Why Do You Need Travel Insurance in Singapore?

passport

We all are aware about life insurance, some of us also understand the importance of having health insurance in Singapore. However, as more and more people travel around due to relaxed covid-19 restrictions, we tend to forget about one thing in our anticipation to travel: Travel Insurance.

What is Travel Insurance

Travel Insurance covers a myriad of mishaps that happen during a certain period before, during, and after your trip. They tend to mainly cover medical expenses such as hospitalisation, emergency evacuation, surgery, and accidental death and dismemberment. 

Travel Insurance also covers mishaps such as flight disruption, flight interruption, trip disruption interruption due to emergencies, missing or damaged pieces of baggage, missing or stolen items, stolen cash, terrorism coverage, and so much more.

Due to the COVID-19 Pandemic, travel insurance also offers coverage for COVID-19.

Travel insurance can be bought for a single trip to a particular destination, or it can be bought as an annual plan to multiple destinations.

Why Should You Get Travel Insurance?

There are a few reasons why you should get travel insurance. Firstly, travel insurance protects you against unexpected medical costs abroad. Every country tends to differ in how much they charge for medical treatment, and your health insurance from Singapore might now have worldwide coverage without riders.

Suppose you tend to fall ill easily or end up in an accident. In that case, travel insurance provides an excellent hedge against costly medical expenses because international medical costs can get prohibitive, and you don’t have to worry about finding a doctor that will accept your health insurance.

Travel insurance can protect you from out-of-pocket costs associated with your belongings. If you travel with expensive clothing or electronics, travel insurance can recover some of the losses if the airline delays or damages your luggage. 

Third, travel insurance can protect you if your trip is delayed, cancelled or missed due to natural disasters or other unforeseeable events. Travel Insurance is beneficial if you plan a multi-tiered trip with multiple connections and a timed itinerary or a trip to a country that experiences extreme weather like tropical storms or winter blizzards.

Lastly, since the pandemic is far from over, as much as we wish it is. Many countries worldwide are still facing high numbers of cases daily, and you would never know if you might unknowingly contract the virus during your vacation. It is essential to play safely in times of uncertainty and prepare yourself for the worst-case scenario by getting coverage for COVID-19 with daily cash benefits and hospitalisation coverage.

Which Travel Insurance Should I Pick?

Picking travel insurance can be tricky; some plans tend to be cheaper than others, some plans provide more coverage than others, and some offer coverage for miscellaneous expenses such as wedding items and extreme sports. Luckily, some websites provide significant comparisons to compare which travel insurance plans are the best for your situation!

Conclusion

Travel Insurance is essential in hedging your overseas medical expenses or any mishaps on your trip! You should get travel insurance before your trip to cover any unforeseen events that happen before you depart.

How To Prevent A HDB Fire

HDB buildings

For many Singaporeans, their property is their most valuable asset, given the sky-high prices of residential homes in Singapore. We want to protect our homes from any damage or wreckages at all costs.

How To Prevent A Fire At Home   

One disastrous event which could lead to a whole home being ruined is the deadly threat of fire, which is unfortunately relatively common. Anything like a child playing with lighters or candles, an unattended stove, or a faulty piece of equipment could trigger a devastating fire. While, touchwood, we do not want this to happen, there are a few ways we could better protect ourselves, our families, and our apartments from this deadly threat.   Here are some of the good practices to adopt in order to minimize the risk of home fires.  

  • Install Smoke Detectors and Alarms in Your Home 

We are all only human, and it is not always easy for us to detect a leaky pipe or burning stove. Having smoke detectors installed could assist in giving us an early warning sign, so that homeowners can successfully put out the fire and salvage their homes and lives.    Always remember to test them monthly to ensure that they are still in working condition. We do not want them to fail when we need them most. Setting them off annually and ensuring that everyone is able to escape from their rooms and the house safely is also a good practice.  

  • Declutter the passageways 

HDB hallways tend to be cluttered with objects like shoe racks, plants, bicycles and more. In the event of a fire, however, these could become major fire hazards, which could prevent your way of escape. Be sure to always have a clear walkway in the event of an emergency.  

  • Always Perform Tests and Checks on Heating Equipment at Home 

Faulty equipment like central wire and cord systems and stoves are one of the leading causes of home fires. It is essential that they are not left unchecked and neglected. A regular test and check of these equipment for early warning signs such as a short circuit could make all the difference.  

  • Store Flammable Objects in a Safe Place 

Many necessities we own are flammable. Some of them include hand sanitisers and cosmetics. We should always be sure to store them in their specified storage locations, usually a cool and dry place. Ensure that they are not in contact with water or lighters.  

