Life is unpredictable – something all of us are already aware of with how the pandemic has altered our lives. Thankfully, there are ways to prepare for any potential setbacks and one of which is getting the right insurance. Insurance provides a safety net, securing our future against unexpected events that could leave us financially vulnerable.
Unfortunately, most of us take this for granted. In fact, Singapore’s life insurance sales are down in the first quarter of 2023 due to the global economic downturn, according to recent news. But life insurance is your last line of defense in case life decides to throw a lemon your way. It protects you and your family in case of terminal illness, unexpected death, accidents, and more.
But which insurance companies in Singapore should you trust? The best insurance company not only abides by regulations but also offers policies that provide significant coverage, affordable premiums, and excellent customer service. Here is a list of the top insurance companies in Singapore to help you get started.
But First, Are Insurance Companies in Singapore Trustworthy?
The insurance industry is a well-regulated sector, ensuring companies adhere to stringent guidelines set by both the Life Insurance Association (LIA) and the General Insurance Association (GIA). However, the Monetary Authority of Singapore (MAS) regulates these companies and ensures they follow the set rules and guidelines.
While all MAS-regulated insurance companies must comply with specific rules, this doesn’t necessarily mean they all offer the same quality of service, policies, or financial stability. Each insurance company has unique strengths and weaknesses, affecting its suitability to your personal insurance needs. Understanding their policies, coverage, and premiums is crucial to getting the best fit for your requirements.
Criteria for Selection
- Financial stability: The insurance provider’s financial stability is a crucial factor as it indicates its ability to meet its financial obligations – particularly in terms of paying out claims. A financially stable company offers assurance that it will be there when you need it most.
- Years in the industry: A company with a long history and rich experience in the industry is often more capable of understanding the complexities of the insurance market. Plus, they are more capable of meeting the diverse needs of its customers.
- Client reviews: Customer feedback offers invaluable insights into the experiences of other policyholders with the company. Positive reviews reflect aspects such as the ease of making claims, customer service quality, and overall customer satisfaction.
7 Best Insurance Companies in Singapore
| Insurance Company | Best for |
| FWD Insurance | Travel Insurance |
| Prudential | Health Insurance |
| Great Eastern Life | Life Insurance |
| Tiq by Etiqa | Travel Insurance |
| Budget Direct Insurance | Car Insurance |
| HL Insurance | Family Insurance |
| Pacific Prime Singapore | Health and Medical Insurance |
1. FWD Insurance
Established in Singapore in 2016, FWD Insurance is part of the FWD Group, a renowned insurer in Asia with robust financial strength. Despite being a relatively new entrant in the Singaporean insurance industry, FWD Insurance has quickly built a reputation for its straightforward, easy-to-understand insurance products and innovative, technology-driven approach.
Policyholders of FWD Insurance praised the company’s ease of claims process. It offers streamlined, hassle-free online claims submission and quick turnaround times. The strong financial backing from the FWD Group coupled with positive feedback on claims handling highlights the company’s capability to fulfill its financial obligations effectively.
Top 3 Highlights:
- User-friendly, technology-driven insurance platform making the purchase and claims process simple and efficient.
- A comprehensive suite of insurance products catered to diverse needs, from life and health insurance to travel and car insurance.
- Affordable packages
Premium:
- Depends on the insurance policy. For FWD Life-Term Insurance, you can check out their online price calculator here.
Contact Info:
- Address:
- 6 Temasek Blvd, #18-01 Suntec Tower 4, Singapore 038986
- Website:
- Social Media:
Reviews:
- 4.5 star rating on Google Reviews
2. Prudential
Prudential Assurance Company Singapore (PACS), is one of the country’s leading life insurance companies. With over 90 years of experience in the industry, they continue to deliver a full suite of insurance products and professional advisory to more than 1 million customers.
Their aim is to make healthcare more accessible and affordable. Additionally, policyholders love the efficiency of their claim process, demonstrating their commitment to providing a hassle-free experience.
Top 3 Highlights:
- Over 90 years of experience in the Singaporean market, reflecting its resilience and longevity in the industry.
- A broad range of comprehensive insurance solutions, covering areas such as life, health, savings, investments, and retirement.
- Affordable premiums and comprehensive coverage
Premium:
- Depends on the insurance policy. For Prudential’s PRUShield, premiums start from S$257 for ages 26 to 30, S$340 for ages 31 to 40, and S$692.41 for ages 41 to 50.
Contact Info:
- Address:
- 7 Straits View #06-01, Marina One East Tower, Singapore 018936
- Website:
- Social Media:
Reviews:
- 4 star rating on Google Reviews
3. Great Eastern Life
Great Eastern Life Assurance is one of the oldest and most established life insurance companies in Singapore, with over 110 years of experience. As a subsidiary of OCBC Bank, it boasts substantial financial stability, making it a reliable choice for individuals seeking dependable life insurance coverage. The company’s long history has allowed it to develop a deep understanding of the local market and tailor its products accordingly.
Top 3 Highlights:
- Substantial financial stability backed OCBC Bank, one of Singapore’s major banks.
- Efficient claim process
- Excellent coverage at affordable prices
Premium:
- Depends on the insurance policy. Check with the provider.
Contact Info:
- Address:
- 1 Pickering St, #01-01 Great Eastern Centre, Singapore 048659
- Website:
- Social Media:
Reviews:
- 3.9 star rating on Google Reviews
4. Tiq by Etiqa
Tiq by Etiqa Insurance, a member of Maybank Group, is a digital-first insurer that has been serving Singaporeans since 1961. It has strong financial backing, as demonstrated by its affiliation with one of the largest banking and financial services organizations in Southeast Asia. Despite its long-standing presence, Tiq by Etiqa maintains a forward-thinking approach, offering innovative, digitally-oriented insurance products.
