Situations Where You Can Benefit From Benefit 

Insurance policies are vital as it makes our lives less problematic in the time of grave troubles. In Singapore, if you keep any foreign domestic help, you will need to buy maid insurance. It has been made a compulsory thing by their Ministry of Manpower or MOM. Apart from that, you should also have critical illness insurance for yourself.

Maid insurance policy

Keeping a maid is itself a matter of great expense. The insurance policies, however, make it less daunting. There are many benefits that you can get from the maid insurance policies.

Things that the maid insurance covers

To get all the advantages, you need to search for the best maid insurance in Singapore. And find the right policy that suits your needs. In Singapore, there is a compulsory rule where the employer has to buy maid insurance which includes the following:

  1. Medical Insurance covers at least S$15,000 for hospitalisation and day surgery.
  2. Personal Accident Insurance of at least S$60,000 per year
  3. A security bond of S$5,000.

Additional benefits that you get from the agencies

Apart from these three basic insurances that MOM has recommended, and also made it compulsory for every employer to follow. Different insurance agencies provide various other additional services. For instance-

  • Many agencies provide policies that try to cover the expense of any surgery of the maid.
  • Many try to cover repatriation costs.
  • Some provide medical and dental coverage.
  • While some other protects personal liability.
  • Wage compensation, third-party liability, and theft are some other benefits that this insurance provides.

Research work is helpful! 

Thus, with so many benefits provided by the different agencies, it becomes difficult to choose the right insurance. For this reason, you can do a bit of your research work and compare various policies.

The price of the insurance policies 

These policies are generally moderately priced; however, the more benefits they provide, the higher the price goes. All employers do not want to buy such high insurances; therefore, they are satisfied with the basic insurance recommended by MOM. However, the high-priced insurances give more coverages which also includes theft.

Based on your need, you can buy any insurance that you want from the insurance agencies.

Why do you need critical illness insurance? 

Apart from the maid insurance, critical illness insurance is also needed. It is extremely beneficial when you are diagnosed with a critical illness which can be a matter of great expense. The critical illness insurance can also reduce the expense.

Types of critical illness insurances in Singapore 

In Singapore, many critical illness insurances payout can hold at the later stages. But some insurance payout can only at the initial stage when you are diagnosed with a disease. They provide multiple policies and payouts at different stages of the disease as well.

How to decide the amount of the critical insurance

Thus, given the various insurances, you may become confused to understand critical illness insurance how much is enoughYou can decide the amount in the following ways:

The amount the Life Insurance Association have recommended

The Life Insurance Association (LIA) has provided a recommendation. According to it, the average Singaporean has critical illness insurance that is around $316,000.

But you should not depend on this recommendation. Different people are dealing with different circumstances. Therefore, it is better to talk with a financial consultant who has profound knowledge in this field. They can help you.

  • Supporting your income for five years 

The critical illness policy that you have taken should be able to support your income for five years. Thus it should be able to provide you with enough money. And this support should be given after deducting the debt.

  • Paying the expense of your recovery 

There are some cases where people get well in the early stages of critical illness. In such cases, the early stage critical illness plan is helpful. But sometimes, due to the critical illness, there may arise a need for you to keep a nurse. Or sometimes, you may not recover in the early stages of the critical illness.

In cases like that, you can use those critical illness insurances that provide you with various policies and also helps you cover the expense of the treatment.

  • Providing for those who are dependent

Suppose you are critically ill and have people in your house who are minor or old and cannot work. It is your responsibility to find a way to help them. Many people have non-working family members at their homes. They are solely dependent on the ill person.

In cases like that, you should consult with a financial consultant. Since you cannot work in such a critical health condition, they will suggest different ways to opt for critical illness insurance. And also tell you ways to provide for your family.

Get well informed before taking any insurance

But before taking any such insurance, it is better to consult with different people who know this field. Or you can help yourself by researching on the internet. The internet provides a wide range of information related to insurances and policies of different agencies. All these can save you from falling into the trap of fraud cases.

Before taking critical illness insurance, it is always better to consult a financial consultant. Tell them about your condition and listen to their suggestions. They will always recommend the best plans for you. Thus have trust in them and choose your insurances wisely.

To Sum It Up

Thus for the protection of yourself and your family, a critical illness insurance is vital. Nobody can tell the future; therefore, it is better to take these insurance policies before turning critical. Singaporeans have various such policies that make their life less problematic.

Both the critical illness insurance and the maid insurance try to protect you. If you do not take this insurance, you can face more troubles later.

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