People in Singapore usually get two kinds of insurance which will be elaborated below.
The first one is the medical bill reimbursement insurance which will assist you to pay for the hefty hospital bills and costly treatments. This is the very basic insurance that everybody should have. However, this type of insurance will not cover your other expenses such as food, mortgage and other bills. If you only have this type of insurance and you are suddenly unable to work, you can imagine the problem you may face.
Many people also take the second type of insurance in which a lump sum payment due to critical illness, total and permanent disability, or loss of life, will be paid out. This insurance helps to replace part of your lost income in the unfortunate event of critical illness or total and permanent disability. The problem is that there is no guarantee your coverage will be enough for you and your family especially if such incident happens early in your life.
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