Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Things to consider on choosing the right insurance policy

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Here are the things you must consider to ensure you have the right and adequate travel insurance:

GET CORRECT BIRTH DATE

Since a crucial part of the travel insurance cover is around emergency medical care, it is important that you consider the age of the people travelling to evaluate the insurance cover required. If the people travelling are senior citizens, it is important that you have more than adequate cover, irrespective of the destination or the duration. It is important to inquire about the policy document to understand the medical cover completely and keep an eye on any additional limits in the cover, such as hospitalisation limit or cap on treatment cost, that could significantly curtail the insurance cover you have purchased.

EXISTING MEDICAL HISTORY

In case any family member has a medical history, ensure the policy covers pre-existing diseases, at least for life threatening situations. You don’t want to be in a situation where you are not able to provide for the best healthcare when you need it the most. Ensure you have discussed with your family, understood their health conditions and made a clear complete declaration in the proposal form, else having a pre-existing cover will be of no use.

ON BASIS OF DESTINATION

If you are travelling to a developed country like United States, United Kingdom or Singapore, it is important that you have a large cover, especially if the duration of the trip is more than two weeks. A short visit to a hospital can burn a huge hole in your pocket, in case you have a small insurance cover.

By Mahavir Chopra

See Full Story at www.livemint.com

Tips to help save money on your car insurance policy

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As per the Motor Vehicles Act, 1988, a valid motor insurance providing third-party liability cover is mandatory for all vehicles on public space in India. The number of deaths as a result of vehicular accidents is high in the country. Accidents can’t be predicted but we can be prepared for such an eventuality. No matter how good a driver you are or how well you maintain your car, accidents can happen as a result of bad road conditions or a natural calamity.

A car insurance policy can protect you against any financial crisis arising out of unfortunate events like motor theft, third-party liability damage, accidents, natural calamities, etc. There are 2 main types of car insurance plans available in India:

Third-party liability coverage: This type of insurance policy offers coverage against any damage caused by you to a third-party which includes damages to the person and the vehicle. Third-party liability cover doesn’t include damage to you or your car. Comprehensive coverage: In addition to third-party liability, this type of policy offers coverage against damages to you and your vehicle, theft, fire, in-transit damage, or damage caused by a natural calamity.

Now that you are aware of the importance of having a valid motor insurance policy, here are some tips to help save money on your car insurance. How can you lower your car insurance costs? Insuring an old car is cheaper than insuring a brand new car. Since having a motor insurance coverage is mandatory, it helps to find out ways to save on your car insurance costs. When it comes to car loan and car insurance, it is always beneficial to shop around, do your research in order to get a good deal.

See Full Story at www.sify.com

5 tips for buying your first insurance policy in Singapore

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So you’re all grown up now and one of the things you need to do to get this adulting thing right is to buy your first insurance policy.

Okay, so poring over insurance policies and actually speaking to insurance agents rather than running away from them isn’t exactly the most enjoyable way to spend a Tuesday night.

But making sure your first insurance policy is right for you isn’t rocket science-yes, even if you have no clue what insurance you need or even why you need it.

Here are five tips to get yourself on the right track.

1. LISTEN TO WHAT THE INSURANCE AGENT HAS TO SAY, BUT DON’T FEEL OBLIGED TO BUY FROM HIM

You should totally avoid insurance agents like the plague-unless you actually do want to buy insurance but aren’t sure what plans you need.

If you have no clue where to start, it would probably benefit you to make an appointment with an insurance agent in your social circle, or even one of the random ones who’s accosted you on the street. Sit down with them and have them explain the various types of insurance policies.

You’re not going to need all of the plans the agent talks about-for instance, be aware that the agent is likely to try to get you to sign up for an investment-linked savings plan, which may not be a good idea. But some plans are more appropriate as your first insurance policy, such as health insurance and personal accident insurance.

The agent will be able to give you a pretty comprehensive overview of what the various insurance plans are for. Of course, there is no substitute for reading the actual policy. But if you’re totally clueless, an agent can give you a good introduction.

