Which insurance should I buy as a foreign student?

Hi Pham,

At a minimum, you'll want to get covered for hospitalization, so a hospital plan is important. You'll want to see if you can increase the limit of claim, your group plan's limit appears to be $50K, which might not be sufficient. There are multiple companies that offer hospitalization plans for foreigners. (I have a client who is an NTU doctorate student, with a hospitalization plan with me). An independent financial advisor can help you navigate the options before you decide which plan will suit you. Hospital plans are generally restricted to coverage in Singapore only.

For life insurance, strictly speaking you don't have an income, so unless you have sufficient savings and want to pre-emptively get coverage, then you can consider CI cover, as you will want to protect yourself on that aspect once you commence work. Many insurers offer CI plans, again, speak to an independent financial advisor to get more information about your options. CI plans generally cover you worldwide, so you'll be covered even if you return to your home country 10 years later, as long as you maintain the policy by paying the premiums.

You might not need death cover, this depends on whether you have dependents back in your home country. If you do, you'll need to protect your income.

In summary, as a student, consider if you'd like to increase your hospitalization coverage first. CI is not strictly necessary, but if you have the budget or savings, you can start one.