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Understanding Insurance in Singapore: Types and How They Protect You
Learn about life, health, and general insurance in Singapore, and why understanding policies matters before you buy.
Insurance Basics in Singapore
Before you buy any policy, it’s important to understand the various types of insurance policies available in Singapore and how they can protect you. This guidance comes from MoneySense, a Singapore Government Agency Website.
Types of Insurance
Insurance in Singapore generally falls into three categories:
- Life insurance
- Health insurance
- General insurance
How Insurance Works
Insurance policies help you cover your loss should something happen. However, what they cover depends on the specific policy. Your answer to your own needs can lead you to the type of insurance you need.
For life insurance, there are tools that allow you to compare the premiums and features of life insurance products available to the retail market in Singapore. For general insurance, you can get up to speed on what’s covered and what isn’t.
Remember, before committing, understand the various types of policies and how they align with your protection needs.