Insurance Agency Singapore | Commercial Insurance and Personal Insurance

5 Things to Know About Your Life Insurance

By Leave a Comment

When it comes to strengthening your overall financial wellness, many people could benefit from flexing their muscles with a greater understanding of life insurance.

Think about going to a gym and walking into a room with a variety of machines and equipment. What if you don’t know what they do or how to properly use them? This is similar to how many Americans feel about the various forms of life insurance. People know they need it, but they are often unsure of the type of coverage they should get and when to get it.

To help you get started, here are five important questions you should ask yourself.

Why do I need life insurance? Many people simply overlook the important role that life insurance plays in financial planning. It’s not typically as popular of a topic as portfolio construction or retirement income planning. The reality, however, is that as we transition into adulthood and take on growing responsibilities and family obligations, life insurance soon becomes fundamental to having a comprehensive plan.

Thinking about the unexpected isn’t always easy, but taking the necessary precautions has it benefits. Just like a healthy body, protecting your assets in your financial plan with life insurance can help mitigate future risk. For example, if you have outstanding debts or financial obligations, the right policy may help ensure that those burdens do not fall on your family members after you’re gone.

Beyond the most common use, which is providing a death benefit, life insurance may also come in handy for more sophisticated planning. If you have a child with special needs or a life-altering condition, death benefits may provide the ability to secure their financial future without adversely impacting your other children. Or, it could provide the means to cover any taxes that might be left on your estate.

 At the end of the day, you want to know that your loved ones will be taken care of, and life insurance can help to deliver that sense of comfort.
See Full Story at money.usnews.com

How to Choose the Best Insurance for Your Business

By Leave a Comment

Incorporating your business or forming a limited liability corporation is the first step in protecting your business and personal assets if something happens inside your business.

However, securing the right types of insurance is the next step you need to take to protect yourself and your firm. Here are a few tips on how to choose the right insurance for your business.

What are the General Types of Insurance?

Before you start shopping for insurance, you have to know the major types available. They can usually be divided into four main categories.

Business property insurance gives you protection in the event that business property (buildings, personal property, land, etc.) has suffered some sort of damage or has been destroyed. Business property insurance will usually be the one protecting you if you incur any loss in a fire or flood, for instance.

Business liability insurance will usually be what will protect you in the event someone happens to hurt themselves on your premises. Product liability insurance, on the other hand, will give you coverage in the event someone happens to suffer damages due to one of your products. When you’ll start looking for liability insurance, it would be wise to ask some business owners you know which type of coverage they have. Policies may have similar names, but they may not give you the same protection.

Business auto insurance is in many ways identical to your regular auto insurance, with the exception that it covers you when the car in question is being used for business. This is usually what will cover you if you or one of your employees is involved in an accident with one of the company’s cars. And if you take comprehensive coverage, you will usually be covered for things like theft or fire.

Business umbrella insurance will be used when you have claims that exceed the limit your other insurance can’t provide cover. Business umbrella insurance will act as an extra layer of protection and cover for any extra damage expenses. Umbrella insurance also often provides protection for events other insurance types don’t cover.

See Full Story at www.finsmes.com

How To Save Money On Your Insurance Premiums

By Leave a Comment

After what felt like the longest month in history, January is finally over! While you may have been pinching the pennies in the lead up to pay day and living on beans on toast, it’s now the perfect time of the year to get clever with your cash and start saving. You’ll thank us later when you’re sipping a cocktail on the beach.

We’ve teamed up with Blue Insurance to bring you some handy tips to help you get the most of out your insurance premiums whether it’s for your Home, Motor, Gadget or for your Pet.

Home:

  • Make sure your home is fitted with smoke and burglar alarms to instantly reduce the risk associated with your policy resulting in a lower premium.
  • Insure your property based on the Reinstatement Value and not the market value of the home.
  • Consider a 2-year policy. This will save both money and the stress of renewing (and possible price hikes) for a whole two years, even if you make a claim.

Motor

  • Your occupation can have a huge impact on any quote you’re offered. Insurers are more interested in what it is you do and not your title. If it’s unclear to the insurer what your title means, they could rate you in a higher category.
  • Have your car valued in advance by a few sources.
  • Paying your policy in one go can sometimes end up being less expensive.
  • Consider a 2 year policy.

