Why You Seriously Need To Consider Private Insurance

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/sg and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/sg

Proceed

A serious illness can strike at any age. Consider something like a stroke. People usually think that these ‘brain attacks’¹ happen only to the elderly. However, that isn’t true, as 8.8 per cent of stroke victims in Singapore are less than 50 years old.²

How will you pay the bills during this period? School fees, payments to utility companies, and if you don’t own a home, dues for rent, will quickly pile up. You may manage with the money you have in reserve for a few months, but what if your recovery stretches for longer than that?

Fortunately, all Singaporeans have basic medical insurance. This is provided under the MediShield Life scheme. However, it makes sense to supplement this coverage. Private insurers in Singapore provide several types of policies that complement the protection that the government provides. These private insurances can help in the form of higher coverages, lump sum reimbursement, monthly pay-outs and/or income for days you are hospitalized.

It’s advisable to review the health insurance that you have carefully. If you or a family member faces a serious health issue, will you have the money to cope with it? Saving a few hundred dollars by skimping on insurance may seem to be the prudent thing to do. However, this approach could prove to be costly in the long run. Private insurers in Singapore offer a host of health insurance options. Make the time to explore these carefully. You could realise that you are under-insured.

Foot Notes

¹ SingHealth – Stroke

² A stroke can happen at any age — how to recognise the signs and what to do

This article is brought to you by Standard Chartered Bank (Singapore) Limited. All information provided is for informational purposes only.

This article is for general information only and it does not constitute an offer, recommendation or solicitation of an offer to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This article has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice or an investment recommendation. It has been prepared without regard to the specific investment objectives, financial situation or particular needs of any person or class of persons. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product or invest in an investment. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product is suitable for you. You are fully responsible for your investment decision, including whether the product or service described herein is suitable for you. The products/services mentioned are not principal-protected and you may lose all or part of your original investment amount. Standard Chartered Bank (Singapore) Limited will not accept any responsibility or liability of any kind, with respect to the accuracy or completeness of information in this article. Investment products are not deposits and each of the investment products mentioned do not qualify as an insured deposit under the Singapore Deposit Insurance and Policy Owners’ Protection Schemes Act 2012, Rev. Ed. Cap 77B.