Free Insurance To Cover The Loss Of Income
This is a generous effort from the respective insurance companies to offer such coverage.
Just being quarantined might be the cost of earning an income of at least two weeks. It will be detrimental if you get positively diagnosed. It might take months for you to recover and additional months for you to get back working. Simultaneously, you have expenses that has to be paid and family to feed.
With that, this complimentary coverage will definitely help pass this hard times.
Eligibility & Details
AIA
Eligibility: All policyholders and insured persons of Life Insurance policies.
Duration: Till 31 December 2020; or 30 days after the Disease Outbreak Response System Condition (DORSCON) level has officially stepped down to green - whichever is earlier.
Website link here.
Axa
Eligibility: All policyholders and insured persons of Life and General Insurance policies.
Duration: Till 30 September 2020 (both dates inclusive) or after Disease Outbreak Response System Condition (DORSCON) level has officially stepped down to green; or the date when AXA’s COVID-19 Care Package fund of S$500,000 has been fully utilised - whichever is earlier.
Website link here.
China Taiping
Eligibility: All new and existing insured persons of Life Insurance policies.
Duration: Till 29 May 2020
Website link here.
ChinaLife
Eligibility: All new and existing Life Insurance policyholder who have their policy being issued before 10 February 2020
Duration: Till 30 days after the day whereby the Singapore government announces that the Novel Coronavirus (“COVID-19”) outbreak has been reduced to DORSCON level - Green; or on 31 August 2020; or when the total amount of financial support payments disbursed under this Scheme and Our financial support scheme for employees reaches SGD620,000.
Website link here.
Etiqa
Eligibility: All new and existing insured persons of Life Insurance policies.
Duration: Not available. Etiqa Singapore reserves the discretion to make amendments to the benefits and its validity at any time.
Website link here.
HSBC Life
Eligibility: All policyholders and family members of policyholders of Life Insurance policies.
Duration: 1 year upon application.
Website link here.
Manulife
Eligibility: All new and existing insured persons of Life Insurance policies.
Duration: Till 1 June 2020
Website link here.
NTUC Income
Eligibility: All Policyholders of Income’s Personal Accident (PA) plans with infectious disease cover.
Duration: Till 31 August 2020
Website link here.
How To Claim?
If there is a need for you to claim or perhaps you may know who might want to claim, first of all, really sorry for what happened.
With that, do make sure you have the relevant documents such as proof of test results, discharge summary, death certificate to make the claim. The insurers would need certain amount of proof.
You can call your in to your insurer and they will assist you accordingly.
Nonetheless, I am able to assist in the claims process. Do insert your particulars in the Enquiries Box below.
Surviving Financially
Other than surviving and also being cautious of not getting the virus, a whole lot of us are hoping we will get through this period financially.
Due to lots of companies having paycuts, retrenchment or even loss of income due to the strict regulations, we might find it difficult to service our mortgages, support our family or even neccecities such as household bills. Fortunately the government is offering lots of support to us. Through these times however, it does show us the importance of an emergency fund and also not to take too much debt in the future.
Having a plan B is important as it will offer you a peace of mind when you have cash flow issues. Therefore, we should always think of ways so that we will not run into any these difficulties.
Plan B is either your insurance policies (when you are disabled or ill) or an emergency fund (when you are retrenched or unemployed). If you know your plan B, you should not panic too much as you know what to do and what to expect. That is why when they say that insurance gives you a peace of mind, they are really really serious about it.
With that, lets hope we are able to survive this physically and financially.
