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.
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.
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
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
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.
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.
1. What are the best insurance to get in Singapore for foreigners?
2. What do I need to prepare before coming to Singapore?
3. How do I pay / maintain my premiums as a foreigner?
4. If there’s a claim on my policy, how can my beneficiaries access the claim proceeds as a foreigner?
5. What happens to my life insurance plan upon maturity as a foreigner?
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 email@example.com 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.
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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