Pet Insurance

Love letter to Pet Lovers

During Covid period, pets gradually entered our lives and formed a part of us. We enjoyed the cuddle of the pet which bond us much closer together, however owning a pet in Singapore was so costly.

From the adoption price depending on the breeds, vaccinations, health check, grooming, toys to food, all these would cost you quite a fair bit annually. Not forgetting your treats to your pets birthday cake party and their paw pals.

One section that we often overlooked will be insurance. You then will start to ask, do I need to buy pet insurance? What is the coverage and is it really worth it?

I would then asked, would you rather spend hundreds to save thousands or spend none but pay thousands.

In Singapore, even though pets have been living with us for a long period of time but this is still a niche market for insurance providers.

The plans offers by various providers provides adequate coverage with co-insurance and deductibles to be paid by owner.

These coverage generally includes accidental, illness, surgical and third party liabilities locally. However, there are certain eligibility criteria for purchases and not all breeds will be accepted.

There are No Claim Discount to enjoy saving up to 15% on annual premium. The entry age can be as early as 8 weeks old and may be renew on yearly term beyond 13 years old.

While the clinical and medical fees are beyond our control, we certain can minimize our out-of-pocket expenses and our policy premium.

 

In summary, the pets insurance are slightly similar to our integrated shield plan with limited benefit.

This post is for sharing purposes and do not constitute to product recommendation. Whether if it is worth for purchase, please seek advice to your trusted advisor or service provider.

 

 

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:

Elvin Huang 黄伟勇

Hi, I am Elvin Huang, a Financial Advisory Manager at Financial Alliance, one of the best known and leading independent financial planning company in Singapore.
Having been in this industry for 10 years, I have seen my fair share of what happens to families and businesses when they fail to plan for the unexpected. As such, I see it as my personal mission to help better the lives of anyone I meet in one way or another.
All of us encounter these PAIN indicators;
-Being short-changed due to lack of options
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-Seeking advice but met aggressive salesperson
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Being with an independent financial planning company gives me an competitive edge of being able to understand the various offerings of solutions from the different insurers in Singapore, and deciding which one works the best for them.
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Have you move your steps forward to achieve your future goals
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Every drop of wisdom was collected through engaging your concerns, it forms the reservior of my thought which will in turn be applicable like flowing waters.
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