Term life insurance
Critical illness insurance
Disability insurance
Personal accident insurance
1. Health insurance
Health insurance is probably the most essential type of insurance to have on this list. In a nutshell, health insurance pays for your medical bills if you get hospitalised, as well as outpatient bills incurred before and after your hospital stay that fall within certain time limits.
Hospitalisation benefits
If you’re a Singapore citizen or PR, you already have MediShield Life, a very basic form of health insurance from the government. But MediShield Life’s claim limits are quite low and constrain you to B2 and C wards at public hospitals.