2. UNDERSTAND WHAT INSURANCE YOU ACTUALY NEED

Once you’ve parted ways with the agent, you should have a decent idea of what the various types of insurance entail. Now you need to figure out what you really need-obviously, if the agent had his way, you’d be buying everything.

As a general rule of thumb, a health insurance plan is highly recommended for every young Singaporean who’s started working. Yes, we have MediShield Life, but it is very limited in scope and you’ll be stuck in overcrowded government hospitals if you have only that to rely on.

If you have dependents-such as children, aged parents, a non-working spouse-who rely on you financially, you should also consider life insurance. Note that there is a big difference between a straight-up life insurance plan and investment-linked life insurance.

By JOANNE POH

See full story at www.asiaone.com

Read These Tips to Select the Best Travel Insurance Policy in Singapore

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insurance policy

No matter you are buying what kind of insurance, the research process is necessary. Decide on the type of coverage you wish to have and search the insurers which offer such type of coverage. Don’t let your mind gets deviated by the name and fame of the company but instead concentrate on researching the terminologies which can be useful for you. Glance through various insurance comparison sites in Singapore which can help you to move along with your budget.

You will find numerous insurance policies with varied kind of policies which shall offer domestic as well as international cover. At a single platform, you can find every kind of cover which shall take care of your medical and financial expenses on a foreign land. Finding the best travel insurance policy in Singapore, it is necessary to review the policy details, its cover, extra charges, add on can check if the specifications me benefits so that you et your expectations. In this league it is really necessary to check if the policy handles all your medical expenses irrespective of the country or medical illness. Calculate the worst case scenarios and the duration of your trip and then finalize the plan. There are policies which might require you to pay extra for covering your precious items like jewellery or laptops.

Once you have filled the form with your genuine details and travel dates, then a page with possible plan options appears in front of you which cater all required information ranging from cover to premium. Now it is time to finalize one plan and proceed to the click-buy-pay panel. You receive a soft copy of the plan you have paid for. All done! Now you can fly safely to a foreign land.

It is necessary to declare your pre-existing medical conditions otherwise your claims might get rejected later on and carefully go through the exclusions of the policy which you finalize for yourself.

By Chinly Li

See full story at www.demilked.com

 

 

Buying travel insurance policy? Use this 5 point checklist

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Buying travel insurance policy Use this 5 point checklist-credence-insurance-agency

Image via Flickr user Kreuzfahrtfan

Travel insurance protects the policyholder for loss arising because of unforeseen events during travel. Coverage, extent of coverage, destination clauses, pre-existing health conditions coverage are some factors one should check before buying one such cover.

Here are the top 5 things to be evaluated before buying a travel insurance policy:

1. What is actually covered and what is not: While all travel insurance policies may look similar on the face of it, the finer details of what is covered and what is not can make a huge difference. For example, medical coverage while travelling abroad is an important component.

2. Destination coverage: Travel insurance companies offer policies which may either have global coverage or have specific geographical coverage. Choosing a policy with global coverage is always safer, as there is no risk of rejection. However, there may be sub clauses and exceptions to this.

3. Duration of coverage: Policies can be either a single trip policy or an annual multi trip policy. The frequency of travel should determine the choice of the policy. Check how many consecutive days abroad will be covered under the policy.

4. Extent of coverage: In addition to the various heads which are covered in the policy, one must also check how much will be the coverage for each head. This means there will be a limit on the claims imposed, depending on what is being claimed.

5. Pre-existing health conditions: Insurers generally do not cover pre existing conditions of the policy holder. However, some companies offer coverage with certain caveats and conditions. Policy holders are required to declare the pre existing conditions while purchasing the policy.

Any insurance costs money and therefore purchasing travel insurance entails premium outflow. However, it is better to be safe than sorry, and travelling without adequate insurance is foolishness. It is important to compare the various options available, look up all the relevant features of the policies and select the one which is provides the most appropriate coverage.

by Smitha Hari

See Full Story on moneycontrol.com

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