Finding yourself living the expat life in Singapore has its swings and roundabouts, sometime you never really know whether you are coming or going.
The bread winner is off on another regional work trip, family schedule is demanding as always, and life is flowing at a million miles an hour. Expect the unexpected... yes, this sounds like a cliche, but in reality we all find peace of mind when we have our affairs in order.
Expat Choice had a chat this week with Ethan, Life Insurance Specialist looking after clients at Expat Insurance in Singapore to understand what really IS important to know when considering a Life Insurance cover to suit your lifestyle.
Is my policy portable?
Yes, all the Life Insurance products we recommend at Expat Insurance are global, which means they’re valid wherever you live in the world. For example, if you’re relocated to another country, the policy will remain (providing you continue to pay the premiums).
What happens if I don’t want the policy anymore?
If you decide that the policy is no longer right for your needs, you can cancel the Life Insurance policy at any time without penalty. Simply let us and/or the insurer know, and cancel any existing payment arrangements you have through your bank.
Are the premiums fixed?
In most cases, Life Insurance premiums are fixed for the duration of the policy. Did you know that the cost of Life Insurance is linked to your age? This means that if you purchase Life Insurance at 28 years of age, the cost of your protection plan will stay at the price you’re paying as a healthy 28-year-old for the entire duration of the policy (for example 10 years)? In other words, it can make sense to purchase cover sooner rather than later and benefit from a lower premium in the longer term, as the monthly premium costs will increase with every year that you age.
Do I require a medical examination prior to securing a Life Insurance policy?
Potentially. Insurers may request you attend a medical examination should the level of cover you select cross a certain threshold. The insurer will cover the costs of this medical examination, and they will arrange this at a convenient time and location for you.
How much cover do I need, and for how long?
The amount of Life Insurance you require will depend on your individual circumstances. At Expat Insurance, we help you identify exactly how much you need to avoid you having too little, or too much. Factors such as your age, lifestyle, age of your children, as well as your planned retirement date can all have an impact on the level of cover you may require.
What insurers do you have access to?
Being a broker, we have access to the entire insurance market here in Singapore. Some are better than others, especially for expatriates, and we can help identify the best one for you and your circumstances.
To speak with Ethan, a qualified Life Insurance advisor, please phone +65 6401 9201 or click here to submit an enquiry.
