The Benefits of having Insurance

 

1] Financial Stability

- Prevents financial consequences that maybe faced without Insurance

- With Insurance, even if losses occur, people can look on the bright side and get their money back for those losses

2] Peace of Mind

- People can benefit from Insurance even if they do not claim from it, anxiety is reduced if the insured knows the Insurance is in place if an unexpected event were to occur

3] Stimulates Business Enterprise

- The need to retain large amounts of money to pay for potential losses disappears, and the money can be put to more productive use

Characteristics of Insurable Risks

 

1] Large number of insureds

2] Accidental Loss

3] Definite Loss (in terms of Time & Amount)

4] The Loss must create a Financial Burden

5] Affordable Insurance (cost of Insurance is generally a small fraction of the item’s value)

6] Particular Risk (Does not affect the entire community)

7] Pure Risk

Types of Personal General Insurance in Singapore

 

1] Motor Insurance

2] Property Insurance

3] Personal Accident Insurance

4] Travel Insurance

5] Personal Liability Insurance (coverage for Legal liability)

6] Foreign Domestic Maid Insurance

7] Golfer’s Insurance

8] Hospital Cash Insurance

9] Critical Illness Insurance

What are Actuaries?

 

Actuaries are professionals who design Insurance plans and evaluates the financial risks to the company that sells that Insurance plan.

The Singapore Actuarial Society was set-up in 1976.

Captive Insurers

 

Captive Insurers are set-up to write the risks of its related companies.

Usually subsidiaries of large MNCs, the advantage of this is that they write only their in-house risks (price is based on their own loss experience), thus minimizing costs of Insurance.

The Insurance premiums are deductible as business expenses thus lowering corporate taxes payable.

Difference between an Insurance Agent & an Insurance Broker

 

An Agent is appointed by an Insurer to procure business for the insurance company, all acts carried out by the Agent in conjunction with the agency agreement have the same effect as being carried out by the Insurer.

A Broker advises his clients on their insurance needs and negotiates insurances on their behalf with Insurers.

What type of Health Insurance Product do i need?

 

The above clearly illustrates which type of Health Insurance is needed to cover the respective needs…

 

Examples of the above Insurance products are:

Medical Expense – AIA Healthshield Gold Elite

Hospital Cash – AIA Pink of Health

Critical Illness – AIA Critical Guard

Disability Income – AIA Flexi Personal Accident

Long-Term Care – AIA Long-Term Care

 

Specially designed plans for children:

AIA Bundle of Joy

 

Specially designed plans for Women:

AIA Woman of Wisdom

Glow of Life

 

Do send me an email if you would like to know more about the above plans at: mark.lim@aia.com.sg

 

For more information about Health Insurance you may download the pdf below:

http://www.aiggeneral.com.sg/Images/GuideToHealth_English_tcm440-159217.pdf