each type of policy in the links below.

Home Content Insurance: To protect the content in your home

Completed Your Dream HDB Renovation? Here’s Why You Should Buy Insurance Immediately To Protect Your Home

Bought Your Dream Condominium? Here’s Why Your Next Step Should Be To Buy Home Contents Insurance

Travel Insurance: To cover the cost of any travel inconvenience you may sustain while you are outside Singapore

Is Buying An Annual Travel Insurance Plan Worth Your Money?

Why You Should Compare Travel Insurance Policies Before Buying

Maid Insurance: Health insurance coverage from your domestic helper in Singapore

Guide To Buying Maid Insurance In Singapore

Pet Insurance: Pet insurance provides coverage for pets.

How Dog Insurance Policies Work In Singapore

Should I Buy Insurance For My Pet?

 

Buying Insurance For Others

Lastly, if you are thinking of buying insurance policies for others, here are further readings you can consider.

For your children:

Types Of Insurance To Buy For Your Children

For your elderly parents:

Why You Should Care About Your Parents’ Health Insurance Needs

For your foreign spouse:

Healthcare Insurance For Foreigners Living In Singapore

Share Your Views

Join in the discussion at Insurance Discussion SG, Singapore's largest insurance community. Learn together with regular policy discussions, polls, and articles.

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