6 types of insurance for key adult milestones
If you’re paying your bills on time and investing your money sensibly, you’re killing it at the whole ‘adulting’ game. But have you thought about securing insurance? It’s the next step to being a certified adult. And no, insurance isn’t just limited to health or life insurance. For those wondering ‘what type of insurance do I need?’ or ‘why is it important to have insurance?’, this Pacific Prime Singapore reveals the different types of insurance you might need as an adult.
1. Home insurance protects the contents of your home
While the four walls of your house may be covered by a fire insurance policy, what about your furniture, belongings, and other contents that turn your house into a home? You’ve spent a great deal of time and money making your home your sanctuary with the best furnishings and interior design, and have it as a place to store many sentimental items and important documents. So in the worst-case scenario, why not protect everything via a home insurance plan?
Essentially, you can cover everything under your roof. Prices are affordable too, with annual premiums for a 4-room Housing and Development Board (HDB) flat starting at SGD $33 per year. Here are some examples of what you might cover:
- Marble flooring
- Built-in cabinetry
- New computer
- And more.
2. Car/motor insurance protects your vehicle
Are you a car owner in Singapore? You’ll already have a car/motor insurance plan tailored to your needs, as it is a mandatory requirement in the Lion City. In the event of an accident, this means that you can claim the damage either on your own policy or against the person who caused the accident. While the former can be the most efficient route, the latter may require you to sue the other party with a civil claim in court.
3. Personal accident insurance protects yourself
Year-on-year, the cost of healthcare in Singapore rises. That means that getting into an accident and requiring treatment for it can potentially take a dip into your life savings. Fortunately, you can secure personal accident insurance on top of your health insurance plan to ease the financial burden.
What is the difference between the two? The answer lies in one keyword: accident. Here are some examples of what personal accident insurance and health insurance will cover in the city-state:
- Personal accident insurance: Cut yourself whilst cooking? Fell down the stairs? Got infectious diseases such as dengue fever or food poisoning? Given that you’re unlikely to be hospitalized for these minor accidents, personal accident insurance ensures that you don’t pay for stitches or MRI scans out of pocket.
- Health insurance: For medical issues like diabetes or a heart attack, you’ll be covered by your health insurance plan. Depending on the plan you opt for, the terms will differ. Think benefits covered, annual limits, deductible/copayment amounts, etc. Put simply, health insurance is your main plan and personal accident insurance complements it.
4. Personal mobility insurance to protect you as a rider of a bicycle or personal mobility device (PMD)
With more bicycles and personal mobility devices (PMD) on the road and around town, a growing number of accidents are being dominated by them as opposed to cars and vehicles. So much so that insurers have introduced a new category of insurance: personal mobility insurance.
These plans have two components: it covers injuries and medical expenses, as well as personal liability in the event that you accidentally injure someone or damage their property. What’s more, some plans have optional extras such as coverage for theft of your bicycle.
5. Pet insurance to protect your four-legged, furry friend
Having pets can be heavy on the pocket due to sky-high vet fees. By securing pet insurance, you’ll get peace of mind knowing that you can take your cat or dog to the vet whenever they need it. Some insurers will even cover your pet in the event of cancer. (Yes, they can also get cancer).
Just like other plans, pet insurance also has a liability component alongside coverage for your pet’s health. For example, if your pet accidentally damages your neighbor’s property digging up their garden then you won’t be liable for it.
Tip: Before you buy a plan, just make sure you double-check the fine print to check what animals and breeds are covered.
6. Domestic helper insurance protects your household staff
While adulting involves taking care of household chores, it can also involve hiring and managing a domestic helper to do so – something that’s arguably an even bigger responsibility. As an employer, you’ll have to be responsible for your domestic helper’s upkeep and maintenance, including medical bills.
You’ll be required to take out a minimal health coverage of SGD $15,000. That being said, the reality is that medical expenses can far exceed this amount as foreigners don’t have access to the same subsidies as locals or permanent residents (PRs) do. As such, it can be handy to opt for higher coverage beyond the minimum amount.
Get in touch with Pacific Prime Singapore today!
Thinking of securing any of the aforementioned insurance plans? Whether you’re looking for home insurance, car insurance, health insurance (including pre-existing conditions coverage), or any other type of insurance in the Lion City, you’re more than welcome to get in touch with Pacific Prime Singapore.
We have 20+ years of experience in the insurance space and 100% impartial, expert insurance advisors on hand. Rest assured, we’ll consider your needs and budget, offer a tailored plan comparison, and support you throughout your insurance journey. This includes filling out insurance forms, liaising with insurers, filing claims for reimbursement, and so much more.
Contact us today to get started!