Buying life insurance in Singapore

Dear Mr. Tan,
I came to know you from your useful financial tips in MyPaper.

I am a Malaysian working in Singapore. My wife and I currently maintain some insurance plans, previously bought in Malaysia, as shown below: (details deleted).

We later found that the insurance policies available in Singapore provide greater value. As a result, we are now thinking of terminating some of our existing Malaysia insurance policies and buy insurance policies from Singapore insurance companies, as shown below: (details deleted).

Do you foresee any problems for Malaysians who buy insurance policies (life and medical) from Singapore? Is this advisable? Are the coverage sufficient for us? Are the premiums reasonable?

REPLY

I am not able to give specific advice for your situation. I suggest that you talk to a financial adviser (find one whom you can trust).

My general advice is set out in my FAQ, as follows:

a) Existing Policies:
http://www.tankinlian.com/faq/exist.html

b) Investing your savings
http://www.tankinlian.com/faq/savings.html

I do not forsee any problem for Malaysians buying life insurance in Singapore. I believe that many people have done it. The only disadvantage is that it is not recognised for income tax relief in Malaysia, but this is probably not important for you.