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28 Nov 2017

What Expats Need To Know About Insurance


What Expats Need To Know About Insurance

So you’ve clinched that coveted job overseas and are planning your next steps in becoming an expatriate. If you’re planning to relocate to Singapore, you might already know it as the world’s best expat destination. However, with this sense of safety, some expats believe that their companies would provide coverage or simply take their time to buy insurance.

Whether you’re a newly-arrived expat in Singapore or heading overseas, here’s what you need to know about your insurance coverage.

Health insurance

Generally, companies provide comprehensive medical coverage for their employees. If that is not the case, you’ll have to find a suitable international health insurance plan for yourself and your family should they be joining you. Furthermore, you need to know that the healthcare cost in the foreign country may not be similar to what you’re used to back home.

Looking for an insurance provider? Ensure that the insurance company offers comprehensive coverage – worldwide and annual renewable health insurance catered to your needs as an international citizen. This includes 24/7 emergency assistance, customer service, and an extensive network of doctors and health care facilities.

Home insurance

Check with your employer if home insurance is included as this is usually not the case. Note that if you rent a property in Singapore, your landlord insures only the building’s structure and not its contents. Therefore, your main concern is insuring your home contents.

Ensure the coverage you’ll be getting includes loss, damage or theft of belongings in or outside of your purchased or rented home. Examples of claims are damages due to fire, flood or lost valuables. Your home insurance should also cover personal liability, which means accidental property damage or bodily injury you cause to others as well as the liability of your children.

Bringing your pet along? Limited pet coverage is included in home insurance plans available in Singapore, so check with your insurance provider first.

Travel insurance

Need to travel frequently for work? It’s important to have adequate travel insurance coverage as most health insurance plans may not cover you outside of the country you reside in should you fall ill or get into an accident during your trip.

Understand that travel insurance provides coverage for limited medical costs, evacuation and repatriation due to accident, injury or disasters. It also covers luggage delay and loss, flight delay and cancellation due to illness or death in family. While some companies cover their employees on business trips, coverage usually does not extend to your family or personal holidays.

Avoid leaving your insurance matters till the last minute and ensure you and your family are adequately covered. Contact us today to learn more about getting the right coverage for your needs.