Whether you have recently arrived or been living in Singapore for a few years, you know that our island state is renowned as one of the safest places in the world to live.  With this safety and the Swedish sense of safekeeping, many expats relax the idea of buying Insurance or believe that their company is covering them for everything.
 
Swedish expats should be aware, however, that Singapore has no social welfare system protection or government subsidized assistance for foreigners.  Unlike Sweden, Singapore does not offer any coverage or discount for Medical or Dental expenses, Accidents, Loss of Income, and Personal/Financial Liabilities.  You should also be aware that most employers either provide no Insurance protection or provide inadequate levels of protection for their employees.  Therefore, it is important that you protect yourselves, your family members and your home with Insurance, as things can go wrong and may leave you financially exposed to big bills.
 
For example, an expat family in Singapore recently lost all their belongings when their home accidently caught fire.  They were of course, devastated by the loss of their un-insured possessions.  Their worst fears were not yet realized until the owner of the adjacent home sued them for the substantial fire damage caused to his property.  Although cases like this are rare, no one can predict the future, which is why losses like these can catch us by surprise and cause great distress. 
 
 
A Brief Guide to Recommended Insurance Protection for Singapore Expats
 
 
Home & Liability / Hemförsäkring
Home Insurance covers the loss, damage or theft of belongings in or outside of your owned/rented home.  Examples of claims are lost jewelry, flood and fire.  Home Insurance also covers personal liability: accidental property damage or bodily injury you cause to others as well as the liability of your children.  It should be noted that employers do not usually provide this coverage to employees and your Swedish Homeowners policy does not likely extend to Singapore. Furthermore, if you rent a property in Singapore your landlord will only insure the building structure and not any contents. The landlord is not providing the tenant with any third party liability cover. Please be aware that the Home & Liability Insurance doesn’t cover the government requirement for domestic maid’s insurance, this is a separate coverage altogether.
    
Travel Insurance / Reseförsäkring
Travel Insurance covers your medical costs, evacuation & repatriation due to accident, injury or disasters.  It also covers luggage delay & loss, flight delay & cancellation due to illness or death in family.  Claims examples include broken bones, crisis in Bangkok or Egypt, earthquakes & tsunamis and lost luggage.  Some companies cover their employees for Business trips, but coverage does not extend to the family or personal holidays.
     
Personal Accident Insurance / Olycksfallsförsäkring
   Personal Accident pays a one-off sum of up to SGD 2,000,000 for accidental death or permanent disability from accidents like being hit by a taxi, falling down an escalator, sports & adventure accidents or holiday accidents.  It should be noted that Swedish policies and pensions do not apply when you are resident in Singapore and very few employers provide Personal Accident protection to their employees and their families.
 
Disability & Life Insurance / Medicinsk Invaliditet & Livförsäkring
Life Insurance provides a one-time lump sum payment for death.  Most employers provide cover for the employee only, but do not offer protection for the spouse/children.  Employers may offer top-up benefits to increase your coverage, but these are typically not transferable.  Note that if you do have a private life policy in Sweden, it may not pay out if you are non-resident in Sweden.  Disability Insurance provides financial protection if you should be handicapped and unable to continue employment and income earning.
 
Medical Insurance / Sjukvårdsförsäkring
Medical or Heath Insurance covers the cost of hospitalization, including room & board, surgery, diagnostics/tests, and consultations plus maternity, pre-natal, delivery, post-natal and newborn coverage.  This Insurance also covers Outpatient costs such as GP/general practice doctors, specialists, dental and accident & emergency treatments.  Although medical care in Singapore is first class, the cost of care is much higher than in Sweden and borne either by you or your Insurance with no government assistance for foreigners.  Examples of cost are Stomach Flu: $3,000, Pregnancy & Delivery: $11,000, Tonsils Removal: $12,000, Heart/Kidney/Liver Surgeries: $20,000-$150,000, and Dental Crowns: $1,200. 
 
Although many employers provide Company Medical Benefits, these plans often have low limits of coverage.  Employer plans typically have caps on Critical Illness & Cancer and offer low Hospital and Surgical limits. In addition, they often provide no maternity or dental cover and require visits to panel clinics, restricting choice.  We recommend you always get your medical Insurance professionally reviewed to make sure you fully understand the level of protection you have for yourself and your family.
 
        
Don’t wait until it’s too late.  Make sure you and your family are adequately protected. For free advice on home, travel, accident and professional medical Insurance reviews you can contact Expat Insurance whom understands the needs of Swedish expats in Singapore. 
 
*Please note that the information above is for illustrative purposes only.  Actual Insurance coverage, limits, exclusions, costs etc. may vary depending on selected insurer.