Important Things You Need To Know
In Singapore, the financial and insurance markets are overseen and regulated by the MAS (Monetary Authority of Singapore). This means that only financial institutions with the appropriate MAS registration are lawfully able to offer insurance. Furthermore, every insurance product must be individually approved by MAS for sale to the public here in Singapore.
The purpose of this regime is for protection of the general public – i.e. non-specialists can rightfully expect the Singapore authorities to create a safe retail environment for financial products and services. This includes oversight of factors such as the financial standing of the institution (essential for insurance, as nobody wants to discover their insurance provider has gone bust), the sales process, and also the suitability of the product for its stated purpose within a target market.
It is easy to see a list of approved providers – it is maintained by the MAS and available on their website here.
Additionally, you should download and read Your Guide To Life Insurance which is published by the LIA (Life Insurance Association) of Singapore. This guide describes the various types of life insurance products and distribution channels and provides general information about life insurance. It gives you the basic information you need so you can discuss your insurance needs with a financial adviser (FA) representative.
Be Aware
What the above regime also means is that if you purchase life insurance from a non-MAS registered provider, the product is being marketed illegally in Singapore. Consequently, you cannot necessarily rely on any regulatory protection if there are any future problems (for instance, if you make a claim and it is not paid, you probably won’t have recourse to any statutory complaints procedure within Singapore).
International Life Insurance: a Highly Specific Market in Singapore
Expatriates have different needs to local residents when it comes to life insurance. Of greatest significance is the requirement for the insurance to be globally portable – i.e. the cover is maintained whatever country you happen to be living in sometime in the future. A good clue to the international validity of your policy will be words such as ‘global’ or ‘international’ within the product name. However, you should always check closely that the policy terms are indeed a match to your needs.
Because of factors such as these, many of the expat life insurance providers prefer to market their products through professional advisers, to give a level of comfort that customers have had policy terms properly explained, and to ensure that the chosen product is suitable.
We are Specialists in Helping Expatriates
People sometimes say ‘Oh, I’m not an expat’, but if your passport is not Singaporean then you should probably be considering the benefits of an international policy rather than local life insurance.
Here on Singapore-Expat-Life-Insurance.com we work with the range of major expat insurers, and our job is to provide you with the most cost-effective quotation for life insurance cover that meets your particular needs.
All you need do is request a quote, and we’ll do the rest.