Travel:

  • Get private health insurance
  • Purchase a multi-trip policy
  • Research the different levels of cover available

Gadget:

  • Purchase from a dedicated gadget insurance company to get a more competitive price
  • Only insure for what you feel may actually happen to the device
  • Bundle multiple gadgets into the same policy

See Full Story at www.98fm.com

A Beginners Guide to Rental Car Insurance

By Leave a Comment

Renting a vehicle can be one of the most confusing, frustrating and potentially risky parts of travel, especially when it comes to understanding the insurance cover you may (or may not) be getting. Get things wrong and you could suddenly find your holiday becomes a very expensive one!

If you rent a vehicle in most countries in the world excluding Canada and the United States, you’ll typically find yourself with several options for the excess or excess reduction when you make your booking. In the example below from Apex Car Rental here in New Zealand you’ll see a $2,000 excess is standard – this is known as a collision loss waiver (CDW) or loss damage waiver (LDW). You’ll also see additional CDW/LDW excess reduction options to reduce this to $500, or to zero.

If you hire a car with a CDW or LDW offering a $2,000 excess it means you’ll be liable for a maximum of $2,000 for any damage to the vehicle while rented to you. Take the zero excess option and you will not be liable for any damage to the vehicle.

It’s worth remembering here that “damage” may not just involve a crash – if you lose a key with a transponder for a modern vehicle you could easily face a $300+ bill for replacement. Stone chip damage to a windscreen can easily result in a $500+ bill if a full windscreen replacement is required. Most rental policies will also hold you liable for the excess regardless who is at fault – something that is the exact opposite of personal vehicle insurance which will typically only charge you an excess if you are at fault in an accident.

Another example is listed below from Thrifty Car Rental – in this case the standard excess is $3000 which can be reduced to $500 (confusingly it mentions 300 NZD liability which is obviously an error) for an extra $26 per day, or reduced to $0 for $31 per day.

by 

See Full Story at traveltalk.nz

4 ways to know your insurance clients better

By Leave a Comment

Knowing your clients is not only the key to providing them with insurance services and keeping them as clients, it’s also essential to attracting and retaining other clients like them.

Here are some areas to explore so you can get to know your clients better:

Age group

Although I’ve written a lot about understanding millennials, every generation is different: in goals, lifestyles, relationship with money and the way they want to get financial advice.

Accept these differences, and try to find out what clients in all generations are looking for from you.

Challenges in their lives

People face issues with their children, parents, relatives, or past spouses — ranging from medical to financial and anything in between.

Often these issues have a dramatic impact on their lives, and understanding what they are can help you understand your client.

Career tracks

Don’t assume you know where someone’s career is headed — or where he or she wants it to go.

Some people want to end up in the C-suite. Others would be happy doing what they are doing now for the rest of their lives.

Obviously, their financial plans and your financial advice will be based largely on where they want to go — or stay.

Dreams and games

I’m not suggesting you become a life coach, but I believe you should look beyond traditional retirement models to find out what each client really wants — even if they don’t believe it’s possible.

Yes, many people have a hard time acknowledging what they want, but you need to ask to help them reach that goal.

Of course, the best way to understand your clients is to be one of them: Former business executives make the best agents to business executives; former engineers make the best agents to engineers, etc.

If you find yourself with one of these or some other specialized group, and you’re not one of them, the next best thing is to hire an agent who has that background. As I’ve written before, this is a particularly good idea for agencies that recognize the vital importance of attracting millennial clients.

By Angie Herbers

See Full Story at www.propertycasualty360.com

Getting your own authority? Some tips on managing the insurance process

By Leave a Comment

Anyone interested in getting into the trucking business under their own authority is often hit with a harsh reality when they try to get insurance. A $10,000 or more bill is common for one year of coverage and in some cases, can even stymie efforts to get into the business.

According to Ashley Hammonds, senior vice president of sales at Reliance Partners, there have been some recent incidents of new venture insurance coming in under $10,000, but generally most policies are in the $10,000 to $15,000 range. There are some instances of the policy approaching $24,000, he says.

So why is new venture insurance so expensive and, more importantly, is it something that every trucking company needs?

The second part of that question is easy. New venture insurance is for those companies with new operating authority, although even someone that has many years of experience could be required to obtain new venture insurance if there has been a break in coverage, i.e., you took 3 years off and came back to trucking.

Like most insurance policies, the first part of that question has many answers. For one, not many companies provide new venture insurance, viewing it as a more significant risk due to the lack of data on the new trucking company.

“New ventures tend to fit in a smaller box,” Hammonds says. “There are fewer companies interested in them. For instance, there may be five markets for new venture insurance but 35 markets for an established company.”

