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[NEW] 5 reasons why Singapore is the preferred Insurance hub for Foreigners & Passer-bys

Over the last decade, Singapore has increasingly become the preferred insurance hub for foreigners and passer-bys (foreigners who fly to Singapore to buy insurance).

That is because even foreigners who do not have Singapore residency, are eligible to purchase life insurance policies in Singapore.

5 reasons why Singapore is the preferred financial hub for Foreigners & Passer-bys

1. Strength of SGD Currency & Politically stable

With the current uncertain geopolitical and macroeconomic conditions, it’s best to seek out insurance from a stable financial hub like Singapore. Moreover, Singapore dollar currency is fairly strong, and we have a politically stable and transparent government here.

2. Mature infrastructure for Wealth Management

Singapore has a wide suite of financial products to help you address your insurance needs, and the financial industry is highly regulated by the Monetary Authority of Singapore (MAS).
In fact, MAS maintains a register for possible scams by financial institutions on the Investor Alert List

3. Competent Advisers

Most financial advisers in Singapore are highly competent. This is due to the mandatory qualifications and training requirements, which are annually certified by the Monetary Authority of Singapore (MAS). MAS also maintains a registry of licensed financial advisers who have met MAS’ fit and proper criteria, and are authorised to give financial advice:
Click here for MAS Register of Representatives

4. Most competitive Term Insurance

Singapore has one of the most competitively-priced term insurance policies in the world, including Asian countries (eg Indonesia, Malaysia) as well as the United Kingdom. This means that the premiums in Singapore may be cheaper than your home country for equivalent coverage.

5. Underwriting guidelines may be less stringent

Singapore’s underwriting guidelines may be less stringent, and able to offer coverage to foreigners who have been rejected by their home country’s insurers.

Frequently Asked Questions

1. What are the best insurance to get in Singapore for foreigners?

  • Best for term insurance
  • Other eligible plans include whole life insurance/ legacy and investment plans

2. What do I need to prepare before coming to Singapore?

  • Copy of passport & proof of address. For policies with cash value, you will need to prepare your tax identification number
  • Insurers will request for proof of entry – SG Arrival Card
  • If medical examination is required, your adviser will help to book an appointment at a panel clinic in Singapore for the health check

3. How do I pay / maintain my premiums as a foreigner?

  • As many foreigners do not have bank accounts in Singapore, premiums can be maintained with international credit cards or telegraphic transfer.

4. If there’s a claim on my policy, how can my beneficiaries access the claim proceeds as a foreigner?

  • Most life insurance plans in Singapore come with a free nomination of beneficiaries, where you can specify your desired beneficiaries and their respective percentages.

5. What happens to my life insurance plan upon maturity as a foreigner?

  • If you have a local bank account in Singapore, the insurer can bank in the maturity proceeds to this bank account.
  • Alternatively the insurer will be able to pay the maturity proceeds via telegraphic transfer to your preferred bank account (after you have submitted your bank account ownership proof).

What’s Next

If you would like to know more on suitable financial protection plans for yourself based on nationality and residency, do drop me an email at brionyguntzenbach@fapl.sg or WhatsApp me at +6598554475.

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Briony Guntzenbach

I have been a financial advisor since 2007, starting off as a tied agent before joining Financial Alliance. I did so to gain access to a truly independent platform where I can offer unbiased advice. From managing business risks to overseeing a client’s retirement portfolio, I have undertaken the effortful task of becoming adept at personal finance and risk management for both businesses and individuals.

The best thing about what I do is people. As an extrovert, I value the conversations and connections I have made with my clients. This also gives me a sense of achievement when I help my clients to construct a financial portfolio to protect and grow their Wealth.

In my free time, I like to create visual content to entertain my loved ones.

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根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

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  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策，并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
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  • I have not been directly contacted or approached by any representative or employee of FAPL with an offer or solicitation to apply for any financial products not offered in my home country.
  • 鑫盟理财私人有限公司的代表或员工并未直接与我联系或提出要约或招揽购买我原居住国境内所不提供的任何金融产品.
  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
  • 鑫盟理财为非新加坡居民所提供的任何服务仅限于直接向鑫盟理财发出咨询请求的国外居民。
  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分，鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息（例如，关于海外司法管辖区以外的资金管理或投资咨询服务等信息）。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品，或达成交易或参与任何特定的投资策略，也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意，不得将这些文件全文或部分发布，传播，复制或分发给其他人。
  • This document is not intended for distribution to, publication or use by any person in any jurisdiction, where such distribution, publication or use would be contrary to applicable law or would subject FAPL and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction.
  • 鑫盟理财无意在分发，出版或使用此类文件可能违反当地法律，或本公司及关联公司或关联人士需要注册，获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时，您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策