To all the other expatriates living in Singapore, what are the types of insurance plans you currently have?

Hi Min, not an expat but here's what I recommend to my expat clients. And it's very simple. Just 2 products.

1) Local Health Insurance. Here we have the Integrated Shield Plan. A hospitalization and surgical policy that covers inpatient and some outpatient bills accrued in a government restructured or private hospital in Singapore. You may also add an optional rider to eliminate deductibles and reduce co-insurance (out of pocket expenses). They cover 1-2m SGD annually, way more than enough for even the longest of stays in a local hospital.

More often that not, you may already have this covered by your employer. But if you don't, you can get this.

2) Renewable Income Protection Term Insurance.

Since you may not know how long you'd be here for, I'd recommend 5 or 10 year renewable term insurance to provide a lumpsum of 5-10 X your annual income to your dependents should you fall ill, get disabled, or contract or suffer from a critical illness.

Only pay for the cost of insurance and it automatically renews when the term ends with no additional health declarations. You can surrender this anytime with no cost should you leave the country or want a permanent policy.

The only last thing you may want to consider is to open a trust investment account here in Singapore to manage your wealth and set up an investment portfolio that is tax free even if you decide to return home. But this is of course optional and only if you want to have monies managed here.

Which country might you be from? European healthcare and hospitalization insurance providers are cheaper and better than Singapore’s insurance providers. The coverage is significantly better as well. If you are from Malaysia, Singapore’s coverage for hospital insurance is better and cheaper.

I suggest you meet with a consultant who is well versed with your country’s social security system.

I’m well versed with the European’s system due to the number of clients I serve in the European Union.