Which Company Is Best For Life Insurance – After collecting thousands of data points from insurance companies in Singapore, our team was able to gain a clear picture of insurers that consistently offer products that outperform the competition. These companies offer attractive rewards, great benefits and have received excellent reviews from us and their users. Below we list the clear winners in the insurance market by category.
General liability insurance is an umbrella term for policies such as travel, home, car and domestic worker insurance. Its main task is to provide financial protection against risks that may occur in everyday life, such as in the event of a car break-in or theft of your apartment. In Singapore, most general insurers buy these products without going through a financial plan. Overall, FWD, Aviva & Etiqa are the 3 general insurance companies that have consistently received the best results from us, due to their competitive premiums and the quality of their insurance offers.
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The best travel insurers in Singapore are Allianz, FWD and Aviva. They offer great value for money with competitive on-road prices (11-37% cheaper than average on most roads), comprehensive cover and easy to buy and claim policies. All offer single trip and annual trip cover and 24/7 emergency support services.
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Allianz offers travel insurance plans that are on average 31% cheaper and are loaded with travel inconvenience and medical benefits. For example, Allianz offers above-average coverage limits for loss/damage for checked and unchecked baggage, loss of cards and travel documents, travel delays, baggage and trip cancellation. For medical cover, Allianz offers everything from standard emergency hospitalization cover to more special benefits such as pregnancy cover and hospitalization payment. If you buy a Gold plan, you will have unlimited medical accident coverage, a rare feature among travel insurance plans.
FWD is one of our top travel insurers thanks to competitive premiums (on average 37% cheaper than the industry average) and customizable benefits. FWD’s coverage limits are usually above average, which makes their travel insurance plans a great value for money option. Emergency medical evacuation is unlimited, which is expensive since evacuations are very expensive. Sports equipment and sports activities are covered so you have peace of mind if you want to do something new during your travels. Finally, FWD offers a free policy extension of up to 21 days, so you’ll stay covered if you end up in hospital or delayed due to a serious public event.
Aviva’s combination of attractive premiums and generous coverage makes it undoubtedly one of the best travel insurers in Singapore. Considering Aviva offers unlimited medical cover and covers trip cancellations and changes to travel dates for any reason, Aviva’s plans are an absolute steal for the price. On average, we found premiums to be 11% cheaper compared to their competitors and MINDEF/MHA servers will pay even less when Aviva offers a 30% discount. What’s more, Aviva companies are less restrictive and offer cover for a host of things you might not need to know about, such as frequent flyer points, weddings, winter/water sports and motorcycling.
The best car insurers are Budget Direct, FWD and Aviva. They offer comprehensive coverage at attractive premiums and can be a good match for any type of driver.
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Budget Direct makes our list of the latest premiums and coverage simple, flawless. It’s a great option for experienced drivers who have a history of safe driving and don’t require a plethora of different perks. Its premiums are consistently the lowest in the market, with premiums nearly 30% below the industry average. While Budget Direct doesn’t include a wide range of benefits in its base plan, it does offer them as extras. This is a valuable feature that allows you to customize your plan based on your budget and coverage needs. Budget Direct also offers 24/7 support right away, so you’ll have someone to guide you through the process whenever you need it.
FWD is one of the leading car insurance companies in Singapore due to its competitive premiums and comprehensive coverage. With premiums costing about 19% below the average for most drivers, FWD’s plans offer something for everyone – consumers on a budget will like the lower premiums of the Classic Plan, while drivers looking to increase coverage can choose a premium. Even the new and inexperienced driver can stop the excess, which can save you US$1,500 in out-of-pocket expenses. FWD Third Party, Fire & Theft and Third Party Only policies are also competitive and offer more benefits than typical TPFT and TPO policies in the market, such as towing and roadside assistance. Finally, drivers can stay safe with 50% NCD while staying true to FWD. Its 50% NCD life insurance benefit allows you to keep as long as you are insured with them, as far as accidents happen due to fault.
Pickup trucks are a great choice for the average driver, but they really stand out with families and young drivers (under 30). While on average Aviva’s car insurance premiums are 19% cheaper than its competitors, young drivers can find Aviva’s premiums 45% cheaper for their age group compared to the competition. However, Aviva’s attractive pricing model doesn’t mean it skimps on benefits. But even families with young children will find Aviva’s car insurance plans offer ample peace of mind benefits. For example, there is child seat cover, unlimited car accessory cover and natural disaster cover. There are also road safety benefits, towing and on-site accident reporting at no extra cost.
Income, we found FWD & AXA to be the best home insurance company in Singapore. Their home insurance plans are competitively priced and offer seamless coverage with easy application and claim processes.
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Income offers the best home insurance for the average homeowner. On average, consumers will find income 22% cheaper than the industry average cost, providing above average value in most cases. It also offers coverage for new renovations, which, combined with its low prices, can make it a very attractive brand for new homeowners. In addition, real estate owners will have an easy time with the right coverage since Deductible automatically calculates the amount of building coverage you need based on the type and size of your home. Combined with an easy application and claims process, home insurance policies are a great choice for the price-conscious buyer or first-time home buyer.
FWD is another great insurer for home insurance. Its plans cost about 60% below the average for owners and tenants of an average HDB or flat. However, despite the low cost, the FWD ski is not covered. You can get up to S$1,000,000 in cover and S$100,000 in renewal and contents cover each, along with peace of mind benefits such as emergency home support, alternative accommodation, maintenance and professional benefits. It also offers some benefits to landlords, such as 3 months of loss of income (to protect against tenants defaulting on rent) and a benefit of S$3,000 to settle disputes with your tenant. Finally, FWD also allows you to submit your claim online, helping you get paid faster.
Finally, most AXA customers will appreciate the competitive home insurance pricing and generous benefit limits. Whether you are an owner occupier, a new HDB owner or in need of property insurance, AXA SmartHome offers comprehensive insurance coverage with premiums that are 12% below the average of its competitors. Its construction, renovation and contents limits are high enough that most people will have adequate coverage. Due to its generous coverage, AXA offers excellent value for your money. It typically offers coverage between $2,300 and $3,800 per premium dollar. In contrast, the industry averages between S$1,300 and S$1,425 in coverage per dollar of salary.
Etiqa and FWD are the best insurance companies to go with if you are looking for foreign domestic help cover. Their plans are reasonably priced and offer coverage that is above and beyond the Ministry of Manpower’s minimum insurance requirements.
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FWD maid insurance plans offer great value for your money. Not only do the plans cost 14% below average, but they offer more benefits per dollar than any other home worker plan on the market. They will also require extensive training of local foreign workers. For example, a working budget will find the essential policy a suitable choice, as its premiums are 20% below average. On the other hand, the exclusive policy offers above-average coverage for a variety of benefits, including ambulance expenses, convalescence benefits and later time. In addition, FWD offers many optional extras, so you can easily tailor your plan to your needs.
Etiqa maid insurance plans cost 28% less than the average while offering fairly comprehensive benefits, making them a great choice for employers looking to save on unemployment benefits. Etiqa maid insurance offers a wide range of benefits that will give you maximum peace of mind in terms of coverage for hospitalization, termination/reemployment and simple maid services. You can still apply
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