[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 enquire through this link

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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