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Guide to insurance plans

Insurance. Many of us think that we know and understand it, but do we really? With the increasing variety of insurance products available in the market, picking the right type of policy can often get confusing, especially if you are not familiar with the insurance lingo.

A quick primer on the types of insurance

Now let’s look at the various insurance types in greater detail. Life policies can be much more than the name suggests. At a minimum, most policies would cover death and permanent disability of insured, providing pay-outs accordingly that help with necessary costs for yourself, or your family. With the inclusion of different conditions, also known as ‘riders’, your insurance policy can be enhanced to provide you increased coverage for things like critical illness, personal accident, protection of your assets, or from total disability.

Term life insurance provides coverage for a fixed number of years, typically between 5 to 40 years. The sum assured is paid in the event of diagnosis of a terminal illness, disability, or death. Similarly, you can also choose to add-on protection for your income, total or permanent disability, and critical illness. Example: ManuProtect Term

Endowment plans are policies that allow you to save towards specific goals, while also including insurance components. These goals include: Integrated Shield Plans (IPs) are designed to complement the government-led MediShield Life, to provide comprehensive health insurance coverage for the majority of Singaporeans. Examples are MyShield insurance plan, which covers stays in both public and private hospitals, treatment charges for A&E (Accident and Emergency), pre- and post-hospitalisation treatment, plus overseas in-patient treatment. An additional tier, MyHealthPlus insurance plan covers ambulance fees, and provides cash benefits for hospital stays and critical illnesses.

See also: Integrated Shield Plans

Home insurance, like myHome Protect, provides coverage for your furniture, valuables, renovations and also personal liability against incidents out of your control (including fires and burglaries). A mortgage-decreasing plan like ManuProtect Decreasing reduces your insurance coverage automatically as you pay off your mortgage, giving you more affordable premiums while keeping your home covered.

Car insurance provides coverage for your car against accidental loss or damage. In newer plans like DriveShield Plus, the premium you pay is based on your driving habits, so the safer you drive, the more money you save. Your ride is secured via a small on-board telematics device installed in your car, and the plan has a complementary MSIG Connected Car mobile app to help you assess your driving in real-time. Drivers with good score can enjoy a waiver of standard excess and even lower premiums at the next insurance renewal.

Travel insurance covers you for flight delays, lost baggage, or if you fall sick overseas. If you are into leisure adventurous activities such as bungee jumping, skiing and scuba diving, you can opt for Adventurous Activities Cover under like TravellerShield Plus Premier and Platinum Plans. So, what kind of insurance do I need?

For insurance plans that are long-term commitments, you should consider your needs and financial goals before coming to a decision. Understand the terms and conditions of the coverage and ensure that it meets your requirements. If you have a financial consultant, be sure to clear any ambiguities by asking lots of questions, and braving the fine print.

Which insurance policy do you need? Protection plans Accident & health plans


 Health is wealth – get that covered Protection 101: a quick breakdown of insurance Why protection matters



