I have several products from the same insurance company, is that a concern? My friend's father is in another insurance company and he told me not to put all my eggs in the same basket. Any advice?

Hi there,

That is a very common sales line, but in reality, all of policies issued by any insurer in Singapore, is covered by Policy Owner's Protection (PPF) Scheme, where in the case of insolvency by the insurer, your policies are insured up to 100k.

You can reference to this article, to understand where the other agent is coming from. The only time where you would need to have multiple insurance coverage from multiple companies, is when your coverage amount has reached the maximum limit allowed by the insurer. At that point you will need to look elsewhere to get your desired coverage.

I do hope i was able to answer your question! Have a great week ahead!

Hi Anon,

I think there is no wrong in that. And also if your agent has been doing a good job in servicing you, that is more important rather than being with just 1 insurer. Also in regards to the Hospitalisation Plan, please do not do a switch or even consider doing so, especially if you are with the old plan and rider where you can be reimbursed up to 100% of the bills.

Also it does make things easier when you are making claims, cause you just need to look for either the agent or just the 1 insurer.