By  

See Full Story at www.freightwaves.com

4 Insider Tips to Get the Best Car Insurance Quotes

By Leave a Comment

Shopping for car insurance can be a pain in the neck. There are so many options to choose from, and so many possibilities that it can be daunting to figure out which option is best for you. When it comes to comparing car insurance rates, there are a few things you should know to make the process easier and less intimidating. Let’s look at a few of these tips now, shall we?

Know Who You’re Dealing With

In virtually every case, it’s best to deal with an independent third party when gathering your quotes. This way, you’ll be able to gain unbiased, factual quotes from a variety of insurance companies at once, so you can most accurately compare the quotes to gauge the best deal for you. Compare car insurance from an independent party to get the largest variety of quotes from which to choose.

Know What You’re Looking For

Before you embark on your search for a car insurance quote, it’s important that you fully understand what it is that you are looking for. What kind of coverage do you want? What’s your budget? Knowing what you want and what you can afford to pay before you start looking at quotes will help you to rule out those that don’t meet your needs in one category or the other (coverage versus budget) right out of the gate, which will help to narrow the choices down to those that do meet your needs. That will make choosing the right one for your needs easier.

Go Online

The internet is a great resource for doing research regarding car insurance quotes. You can go to the website of several insurers, enter in some basic information, and gain a quote quickly. This can at least give you a basic idea of the kinds of prices and coverage available, all from the comfort of your home.

Compare Apples to Apples

Before making a choice regarding your car insurance coverage, it’s important to be sure you are comparing apples to apples. In other words, one policy may at first glance seem like the better deal because of the more affordable price, but take a closer look. What does that “affordable” price actually include? It may, in fact, be a better deal to opt for a slightly higher premium that includes more coverage (or the specific type of coverage you need). Don’t let price be your sole guiding principle when it comes to choosing a policy; be aware of what you’re actually getting for your money so you can make an informed decision about what’s best for you.

See Full Story at thenewswheel.com

Why opting for the cheapest car insurance policy could end up costing you a lot more

By Leave a Comment

Average premiums are expected to hit £900 over the course of 2018, leaving many drivers struggling to afford their vehicle.

New research has revealed that one seemingly cost saving ethos adopted by UK drivers, could actually end up costing them.

Over 16 million British motorists are making an error while choosing their premium relating to the optional excess.

Brits are taking on up to £750 of additional financial liability for an average saving of just £1 per month.

According to new data from uSwitch, 39 percent of motorists are opting for an excess of up to £1,000.
This is presumably because the average car insurance premium is cheaper with a higher excess.

However, the research reveals that opting for a £1,000 excess instead of a lower £250 amount will save drivers just £12 over the course of a year.

Therefore if a driver had to make a claim, they would be losing a large proportion of money than if they paid a little bit extra for the annual premiums itself.

Each year it is estimated that one in 10 UK drivers make a claim on their car insurance policy.

Interestingly, drivers who choose the highest voluntary excess option, usually £1,000, might think they will benefit from a significant saving on the annual policy cost.

However, in most cases, they are likely to pay the same premium as those who opt for a lower £500 excess but would be left shelling out £500 more if it came to making a claim.

Rod Jones, an insurance expert at uSwitch.com, says: “Worryingly a large number of drivers are taking on huge financial liabilities in exchange for tiny annual savings on their motor insurance.

“While many think that opting for a policy with a higher level of excess will save them money, drivers should ask themselves if an additional risk of £750 is really worth an average saving of just £1 a month and would they be put off making a claim knowing they’d have to pay a significant sum for doing so?

“With more than one in ten of those with a motor insurance policy likely to make a claim each year, we urge those looking to renew or switch their insurance to think seriously about the level of risk they want to take financially before they commit to a new annual policy.”

By LUKE JOHN SMITH

See Full Story at www.express.co.uk

Tips for Getting Cheap Car Insurance

By Leave a Comment

What may seem like a great deal in the garage could be far more expensive than expected once insurance is taken into account. Before buying, make sure you check the insurance group of the car. Groups range from one (the cheapest) to 50 (the most expensive) and they are measured against research by the Motor Insurance Repair Research Centre. Information such as damage, the cost of parts, repair times, and the value and the availability of body shells can influence the cost as well as more obvious criteria such as performance and security.

