Investing in Insurance (2017 Update)


July 24, 2017 Facebook Twitter LinkedIn Google+ Latest News,Moneylender


Investment in Insurance

Investing in Insurance (2017 Update)

Investment in Insurance

As we all know, there are many financial tools of investing that are available to us. Among these tools, a large proportion of people tend to over look insurance as a mode of investment. In the article, we will first list out the different types of insurance that are available to us. These different types of insurance all serve different functions. There fore, if you are keen on investing in insurance, it is of utmost importance to understand what the different types of insurance can do for you. You might find that investing in insurance might provide you with good returns.

TYPES OF INSURANCE OFFERED IN SINGAPORE

The insurance market in Singapore is not very saturated, but there are several insurance companies which have taken dominance. They offer a variety of coverage’s such as

Health insurance

This type of insurance allows the client to contribute either on a monthly or annual basis paying premiums and in the case of an illness or disability the insurance chips in and incurs all your medical expenses depending on your contribution. In the health insurance, there are two types’ ways which a sick person can access funds to cater for his or her hospital bill.

    Medisave

This is a savings policy where the client saves his or her money, and that money is used to provide for the hospital bill expenses.

    Medifund

This fund is available for Singapore citizens only, and it is available if the person cannot offset his or her hospital bills.

General insurance

This type of insurance underwrites properties as well as automobiles. Also, clients are expected to pay a certain amount of premiums for a specified period and if a loss occurs the company will compensate you for your financial loss. Thus, insurance businesses in Singapore offer this type of insurance for anyone interested in it.

Life insurance

The insurance expects the insured to be paying the sum assured and in the case of retirement or investments the insurance company is going to cater for this. However, the insurance does not mainly cover the whole amount. But it will include a certain degree of the contributions of the insured. Finally, in the event of death, the insurance company has an obligation of paying some amount of money to the next of keen of the policyholder.

Reinsurance

Singapore is home to many reinsurance groups in the Asian countries. And, the primary function of reinsurance groups is to insure the insurance companies.

Insurance intermediaries

Many insurance brokers have been charged with the responsibility of selling the insurance products all over Singapore. Thus, the intermediaries also play a critical role in advising the clients. And this includes the best insurance policies to take. Therefore, playing an important part in the growth of the insurance companies and the economy as a whole.

 

Summary

Despite the types mentioned above of insurance offered there are also many other kinds. Which insurance businesses in Singapore are offering as a means of diversification. Also, to hedging out against competitions from other insurance groups. Also, the insurance sector in Singapore has a low penetration rate and still open for stiff competition.

 For more information regarding investing in insurance, feel free to contact us right now. We provide sound financial advice to help you with what ever problems you might have. 

Money Lender Reviews

For more information on financial planning, feel free to consult our reviews of moneylenders in Singapore. An easily available database will help you make informed financial decisions easily.

 

 

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