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Here's 5 things you should know before buying insurance for the first time in Singapore

When you are just starting out in life, everything seems rosy. Youu2019ve just graduated, landed on your first job, and perhaps, even bought your own car. What could possibly go wrong? Yet it is important to remember that while being positive is good, life can throw unexpected curveballs in the form of unexpected problems. What you need is to be prepared to face these challenges with the help of insurance.

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Here's 5 things you should know before buying insurance for the first time in Singapore

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  1. Here's 5 things you should know before buying insurance for the first time in Singapore When you are just starting out in life, everything seems rosy. You’ve just graduated, landed on your first job, and perhaps, even bought your own car. What could possibly go wrong? Yet it is important to remember that while being positive is good, life can throw unexpected curveballs in the form of unexpected problems. What you need is to be prepared to face these challenges with the help of insurance. With many insurance types in the market, picking just one out of the many can be difficult. Moreover, it does not suffice to simply have just one type of insurance policy. You need multiple; in fact, an insurance portfolio. Have all this information left you baffled? Don’t worry. Read on to know 5 important things you should know before buying insurance for the first time in Singapore.

  2. Know the different kinds of insurance Till date, you probably have heard of life insurance and health insurance. You might even know about car insurance. Yet, there are many more types of insurance plans in the market each with their own sub-types. Ideally, your insurance portfolio should consist of life insurance, health insurance, critical illness insurance, and

  3. personal accident insurance. If you own a home, you would want to take mortgage insurance as well. Compare providers Another thing that makes it so hard to decide is the coverage provided by different insurance companies in Singapore. It is important to compare policies between each of them before deciding on one. Never choose in haste as you may end up being underinsured or paying for something you do not need. Talk to financial consultants to understand and compare the various options before making your decision. Boost your health coverage MediShield Life is a basic insurance plan for all Singaporean citizens and permanent residents. It allows you to enjoy subsidised treatment in a public hospital at a B2/C ward. However, you will find that your MediShield Life payout will cover only a small

  4. proportion of your bill. You would need to draw from MediSave and/or cash to pay the balance. Therefore it is recommended that you top up your MedShield Life with an Integrated Shield Plan whether you wish to get treated in a public or private hospital. Make use of discounts Leading insurance providers in Singapore reward customers for their loyalty, and some even provided discounts for staying in good health. For example, you may get a 25% increase in the sum assured of your personal accident insurance policy if you do not make claims for a certain period. Additionally, you may also get a referral benefit if another family member purchases coverage from the same insurance provider as you. Keep these benefits in mind when getting insurance as they can save you a lot of money. Ask the right questions

  5. Every insurance company has its own way of functioning. Therefore, before you purchase a policy, it is important that you get all your questions answered. For instance, you might want to check on the policy payout, coverage, sum assured and policy maturity. Most amounts are paid by cheque; however, some providers may be willing to do a bank transfer. Do also inquire how you can pay your premiums. Look for an insurance company that gives you a wide choice of payment modes such as iPay, Giro, credit card, internet banking, and cash/cheque. Finally, remember that buying insurance is one of the most crucial financial decisions you will ever make. Be sure to sit down with a financial consultant you trust and ask them whatever you have in mind. We hope this article helps you. Take care.

  6. You can also find more interesting details on the site below: Website: https://www.prudential.com.sg Facebook: https://www.facebook.com/PrudentialSingapore/ Instagram: https://www.instagram.com/prudentialsingapore/?hl=en LinkedIn: https://www.linkedin.com/company/prudential-assurance-company-singapore/ You Tube: https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ

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