Expat Insurance

Comprehensive Insurance Solutions for Your Peace of Mind

“Explore Tailored Financial Solutions for Life Insurance, Critical Illness Insurance, or Income Protection with Chartwell Associates. Our specialized services are meticulously designed to cater to your unique needs and objectives, providing expert guidance and personalized strategies. Whether you’re securing your family’s future, preparing for retirement, or ensuring income protection, our services are meticulously crafted to empower you with confidence on your financial journey.”

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“Being an expat in Singapore without reviewing your Life Insurance, Critical Illness Insurance, or Income Protection Plan can harm your dependents. Failing to update your insurer about life changes may jeopardize your policy, and expatriation itself can invalidate your coverage, leaving your family exposed to financial hardship in the event of illness, injury, or loss.

Chartwell Associates, with over a decade of experience in expatriate financial planning and protection in Singapore, provides ethical guidance and support to achieve your financial objectives. Authorized and regulated by the Monetary Authority of Singapore, our Life Insurance, Critical Illness Insurance, and Income Protection Plans offer compensation to alleviate financial burdens like mortgages, education expenses, childcare needs, and daily living costs. Contact us today for a complimentary consultation and secure your financial future.”

What is the difference between Life Insurance, Critical Illness Insurance and Income Protection?

Life Insurance: If you pass away during the term of your policy, your family will receive a lump sum to cover financial commitments, typically a mortgage and other large debts.

Critical Illness Insurance: If you are diagnosed with an insurer specified critical illness (eg. cancer, a heart attack or stroke), your family will receive a one-off lump sum, typically used to repay a mortgage and other large debts, or to adapt a home in the event of a serious disability.

Income Protection: If you’re signed off work for any medical reason that prevents you from doing your job, you will be paid a percentage of your income for each month that you are unable to work, typically to cover regular commitments, such as mortgage payments and bills.

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What is the best life insurance policy for expats living in Singapore?

Chartwell Associates believes Term Life Insurance policies are the best for expats living in Singapore. These policies provide a fixed premium (the amount you pay), a fixed payout amount (the amount your family receives) and allows you to choose the length of the term to fit your budget.

Why are Term Life Insurance policies the most popular for expats living in Singapore?

Term Life Insurance policies are the most solid and flexible plans available to expats. The three main advantages that attract expats to Term Life Insurance policies include:

Affordability: You can choose the amount you pay for your coverage, the amount of time you want to be covered for, and pay the same rate for the duration of the term. This flexibility allows Term Life Insurance policies to adapt to any budget.

 Low maintenance: As long as you pay your premiums, your coverage will continue for the duration of your term.
 Guaranteed payout: Your family will receive the payout that you chose at the beginning of your term when an eligible claim is made.

How much life insurance coverage do I need?

The amount you are covered for varies per individual. To get started, it helps to consider and ask yourself a few questions that may uncover your current financial situation

 How large are my debts? Consider mortgage, student loans, business loans or any other debts you have incurred.
What life events do I want to be secured for my family? Consider what you want your coverage to provide your family financially, including childcare, college, retirement and any other expenses.
Finding the right life insurance policy that meets your budget requirements can be an arduous task. Talking to a professional financial planner at Chartwell Associates can speed the lengthy process and aid in providing a tailored plan suitable to your needs.

Why is Critical Illness Insurance so important?

Critical Illness Insurance straddles the delicate balance between life and severe debilitation caused by illness or disease. It’s often integrated into Term Life Insurance policies but can also be standalone. Key considerations for Critical Illness Insurance include:

1. Stages of Critical Illness (CI): CI is categorized into early, intermediate, and severe stages, with criteria varying between policies.

2. Waiting Periods: There are two waiting periods to note: the cooling-off period, which is the time between policy initiation and coverage commencement, and the survival period, the duration the insured must live after CI diagnosis. These periods differ among policies.

3. Coverage Scope: Some insurers count various stages of the same illness as separate conditions under the policy.

Understanding the nuances of Critical Illness Insurance can be intricate and risky. Seeking guidance from Chartwell Associates’ professional financial planners can help you secure a tailored plan that suits your specific needs.

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Do I need Income Protection?

Income Protection is designed to help you if you are unable to work due to illness or injury. It ensures you continue to receive a regular income until you are able to return to work.

When deciding on whether to take out Income Protection, ask yourself – If you were injured or had succumbed to physical or mental illness and needed an extended period off work, would you be able to keep up with your financial obligations, including debt repayments and day-to-day expenses?
If your answer is no, then our answer would be to seek advice from a professional financial advisor at Chartwell Associates who will create the best Income Protection option for you.