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Microinsurance refers to smaller, compact insurance products that offer specific coverage at affordable premiums. A microinsurance product is bite-sized; it usually targets a single condition or situation against which the insured individual might need protection.
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Microinsurance refers to smaller, compact insurance products that offer specific coverage at affordable premiums. A microinsurance product is bite-sized; it usually targets a single condition or situation against which the insured individual might need protection. • Many people are not aware of the existence of microinsurance products. Many others do not have enough knowledge on what these compact insurance plans can do for them. In an effort to create awareness, this article will give you an overview of the coverage you can expect from microinsurance in Singapore.
What kind of conditions can be covered in microinsurance? • These days, you can buy microinsurance plans for many diseases. Some of the most common microinsurance products include breast cancer insurance, prostate cancer insurance, and dengue insurance cover, among others. • As stated earlier, microinsurance plans can be purchased to cover very specific conditions. This means that you cannot make claims for any other illnesses apart from the one that your microinsurance plan covers. In short, if you have bought a microinsurance plan for dengue fever, your plan will only cover you against dengue and cannot be claimed for any other illness that personal accident insurance does, like malaria or hand, foot, and mouth disease (HFMD).
How does the payout work? • The kind of payout and amount varies between microinsurance plans. Let’s elucidate with a few examples. • Example 1-Ken bought a microinsurance plan that covers dengue fever. When he got diagnosed with dengue fever and was hospitalised, his plan paid him S$200 hospital cash per day for 5 days. He also got paid a lump sum amount of S$500 upon diagnosis. • Example 2-Catherine purchased breast cancer insurance. When she was diagnosed withthisdiseaseduring her coverage period, her plan paid her a lump sum of S$10,000. • Do keep in mind that the value of the payout can vary between insurance companies.
What will microinsurance cost me? • One of the main benefits of microinsurance is that the coverage is affordable. The premiums won’t burn a hole in your pocket. That being said, the premiums can vary between insurers and plans. The premiums are also determined by other factors such as the age of the individual buying the plan. Let’s take a look at a few examples to see what microinsurance plans can cost you. • Example 1-A male, non-smoker with age next birthday between20 and 25 years would probably pay around S$5 for a 12-month prostate cancer insurance plan. • Example 2 – A female, non-smoker with age next birthday between 20 and 25 years would probably pay around S$9 for a 12-month breast cancer insurance plan.
How do I buy microinsurance plans? • Most leading insurance companies allow you to easily buy your microinsurance plan through a health app. With a few clicks, you are on your way to getting the coverage you need. Most microinsurance plans do not require health checks either. You simply need to sign a quick declaration to buy your plan. • Having adequate insurance can truly helped safeguard your finances against the many uncertainties of life. Do look into getting micro insurance in Singapore to supplement your insurance portfolio for wholesome coverage. All the best!