  • Keep the Lighters Out of Reach of Children 

  A small naked flame could spell big trouble, and lighters are usually the main cause of concern. If you have young ones at home, be sure to keep your lighters out of their reach, in case they mischievously play with the lighters and it gets into contact with flammable products.    How Do I Better Protect Myself and My Home From This Threat?   You have heard of life insurance, health insurance, personal accident insurance. But have you heard of home insurance before?    81% of Singaporeans live in a HDB, and it is important to pick out a suitable HDB home insurance to protect you, your family and your flat.    To see a comparison between the most robust home insurance plans, our expert home insurance analysts have compiled their reviews on some of the most value-for-money home insurance plans for the HDB-dwellers. To better protect yourself and your home from deadly threats such as fire, visit our webpage for some of their top picks, at least one of which would surely be suitable for you!  

Fire Insurance: Get Better Coverage Using Your Home Insurance

5 red houses

All HDB flats in Singapore are covered under a mandatory HDB Fire Insurance provided by FWD. The premium ranges from S$1.62 to S$8.10 for 1-room flats to executive units. The policy does not cover your personal home contents, thus the payout will only be used to pay for the repairs of structural damage, fixtures and any other HDB assets.   In the event that an HDB flat is burned down, the owners will be left with plenty of financial burdens. Rent for temporary accommodations, renovation and replacing of furniture and personal items will rack up a big bill. How to avoid such a situation? Purchasing a home insurance will cover the loss of personal content and other cost incurred in the event of a fire.    

What to Look Out For?

Flat Size

Depending on the size of your flat, the insurance premium will differ. Do compare your flat size among the providers to find the best price if the price is an important factor. 

Income Home Insurance

Income home insurance has one of the lowest premiums payable for smaller flats. For 3-room flats, the premium is 58% lower than the market average and offers great value for the price.   

Coverage

Some home insurance policies may offer attractive premiums that seem too good to be true. This is achieved by cutting out some of the coverage that you may find may need. Look into whether you can live without having specific coverage and make a sound decision on your home insurance.   

Etiqa Tiq Home Insurance

Etiqa’s Tiq Home Insurance does not have the lowest premium price as compared to some alternatives. However, If you opt for the 3 and 5-year plans, Etiqa will offer S$800 of emergency home assistance coverage for locksmith, plumbing, electrical and pest control services. Furthermore, Etiqa offers S$5,000 of emergency cash service that will be deposited into your e-wallet within 1 business day. With all these payouts, it will be easier to return back to normal life without much financial burden.   

AXA SmartHome

AXA SmartHome offers some interesting coverage that is not commonly seen. This plan will cover home renovation, home content and allows you to customise how you utilise your claims. AXA also includes a professional consulting fee in case your property gets damaged.   

Others

Beyond the common coverages, you may find yourself in situations where you need additional coverage. Pet owners may find themselves looking for policies to insure their pets in the event of a fire. Personal liability may be considered for fear of the fire spreading and policyholders needing to compensate for the damages incurred by their neighbours.    

Rent vs Own

For individuals renting a property, they should consider purchasing home insurance that is geared towards insuring their personal content. Landlords will benefit from home insurance that covers more of the renovation costs and homeowners should be concerned about both aspects.   In conclusion, home insurance is important for both homeowners and renters to protect themselves from financial woes after a fire. With housing being one of the biggest assets for an average Singaporean, spend a bit more on your insurance to be well protected.   

Applying for the Best Cashback Credit Card in Singapore 

What Is a Cashback Credit Card? 

When you spend with a credit card, one that gives you a percentage of it back would be classified as a cashback credit card. How would you get the money back? It is usually in the form of discounts or rebates.

How Do Cashback Credit Cards Work?

Most cashback credit cards offer between 1%-10% of cashbacks in different categories of spending, such as general spend, retail spend and utility bills. Cashback credit cards that have partnerships with certain retail or travel brands usually offer higher rebate rates with their retail partners. Another area which has one of the highest rebate rates is petrol, with some cards offering up to impressive rates of 20%! 

To get an idea of how it works, here is a short and simple example. Say a cashback credit card offers a 5% rebate on general spending. If you spend $1,000 per month, you would get $50 back. 

However, it is worth noting that most cashback credit cards do have some limits and requirements set in place. 

Here are some of the best features and main benefits of certain credit cards, which you should not miss out on! 

  1. Unlimited Cashback 

Some cashback credit cards offer unlimited cashbacks with no cap at all on the amount of rebates! This is particularly suitable for the affluent, who may have high spending budgets every month. Having unlimited cashback allows you to maximize your rebates and rewards for every budget, including high budgets. 

