Should I buy my insurance overseas if I am relocating there for work soon and will not be paid in SGD?

Hi Anon,

How long will you be working there? Also you could look at that or actually still get a policy here, as insurance is actually one of those things that provides you coverage even if you are overseas. But of course currency conversion might be something to consider as well.

Generally, it depends on your long-term outlook.

Currency

Without a doubt, currency conversion may either pose as an issue or an advantage to you. For example, if you are moving to a country with a stronger currency, then you are "paying lesser" for your insurance policy.

Country of Domicile

Next, it depends on the country where you intend to make it your permanent home. Eventually when a claim arise, e.g. for death, will it be easy for your beneficiary to submit a claim?

More Details:

How to determine Your Domicile

Longenvity

Thereafter, we need to ascertain the credit rating of the insurance company and the regulations imposed in the long run. For example, will the insurance company run into liquidity issue? And will the government intervene to protect the policyholders?

To summarise, these are some factors for your consideration. Overall, you need to establish whether you are posted overseas temporarily or for good. This helps us to make a better judgement on the best move.

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