Guide to Major Insurance Company in Singapore

The name of the insurance company may not be as important as the coverage it provides, but it is still useful to be aware of the major insurance providers in Singapore. When you next want a review of your portfolio, don’t limit yourself to bids from only the insurance firm from which your agent hails.

Companies Providing Insurance in Singapore: An Overview The Monetary Authority of Singapore governs the insurance industry in Singapore (MAS). Both insurance companies and insurance brokers need to be registered with MAS in order to legally do business. There are two non-profit trade groups that speak for Singapore’s insurance industry: the Life Insurance Association (LIA) and the General Insurance Association (GIA). While both organizations make suggestions and publish standards for the sector, MAS has the ultimate word.

Generally speaking, you may be comfortable that insurance businesses authorized by the MAS are not rogue, fly-by-night operations since they are required to follow specific standards. However, insurance company providers are given considerable leeway in crafting their own policies. The many policies available on the market each have their own advantages and disadvantages, just like any other commodity. This is why it’s crucial that you shop around for insurance and weigh your options thoroughly. The possibility exists that you may discover a comparable product for less money elsewhere. You might also look for a product that is tailored to your specific requirements yet is constructed differently. Major insurance providers in these three categories are outlined below. 

Insuring one’s own life against death

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Assuring access to medical care

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Universal Coverage Insurance

1. Singaporean organizations that provide life insurance It’s likely that a life insurance company is the one you’ve met to “talk about financial planning.” Agents play a crucial role in the life insurance sales process because of the complexity of the policies they offer. Some of Singapore’s most prominent life insurance providers are as follows: 

Apexgroup

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AIA

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Aviva

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AXA

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FWD

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the outstanding eastern

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Manulife

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Funds from the National Trade Union Congress

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Singlife

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Prudential

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Marine Tokio

Here you can find a complete list of all of the insurance providers that are member of the Life Insurance Association. When it comes to insurance, “life insurance” is one of the most general expressions used. All term life insurance does is guarantee a payout in the case of your death. Some instances are as follows: Whole life insurance, endowment plans, savings plans for retirement or otherwise, and investment-linked plans are all examples of more complicated life insurance programs that combine this death payment with the possibility to expand your wealth (ILPs). The following is a sample of a full life insurance policy. Learn the Difference Between Term and Whole Life Insurance in Singapore.

2. Singaporean health insurance providers Basic health insurance, called MediShield Life, is mandatory for all citizens and permanent residents of Singapore. However, over 70% of us additionally supplement them with additional private insurance. IPs, or Integrated Shield Plans, are the name for this new kind of health insurance that combines public and private sectors. The following seven insurance providers provide IPs: 

Apexgroup

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AIA

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Aviva

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AXA

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The outstanding eastern

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Funds from the National Trade Union Congress

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Prudential

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Hospital of Raffles

Health insurance plans are more uniform in terms of coverage levels than their life insurance counterparts because of strict government regulation of IPs by the Ministry of Health. By comparing similar health insurance policies, it’s easy to see which one best fits your needs. Take a look at the following illustrations Plans are renewed yearly, so if you change your mind before developing any problems that would be considered pre-existing, you may do so with little hassle. How Do You Choose an Integrated Shield Plan When There Are So Many? has more. For most Singaporeans and PRs, IPs are the most cost-effective option for foreign or expat health insurance, however there are alternative insurance providers that are not on the list.

3 Singaporean General Insurance Agencies All of these distinct lines of coverage fall under the broader category of “general insurance,” which also includes insurance for your vehicle, house, maid, and other employees. When compared to health and life insurance, general insurance policies are far less complicated and don’t need a statement of health. As a result, shopping for and purchasing basic insurance policies may be done with much less hassle when done online. For your convenience, we have compiled a list of the most prominent general insurance providers among the GIA’s many member organizations. 

Apexgroup

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AIG

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Aviva

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AXA

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Allianz

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ERGO

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FWD

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The Hong Leong Insurance Company

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Insurance from Liberty

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MSIG

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Funds from the National Trade Union Congress

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Sompo

Equipped with Etiqa’s signature Tiq style. There are many different kinds of general insurance, and each business offers a unique selection. Consequently, it is essential to first identify which businesses provide the desired variety. Supposing you’re in the market for auto insurance. Discovering which insurance companies provide coverage is the next logical step. Use MoneySmart’s vehicle insurance wizard to see a selection of insurance plans. Individual insurance plans are often really light-obligation affairs (no pun intended). If you take the time to review the important details and make sure you won’t be surprised by any exclusions, the brand doesn’t really matter. At Apex Group, Daniel Ong is the Senior Financial Services Director and acts as the company’s visionary leader. Prior to entering the insurance business, Daniel worked in the banking industry for a major bank. This role helped him to develop and absorb the knowledge and skills necessary to specialize in the insurance sector today. The certifications Daniel Ong holds—AEPP®, AFP, and AFC—reflect

his level of experience. Daniel handles many important positions within the Apex Group, including agency management, training, and managing the development of insurance advisers and managers. Does it matter whether you get car insurance from a well-known company? You’d be surprised at how little it really is. Since insurance plans are contracts, policyholders who take the time to read and fully comprehend their policies need not be concerned about being denied benefits to which they are legally entitled.

There are, however, a few things to bear in mind while evaluating different insurance plans. When filing a claim, don’t count on your agent’s continued employment with the insurance company. In case you need to file a claim on your own, it’s a good idea to see how straightforward the procedure is. Different insurance companies have vastly different claims procedures and processing times. Check how simple it is to purchase and administer your insurance, or hire an agent to handle it for you, to see how user-friendly the process is. If we had to choose between an insurer that was less tech-savvy and one who was, we’d go with the one that allowed us to control our plans online. When making a long-term financial commitment, such as purchasing a whole life insurance policy, it might be comforting to know that your money is being invested in a financially stable company. However, even insurers with “worse” credit ratings are very safe because of MAS’s iron grasp. However, if you’re worried about the investment returns or cash value of your policy, you may be interested in a 2016 analysis that found larger insurers including Great Eastern, AIA, and Prudential had greater returns from 2006 to 2015. Ultimately, it all comes down to selecting the best insurance provider. To sum up, when it comes to insurance, name recognition isn’t everything. You shouldn’t feel obligated to purchase additional policies from Insurance Company A just because you have a life insurance policy with them. Instead, your standards should shift from policy to policy. You may be worried about your returns on hybrid plans that include a life insurance component, such as investment-linked policies. Conversely, while

purchasing travel insurance, you may straightforward the claims procedure is.

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It’s more vital to compare insurance plans from numerous businesses than it is to worry about the company you’re purchasing from. Without wanting to toot our own trumpet, let me say that MoneySmart is a great resource for comparing various insurance packages, including travel, health, and auto. Give it a go right now! Enjoyed reading this article? Please forward this to your loved ones.