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Insurance for Work Permit Holder

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analyst
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Insurance for Work Permit Holder

Postby analyst » Mon, 03 Oct 2011 10:26 am

Few months back I was approached by an Insurance Agent and I decided to purchase term insurance for coverage. While processing, the insurance agent highlighted that according to their database, work permit holder is not permitted to buy insurance. Apparently, the big insurance Co like Prudential, AIA and etc, do not extend coverage to work permit holders.

Any forumers here had experienced of such situation before? Would appreciate if you could share the background of such imposition (sadly, the insurance agent got no clue as well or he was being nice not trying to offend me). I believe it should be a mass market for the insurance co, unless it was a mandate from the government.

thanks.

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carteki
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Postby carteki » Mon, 03 Oct 2011 10:37 am

Sorry, but welcome to Singapore. I doubt it is a government mandate, but the insurance companies (and any other BIG company) here basically can make their own rules and it seems that they've decided that its not worth their while to provide insurance to work permit holders (if that is indeed the case - did you contact them directly to ask?).

ps - At home I used to work for an insurance company that specialised in providing life insurance to the mass market and it is a very different ballgame to the other segments, but there the mass market was 20m lives so they considered it worth it.

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Postby fxman » Mon, 03 Oct 2011 12:57 pm

After reading from your post, I totally disagree, I have applied before. I conclude the agent is not experienced enough.

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Postby fxman » Mon, 03 Oct 2011 1:00 pm

To make life easy for you, this is the breakdown on what a work permit holder can be covered


General Insurance : Work Injury Compensation, Foreign Worker Medical, Travel Insurance
Group Life Insurance: Hospitalisation, Outpatient, Specialist, Dental, Accident, Term Life

analyst
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Postby analyst » Tue, 04 Oct 2011 9:41 am

Thanks FX man for clarifying.

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JR8
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Postby JR8 » Tue, 04 Oct 2011 9:54 am

Taking a step back, for whom's benefit did you purchase the term insurance?

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Postby Jiawei.Ho » Sat, 15 Oct 2011 4:07 pm

Work Permit holders can acquire term insurance. it's not a govt mandate that work permit holders are excluded.

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Postby kokonee » Tue, 18 Oct 2011 1:24 am

Work permit holders may not be able to purchase endowment or living policy here due to individual companies policies but certainly i believe they can purchase term plans.
Do check it out with some of the more established insurance companies for affordability and coverage

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Postby Jorden Ong » Tue, 18 Oct 2011 7:50 pm

I guess more importantly, you should be looking at accident policy and hospitalisation policy..Which you can purchase even with a work permit..

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sundaymorningstaple
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Postby sundaymorningstaple » Tue, 18 Oct 2011 9:14 pm

This will answer in detail what is required regarding the mandatory insuring of Work Permit holders & FDW's:

http://www.mom.gov.sg/newsroom/Pages/Hi ... ?listid=11

http://www.mom.gov.sg/Documents/service ... 20FAQs.pdf

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Re: Insurance for Work Permit Holder

Postby purplewave » Fri, 30 Dec 2011 12:40 pm

Hi there,
I don't see why your application will be rejected for term insurance. May I ask which country are you from?


analyst wrote:Few months back I was approached by an Insurance Agent and I decided to purchase term insurance for coverage. While processing, the insurance agent highlighted that according to their database, work permit holder is not permitted to buy insurance. Apparently, the big insurance Co like Prudential, AIA and etc, do not extend coverage to work permit holders.

Any forumers here had experienced of such situation before? Would appreciate if you could share the background of such imposition (sadly, the insurance agent got no clue as well or he was being nice not trying to offend me). I believe it should be a mass market for the insurance co, unless it was a mandate from the government.

thanks.


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