What You Need to Know About Health and Life Insurance Riders In Singapore

1. What You Need to Know About Health and Life Insurance Riders In Singapore Before getting into details about insurance rider Singapore in case of health insurance, you need to understand what deductibles and co-insurance are. First, you need to bear in mind that in Singapore insurance providers are not allowed to cover all the costs of health care treatment. Health insurance nitty gritty Before you claim your health insurance, you need to pay a deductible, which is a lump sum amount. At the same time, you also need to pay a portion of the bill which is known as the co-insurance or co-payment. These are safeguards against the unscrupulous individuals who treat health insurance claims to be something to take undue advantage of. Riders given by insurance providers are usually focused on reducing the deductible and the co- insurance or co-payment. This is done so that the insured person does not feel a heavy burden of hospitalisation costs which have to be paid out of their pockets. The other riders with health insurance include extra benefits, like hospital cash benefits, medical coverage, and other perks including ambulance service. Life insurance and its riders Life insurance is essentially meant to provide support to your family in case of your untimely death. In Singapore, life insurance is also given to alive people who are not able to work anymore due to any legitimate reason. Term life insurance is the most basic form of life insurance and is given to your family in case of your death within a defined term. On the other hand, whole life insurance covers your life till the age of 99 or 100 years and accumulates cash value over the years. Life insurance riders in Singapore are given freely by the insurance providers here. It is quite common to see five to ten riders with a single plan. The three most common types of riders in life insurance are – total and permanent disability riders, critical illness riders, and premium waiver riders. Hence, if you are buying insurance in Singapore, you should shop around to find the most beneficial riders in health and life insurance.