Re-Evaluate Our Insurance

The COVID 19 pandemic truly shook the world for the better part of 2020. Many fell ill and many more lost their jobs, not just in Singapore but around the world. Those who managed to keep their employment have had to get used to the new reality of ‘work from home’ and the challenges it brought. 

The future looks quite uncertain for most of us. 

These past few months, being cooped up at home all day gave many the chance to think about important things that were often neglected in the rush of pre-COVID 19 times. People have begun to think about their well-being and immunity, their financial health, and also, their insurance needs. 

That last one is especially important – as we have seen, insurance is the one thing that you can rely on 100% when life throws a sudden curve ball your way. 

It would, thus, be advisable to always have proper insurance coverage in place for moments when things take a sudden unpredictable turn on a catastrophic scale…something akin to what we experienced this year with the pandemic.

What kind of insurance do I need?

Let’s take a look.

Health insurance

If COVID 19 taught us anything, it is that sickness can strike anyone without warning. No matter how fit we keep ourselves or how healthy our diets are, ill health can crop up from corners least expected. Thus, it is advisable to stay secured with proper health insurance.

As a Singaporean Permanent Resident or citizen, you would enjoy a certain base level of hospitalisation insurance from MediShield Life. But this coverage is pegged at class B2/C wards in public hospitals, thus limiting your selection of medical facilities for treatment. If you choose a higher ward, your out-of-pocket expenses will be a lot more.

An Integrated Shield Plan is the best way to top up the coverage you have on MediShield Life. Leading insurers have Integrated Shield Plans that cover you for an amount as high as S$1.2 million annually and usually give you pre-hospitalisation coverage for 180 days and post-hospitalisation coverage for 365 days. With hassle-free claims, you can take you pick from a wide selection of public, private and restructured hospitals so you can enjoy treatment from a facility of your choosing. 

Life insurance

COVID 19 made a lot of people think about their family’s financial security – if something happens to the breadwinner, how do the spouse and children survive? Will they be able to pay their debts and keep food on the table?

These important questions have brought to the fore the importance of life insurance.  Life insurance plans in Singapore cover you against death, total / permanent disability, and terminal illness. You can even add riders to cover you against critical illnesses and other early/intermediate stage medical conditions. 

You can choose between whole life insurance and term plans depending on your need for coverage and your financial goals. Remember that nothing in life is certain. Having a life insurance plan in place will ensure that your family will keep a roof over their heads and food on the table if you meet with a premature demise. That is the kind of security we all want, and deserve. 

Don’t forget about personal accident insurance either!

Personal accident insurance is another extremely important insurance product you might want to consider. This plan not only covers you only against accidental death and disability but also offers a host of other benefits. Insurers offer personal accident insurance plans that cover you against a number of infectious diseases such as Dengue fever, HFMD (hand, foot, and mouth disease), MERS-CoV, bird flu, and malaria, among others. You can also consider adding riders to your plan that will offer additional benefits such as coverage for fractures and burns and reimbursement for home modification costs after an accident. 

For further guidance on specific products suited to your needs, do contact an financial consultant. Till a vaccine is found, remember to follow all possible precautions to keep yourself and your loved ones safe. 

Take care.