Best Rating Life Insurance Companies – After collecting thousands of data points from insurance companies in Singapore, our team has gained a clear view of insurers that consistently offer products that outperform the competition. These companies offer attractive premiums, great benefits and receive great ratings from us and their users. Below we list the clear winners in the insurance market by category.
Comprehensive insurance is a prerequisite for policies such as travel, home, car and domestic worker insurance. Its main function is to provide financial protection from accidents that may occur in everyday life, such as getting into a car accident or being suffocated. In Singapore, most general insurers allow you to purchase these products without going through a financial advisor. Overall, FWD, Aviva and Ethica are the 3 general insurance companies that consistently receive a better rating from us due to their competitive premiums and high quality insurance offering.
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The best travel insurance companies in Singapore are Allianz, FWD and Aviva. They offer great value with competitive premiums (11-37% cheaper than average for most trips), comprehensive coverage and an easy purchase and claims process. All offer single trip and annual cover and 24/7 emergency support.
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Alliance offers travel insurance plans with an average of 31% cheaper and convenient travel and medical benefits. For example, Allianz offers above-average coverage limits for loss/damage to checked and unchecked baggage, loss of credit cards and travel documents, travel delays, trip interruptions and cancellations. For medical cover, Allianz offers everything from standard emergency hospital cover to extra special benefits such as pregnancy cover and hospital allowance. If you buy the Gold plan, you will have unlimited emergency medical cover, a rare feature among travel insurance plans.
FWD is one of our top travel insurance providers because of its competitive premiums (on average 37% cheaper than the industry average) and customizable benefits. FWD’s coverage limits are generally higher than average, making its travel insurance plans great value for money. Emergency medical evacuation is unlimited, which is an important feature since evacuation is expensive. Sports equipment and sports activities are also covered, so you can have peace of mind if you choose to do something new during your trip. Finally, FWD offers a free policy extension of up to 21 days to keep you covered if you are hospitalized or delayed due to a critical mass incident.
Aviva’s combination of attractive premiums and extensive coverage makes it one of the best travel insurances in Singapore. Considering that Aviva offers unlimited medical cover and covers trip cancellations and travel date changes for any reason, Aviva’s plan is a real steal. Overall, we have an average of 11% cheaper premiums than our competitors and MINDEF/MHA service members pay less as Aviva offers a 30% discount. What’s more, Aviva is one of the companies with the least restrictions and offers coverage for many things you don’t even know you need, such as frequent flier points, weddings, winter/water sports and motorcycling.
The best car insurance companies are Budget Direct, FWD and Aviva. They offer attractive premium comprehensive coverage and can be a good match for all types of drivers.
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Budget Direct made our list with rock-bottom prices and easy, no-frills management. It’s a good choice for experienced drivers who want to keep track of their driving, it’s safe and doesn’t need many other benefits. Premiums are consistently the lowest we’ve seen in the market, with average premiums 30% below the industry standard. While Budget Direct doesn’t include extensive benefits in its basic plan, it does offer them as add-ons. This is a useful feature as it helps you customize your plan based on your budget and management needs. Budget Direct also offers 24/7 claims support, so you’ll have someone to guide you through the process when needed.
FWD is one of the best car insurance companies in Singapore due to its competitive insurance rates and comprehensive coverage. With premiums 19 percent below the average for most drivers, the FWD plan offers something for everyone—shoppers on a budget will love the lower premiums of the Classic plan, while drivers looking for the ultimate coverage extension will be impressed with the Honor plan. You can also exclude young and inexperienced drivers, which could save you $1,500 out of pocket. Third Party, Fire & Theft and Third Party FWD plans are also very competitive and offer more benefits than the common TPFT and TPO plans in the market, such as towing and roadside assistance. Finally, safe drivers with 50% NCD can save by sticking with FWD. NCD’s 50% Lifetime Guarantee benefit allows you to retain it as long as you are uninsured, no matter what the risk may occur.
Aviva’s car insurance plans are a good choice for the average driver, but they stand out from families and young drivers (under 30). On average, Aviva car insurance premiums are 19% cheaper than the competition, but young drivers can find Aviva premiums 45% cheaper than the competition in their age group. However, the benefits of Aviva’s attractive pricing model are not to be overlooked. Instead, even families with small children will find Aviva car insurance plans to provide adequate psychological benefits. For example, there is child seat cover, unlimited auto parts cover and natural disaster cover. There is also free road rescue, wheelchair and accident reporting.
We found Income, FWD and AXA to be the best home insurance companies in Singapore. Their home insurance plans are reasonably priced and offer seamless coverage with an easy application and claims process.
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Income offers the best home insurance for the average homeowner. On average, consumers earn 22% cheaper than the industry average, and in most cases they offer above-average prices. It also offers coverage for new renovations, which combined with the low cost, makes it very beneficial for new homeowners. What’s more, property owners will have an easier time finding the right coverage because Income automatically calculates the amount of building coverage you need based on the type and size of your home. Coupled with the simple application and claims process, Income Home Insurance Plans are a great choice for cost-conscious or first-time home buyers.
FWD is another good insurance for home insurance. The plans cost HDB house or condominium owners and tenants 60% less than the average. However, despite its low cost, FWD does not skip management. You can receive up to S$1,000,000 for building management and S$100,000 for maintenance and content management each, along with psychological benefits such as emergency housing assistance, alternative accommodation, security and professional fee benefits. It also offers a few benefits to landlords, such as 3 months of lost income (to protect tenants who violate rental laws) and a $3,000 grant to settle legal disputes with your tenants. Finally, FWD lets you submit claims online, helping you get paid faster.
Finally, most consumers are satisfied with AXA’s competitive home insurance and generous benefit limits. Whether you’re a homeowner, a new HDB tenant or looking to insure a landed property, AXA SmartHome Insurance offers an average cover of 12% less than its competitors. The limits on construction, renovations and contents are very high, so most people will have adequate coverage. Due to its extensive coverage, AXA offers superior value for your money. It typically offers coverage between S$2,300 and S$3,800 per dollar of premium. On the other hand, the industry average is between S$1,300 and S$1,425 per dollar of insurance premium.
If you are looking for domestic worker coverage, Etika and FWD are the best insurance companies to go with. Their plans are affordable and offer coverage above and beyond the Department of Energy’s minimum insurance requirements.
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FWD home insurance plans offer great value for your money. Not only are the plans 14 percent down on average, they offer more benefits per dollar than any home worker plan on the market. They also appeal to many local and foreign employers. For example, employers on a budget may find the Prime plan a good choice as premiums are 20% lower than average. On the other hand, specialty plans offer above-average coverage for a variety of benefits, including ambulance expenses, rehabilitation benefits, and temporary replacements. In addition, FWD offers many optional extras, so you can tailor your plan to your needs.
Ethica’s home builder insurance plan offers more benefits and costs an average of 28% less, making it a great choice for employers looking to save without skimping on benefits. Ethica Maid Insurance offers a wide range of benefits to give you maximum peace of mind, including coverage for hospitalization, termination/reemployment and alternative maid service expenses. Also, you can ask if
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