Therefore, even if the vehicle you are looking at is very popular, insurance can be more expensive than anticipated if there is low availability for particular parts it uses. Cheap cars to buy and insure include the Vauxhall Corsa and the Ford Fiesta, though costs will vary depending on model and trim.

How to Get cheap car insurance

Although buying a car that is cheap to run can make a big difference to insurance costs, there are other ways that drivers can reduce their insurance expenses.

Make sure you compare car insurance, which will give you policy options based on your vehicle and individual circumstances.

While it is difficult to work out the best way to get cheap car insurance, here are some great tips to reduce the cost of your cover:

Build up no claims

Drivers who are on the road for several years without making any insurance claims can benefit from a no claims bonus (NCB). An NCB of five years or more in particular is likely to result in a big discount on your premium.

Pay up front

Car insurance can be significantly cheaper if a yearly payment is made up front. This is a particularly good option for experienced drivers, who may be able to cover the cost in one payment. This will be cheaper than the overall cost of monthly repayments.

By Adam Smith

See Full Story at www.giffgaff.com

 

Top Ten Tips for Getting The Best Car Insurance Quotes

By Leave a Comment

Car insurance. It’s one of those things you know you need but probably dislike buying. After all, you pay for it, all the while hoping you never need to use it. Understandably, there are probably many other ways you’d prefer to spend your money.

Fortunately, there are also plenty of ways to save on car insurance. From using a comparison shopping site and maintaining a clean driving record, to raising your deductible and reevaluating your coverage needs, there are multiple strategies for lowering your premium.

If you’re looking for car insurance quotes, you probably want to get the best rate possible for the coverage you need. Here are 10 of our best tips for getting affordable quotes on your next policy.

  1. Shop Around

    As with any purchase, it’s a good idea to shop around for the best coverage and price. You probably comparison shop when it comes to buying clothes, furniture or other items — why not do the same for your car insurance?

    This is how a comparison site like My Insurance Broker can help (plus, it helps that we’re also an insurance broker — meaning that we can find and set you up with the best car insurance for you). Many drivers wonder how they can calculate insurance costs. We make it easy to compare insurers by offering you a way to get quick quotes on coverage from the top 15 car insurance companies in Canada. Use our online insurance quote tool to get results in just two minutes.

    While you may be familiar with insurance agents or brokers, these options generally limit your choices. Insurance agents offer coverage from one insurer, and a broker may only work with a handful of insurance companies. By contrast, My Insurance Broker gives you access to car insurance quotes from 15 companies — just enter your vehicle info, licence details and information about the driver you wish to insure.

    In Ontario alone, there are over 30 companies selling car insurance. By getting a broad range of quotes, you can rest easy knowing you have the information you need to make an informed choice.

    Get quotes from the top 15 car insurance companies in Canada in just two minutes with our car insurance calculator tool.

  2. Don’t Overlook Smaller or Regional Insurance Companies

    If you watch enough television, you will inevitably see commercials from the big names in the insurance industry. These companies spend millions on ads, but do they really offer the best coverage? In some cases, they might. However, insuring your vehicle with a local or regional insurance company may save you money. Some drivers also feel like they receive more personalized service from a smaller carrier.

    In short, don’t assume that bigger always means better coverage — or a better price. Depending on where you live, a regional insurance company may offer the most affordable coverage at a price the bigger guys can’t beat.

  3. Ask for Discounts

    Always check for ways to save on your car insurance policy — you never know unless you ask! There are a variety of ways to lower your premiums. For example, many insurance companies offer price breaks if you bundle your car insurance with other policies, such as business coverage or homeowner’s insurance.

    Additionally, some insurers discount policies when customers insure more than one vehicle, or when members of the same family take out policies with the same company. If you belong to a particular professional group, alumni organization or business association, you may also qualify for group discounts.

    You may also be eligible for discounts if you drive a vehicle that incorporates anti-theft technology or special safety features. You can also ask for a discount if you agree to pay your policy in full rather than spread it out over payments.

    Ontario drivers can also ask about special discounts for winter tires, which make your car safer to drive in snowy and icy weather.

    Most insurance companies offer a long list of discounts, so make sure to inquire if you think you might qualify for money off your policy.

See Full Story at www.myinsurancebroker.com

Our Location

At the west side of Singapore, our office sits on the second floor of the building.

1 Soon Lee Street
#02-43, Pioneer Center
Singapore 627605

Find Out More

We would love to hear your insurance needs. Tell us all about it by filling up our contact form.

If not, give us a call at +65 6897 8226
or email us at enquiry@credence.agency