Top 3 Highlights:
- Over 60 years of experience in the industry.
- Strong financial stability due to its affiliation with the Maybank Group
- Easy online policy purchase, management, and claims with its digital-first approach.
Premium:
- Depends on the insurance policy. Check with the provider.
Contact Info:
- Address:
- One Raffles Quay, #22-01 North Tower, Singapore 048583
- Website:
- Social Media:
Reviews:
- 3.9 star rating on Google Reviews
5. Budget Direct Insurance
Budget Direct Insurance is part of the international Budget Insurance Group and has been serving customers in Singapore since 2016. Its policies are underwritten by Auto & General Insurance (Singapore) Pte. Limited. They are renowned for providing quality car, motorcycle, and travel insurance coverage.
While relatively new to the Singaporean market, it benefits from the substantial financial stability of its global parent company. Budget Direct Insurance is known for its cost-effective insurance solutions without compromising on the quality of coverage.
Top 3 Highlights:
- Comprehensive coverage and attractive premiums
- Offers affordable, value-for-money insurance solutions across domains such as car, motorcycle, and travel insurance.
- Positive customer reviews frequently mention a seamless and speedy claims process.
Premium:
- Car Insurance Premium starts at S$526 as of 25/05/2022. Note that actual premiums will vary based on different factors.
Contact Info:
- Address:
- 190 Clemenceau Avenue, #03-01 Singapore Shopping Centre Singapore 239924
- Website:
- Social Media:
Reviews:
- 3.5 star rating on Google Reviews
6. HL Assurance
HL Assurance is a member of the Hong Leong Group, a multinational conglomerate with strong financial stability. While HL Assurance has only been in the Singapore insurance industry since 2013, it has managed to build a reputable presence by leveraging the strength and legacy of its parent company.
HL Assurance boasts an efficient and seamless claims process. Policyholders appreciate the company’s responsiveness, clear communication, and the simplicity of the claims procedure. Among its many insurance products, its Family Protect360 policy provides protection for your family from accidents and infectious diseases.
Top 3 Highlights:
- Wide range of insurance products including comprehensive life insurance plans as well as motor, travel, personal accident, and home contents insurance.
- Efficient claims process and responsive customer service.
- Discounts and promotions in some insurance packages
Premium:
- Depends on the insurance policy. Check with the provider.
Contact Info:
- Address:
- 11 Keppel Rd, #11-01 ABI Plaza, Singapore 089057
- Website:
- Social Media:
Reviews:
- 4.5 star rating on Google Reviews
7. Pacific Prime Singapore
A registered insurance broker in Singapore, Pacific Prime Singapore offers a broad array of health and medical insurance plans. They provide affordable and competitive packages, building a strong reputation among their policyholders. Aside from medical and health insurance policies, they also offer car, travel, and home insurance plans.
Top 3 Highlights:
- A broad array of insurance solutions, ranging from health and life insurance to corporate and expatriate insurance.
- Competitive and affordable health insurance plans
- Extended coverage benefits
Premium:
- Depends on the insurance policy. Check with the provider.
Contact Info:
- Address:
- Cross Street Exchange #14-05, 18 Cross Street, Singapore, 048423
- Website:
- Social Media:
Reviews:
- 4.9 star rating on Google reviews
Claims Process
No matter which insurance company, the claims process can be daunting and challenging. Thankfully with modern digital advancements, the claims process has been simplified.
But before you start, it’s important to understand what your insurance policy entails – its coverage and claim qualifications. To do this, you need to:
- Keep a copy of your insurance policy handy – whether it’s a life insurance policy or a home insurance policy or a travel insurance policy – on your phone or email for easy access.
- Document as many details of the incident as possible, such as photographs of your personal belongings, receipts, invoices, and more.
Note that the claims process may vary per insurance company. But here are some of the most basic steps:
Step 1: When an issue arises, immediately contact your insurance company. Many policies have a time limit – often 30 days – within which you need to initiate your claim.
For instance, if you want to claim medical assistance, you’ll need to fill in a Medical Claims Authorization Form. In most cases, the hospital will submit the claim on your behalf.
Step 2: Gather all the necessary supporting documents. This may include medical memos, invoices, bills, police reports, and other relevant materials that substantiate your claim.
For example, car insurance companies may require photos of the scene and any damages done to your car. You may also need to record the license plate number, insurance information, and contact details of the other party involved.
As for health and life insurance claims, the procedure may include that you submit supporting documents, such as the certified true copy of the death certificate and ID documents.
Step 3: Finally, fill out and submit the insurance claim form. Most insurance companies offer the convenience of submitting these forms online, although you can also do so in person. This streamlined process means that you can initiate your claim from anywhere, ensuring you can focus on what truly matters – getting back on track after an unexpected incident.
Note: You need to notify your insurance provider as soon as something happens. For instance, a life insurance business may have a time limit for insurance claims depending on your plan. Don’t forget to check your policy to know the exact cutoff date.
Conclusion
Choosing a reliable and reputable insurance provider can give you invaluable peace of mind. Each insurance company listed above offers a unique combination of insurance products – from life insurance to health insurance to travel insurance. But before you decide, it’s best to compare insurance policies, including their premiums and coverage, to find the one that best suits your needs and financial capacity.
Key Takeaways:
- While the Monetary Authority of Singapore regulates all the companies, they differ in their service offerings, customer experiences, and product portfolios.
- Understanding your unique insurance needs and reviewing each company’s strengths will help you choose the best provider for your circumstances.
- Always consider the efficiency of a company’s claims process as it is a critical aspect of the insurance experience.
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