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[2024 LATEST & COMPLETE Guide] Can Foreigners Buy Life Insurance in Singapore?

2024 Complete Guide of Foreigners Buying Life Insurance in Singapore:

  • 7 Reasons Why Singapore is the Preferred Insurance Hub for Foreigners and Passer-Bys
  • Step-by-Step Guide of Buying Insurance in Singapore
  • Common FAQs

7 Reasons Why Singapore is the Preferred Insurance Hub for Foreigners and Passer-Bys

In recent years, Singapore has increasingly become the preferred insurance hub for foreigners and passer-bys (foreigners who fly to Singapore to buy insurance). The unique advantages of Singapore’s insurance products have attracted many clients, including those from Malaysia, Indonesia, India, Australia, Hong Kong, Taiwan, Thailand and mainland China. Here are seven reasons why Singapore stands out as the ideal financial hub for foreigners and passer-bys.

 

1. Strong Currency and Economic Stability

The Singapore dollar (SGD) is a stable and strong currency, reflecting the country’s robust economy and low inflation. This stability makes Singapore an attractive destination for financial activities including insurance.

 

2. Political Stability and Transparency

Singapore is known for its transparent and stable political environment, which fosters confidence among investors and businesses. This political stability ensures a predictable and secure insurance environment.

 

3. Advanced Financial Infrastructure

The country boasts a well-developed financial infrastructure with a comprehensive range of financial products and services for your insurance needs. Its financial sector is supported by a highly regulated environment overseen by the Monetary Authority of Singapore (MAS), which ensures high standards of financial practices.

 

4. World-Class Financial Services

Other than insurance, Singapore’s financial services industry also includes banking, investment, and asset management, with many global financial institutions establishing their regional headquarters there. This concentration of expertise and resources enhances its role as a financial as well as an insurance hub.

 

5. Competent Advisers

Financial advisers in Singapore are highly competent due to mandatory qualifications and training requirements, certified annually by MAS. MAS maintains a registry of licensed financial advisers who meet its fit and proper criteria and are authorized to give financial advice.

 

6. Competitive Term Insurance

Singapore has some of the most competitively-priced term insurance policies in the world, often cheaper than equivalent coverage in countries like Indonesia, Malaysia, Hong Kong, Australia, Taiwan and the United Kingdom.

 

7. Less Stringent Underwriting Guidelines

Singapore’s underwriting guidelines may be less stringent, offering coverage to foreigners who have been rejected by insurers in their home countries.

 

Step-by-Step Guide of Buying Insurance in Singapore

1. Entering Singapore and Signing Documents

  • The policyholder and the insured need to personally travel to Singapore with SG Arrival Card and passport.
  • Your advisor arrange meetings based on the your convenience, usually at a convenient location or the insurance company’s office.
  • After reaching an agreement, you sign the necessary documents.

 

2. Medical Examination and Opening a Bank Account

  • Depending on the insurance product purchased, you may need to undergo a free medical examination at a panel clinic in Singapore.
  • Some products do not require a medical exam such as medical insurance and investment-linked plans.
  • For policies with cash value, you will need to prepare your tax identification number.
  • Insurers will request for proof of entry – SG Arrival Card
  • You can also open a Singapore bank account for future automatic payments if necessary.

 

3. Paying the Initial Premium

  • Many of you may not have bank accounts in Singapore, for smaller initial premiums, you can pay with international credit card or telegraphic transfer.
  • For larger amounts, a cheque is required.
  • The entire process usually takes about a day, so a two-day one-night (2D1N) stay in Singapore is recommended.

 

4. Follow-up Process and Policy Activation

  • Your advisor handle the follow-up process.
  • Singapore’s insurance approval process is strict; life insurance approval might take 3-4 weeks, while investment and medical insurance usually take 1-2 weeks.
  • Once approved, the insurer deducts the premium based on the chosen payment method, and the policy is activated.
  • Softcopy of policy documents are sent to the client’s designated email address.

 

5. Claim Process and Plan Maturity

  • Most life insurance plans in Singapore come with a free nomination of beneficiaries, where you can specify your desired beneficiaries and their respective percentages.
  • You do not need to travel to Singapore again for claims or maturity proceeds.
  • Prepare the necessary claim documents and send them through your advisor or directly to the insurance company.
  • If you have a local bank account in Singapore, the insurer can bank in the claim amount or maturity proceeds to this bank account.
  • Alternatively the insurer will be able to pay the claim amount or maturity proceeds via telegraphic transfer to your preferred bank account (after you have submitted your bank account ownership proof).

 

6. Renewal Payments

You can choose one from the following payment methods:

  1. Giro Auto-Deduction: Authorize the insurer to deduct the renewal premium from your Singapore bank account.
  2. Online Banking: Payments can be made through the “online transfer” function of Singapore banks.
  3. AXS Machines: Premiums can be paid using AXS machines in Singapore.
  4. International Cheque: Mail a bank cheque to the insurer.

Common Frequently Asked Questions (FAQs)

1. Is it safe to buy Singapore insurance?

  • Yes, Singapore insurance is legally protected under Singapore rules and regulations.
  • Singapore insurers require foreign clients to sign documents in person and provide a copy of passport and SG Arrival Card.
  • This ensures the policy is approved by Singapore’s insurers and is valid globally.

2. What are the best insurance plan for foreigners in Singapore?

  • Term life insurance is highly recommended for foreigners because it is price competitive and affordable in the market for maximum coverage.
  • Other suitable plans are indexed universal life insurance and investment plans.

 

3. What is the risk of buying Singapore insurance plan?

  • It is currency fluctuation risk. Singapore policies are usually settled in Singapore dollars or US dollars.
  • Currency exchange rate fluctuations can affect the cash value and final returns of the policy.
  • It’s advisable to choose a currency that is relatively stable against your home country currency.

 

Conclusion

If you are interested to find out more about your eligibility to buy an insurance in Singapore, contact me now via WhatsApp +6586802340 or Email (lidwinateo@fapl.sg).

Kindly provide your basic details of name, gender, date of birth, smoking status, and insurance/financial needs. I will provide you with a personalized insurance/financial plan.

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:

Lidwina Teo 维娜

With over 5 years of experience in client service industries, I come to understand and appreciate the importance of high-quality customer service and customer experience. The key is to always prioritize the best interests of customers, ensuring their needs and expectations are met with professionalism.

The passion for client service extends into my current role where I strive to deliver personalized financial planning services. With more than 150 business partners in our company, I can help you achieve your financial goals by analyzing various financial products and offering tailored financial advice. 

Contact me now to request for a quotation or schedule a coffee session for further discussion. See you soon!

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  • 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。
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  • 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。
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  • 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

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By submitting this form, I confirm that

提交此表格，即表示

  • I have read and understood FAPL’s Personal Data Policy, and hereby give my acknowledgement and consent to FAPL to use my personal data in accordance with FAPL’s Personal Data Policy.
  • 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。
  • I have read and understood the disclaimers above and hereby affirm my acceptance of these terms.
  • 我已阅读并理解了上述免责声明，特此声明接受这些条款。
  • 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