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