Anonymous
What are the good choices for insurance and investment products for expats living in SG?
A DBS agent is trying to sell me the insurance (25-year plan) and investment products (5-year plan). Are these good? Should I be looking out for the same products from other banks before deciding to invest with her?
My condition is I am an expat living in SG. I thought it might be easier to invest with DBS since I already have a bank account with them. And, one day, if I decide to leave the country, it would be better to have all the investment plans under the same bank for easy monitoring and in case I need to transfer the money. However, I have no clue if their products would give me good return or be worth the investment or not.
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Cherie Julianne Tan
14 Aug 2018
Marketing at MoneyOwl
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I don't like to make insurance and investments, and I most certainly don't buy them from bankers. Without seeing the policy of what he's trying to sell you, I cannot comment on whether these are good (and probably won't / shouldn't either, you should speak to a licensed financial advisor instead).
I highly suspect the investment product comes with many hidden costs though. See this for more: http://www.sgbudgetbabe.com/2016/06/how-paying-...
Expats or locals in Singapore, I don't think investing makes a difference. I personally prefer the stock market and investing direct eg. via SGX. But this also depends on your time and tool. Withdrawing shouldn't be too much for an issue regardless of what method you pick! :)
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I am not sure about investments but for insurance, here are some that you can look at
https://blog.seedly.sg/health-insurance-expats-...
But always make sure you check with your HR department for your existing coverage before getting one, you don't want to be paying twice for the same coverage.