  1. No Annual Fee 

Many cashback credit cards do impose an annual fee for their outstanding privileges and rebates which cardholders get to enjoy. However, if you are on the lookout for a cashback credit card which does not require you to fork out more from your pocket, fret not, as there are still cashback credit cards which offer the same rebates and privileges with waived annual fees. 

  1. Spend Categories

When choosing the most suitable cashback credit card for yourself, do keep in mind the areas which you usually spend most on. It would be handy if you have an expenditure tracking sheet from the past few months for you to take reference from. 

You may be wondering – why would I need this? Well, that is because most cashback credit cards have targeted areas of focus when it comes to the rebates and discounts they offer. 

For example, the HSBC Visa Platinum card offers cashback on daily family spending, such as dining, groceries and fuel. So, families with higher expenses on food and petrol would find this card suitable for them. 

On the other hand, the CIMB World MasterCard offers more rebates on entertainment and leisure, such as duty free shopping and golf perks. This would be more suitable for avid travelers.

Applying for a New Cashback Credit Card? 

If you want to apply for a new cashback credit card but are not sure not sure which one is the best one on offer right now, you might want to check out an analysts’ summary of some of their top picks for cashback credit cards! 

We understand that different customers have different needs, such as a varying amount of monthly spend, versatility, ease of use and specific spending sectors. Save the trouble of having to perform confusing calculations on your net returned value, as our analysts have already accounted for all the rebates and annual fees involved after scouring through more than 1000 pages of credit cards and their terms. 

The Best Credit Cards in Singapore are Cashback Cards: Here’s Why

Person swiping credit card on a Point-Of-Sale Machine

If you didn’t know what cashback is by now, let me spell it out for you in the easiest way possible: you get literal cash back for spending your money. Think of it like a discount, or an incentive to splurge on the things you’ve always wanted – you can rest knowing that the expense is not as big of a burden on your wallet as you initially thought. 

As to how to get this cashback, the process is like signing up for any other card out there. Find a credit card that gives you the best benefits for your specific lifestyle. Sign up for that card. And lastly, spend away. 

However, finding the perfect card for you is not as easy as it may seem since there are varying benefits and costs from provider to provider, and even card to card within the same company. There are also many forms in which a company provides cashback. 

One way credit-card companies provide cashback is by proving a flat rebate. This means that you will receive a certain percentage of your money back for any purchases you make that fall into the category recognised by the credit-card provider. Cards like the UOB One Card can give u 5% cash back rebates and an extra 5% on select merchants, meaning you can save up to 10% of your money on necessary purchases you have to make anyway. 

There are many other ways credit card providers implement cash back that is not necessarily pure hard cash. For the avid traveler, cards such as the Citi Cash Back Card offer cashback both at home and abroad so that you can live that jetsetter lifestyle without feeling that massive pinch. If you like traveling in style, the DBS Altitude Visa offers customers 3 miler per dollar spent on flights and many more travel perks. 

Sick and tired of paying annual fees for cards and think this is all a scam? Do not fret as there is a cashback card for that too. OCBC 365 card offers great rebates with no annual fee, making its reward rates highly competitive on the market. Say you are an avid shopper, the Citi Cash Back+ Card has a top limitless rebate rate, making it perfect for the Orchard Road frequenter. 

If you are a massive foodie (and let’s be real, most Singaporeans are) the Maybank Family & Friends MasterCard offers a whopping 8% cashback on selected categories, one of which is dining and food delivery. 

These are only a few of the many, many perks you can enjoy when you sign up for a credit card with cashback. There are tons of options out there so be sure to take your time, explore the field, and consult resources to find out which one is four you. 

Check out this article for the full breakdown of the various credit cards out there or use our handy credit card comparison here to quickly see which card best suits your needs. 

Happy shopping and saving!

Tips and Tricks in Choosing the Best Credit Card in Singapore for Cashback

iZettle payment terminal with VISA Card

With the further easing of community and border measures, there is no time to waste on collecting air miles, cashback and rewards. There is no free lunch in Singapore? Guess that is not the case when it comes to cashback credit cards in Singapore. There is no top one, but there is a high chance that there will be a best for each individual.

How do cashback credit cards work?

Each time you make an eligible purchase with a cashback credit card, there is a potential in earning a cashback. Cashback credit cards reward cardholders with a percentage of the total amount they have spent. With that cashback accumulated, it can be effectively used to pay off some or all of the account balance depending on each individual’s spending habits. For example, if your cashback credit card offers 8% cashback on all spending, then spending $100 will earn you an $8 credit on your card. Having said that, it is crucial to check on the minimum required spend per month to qualify for cashback. On top of that, most cards have a cap on how much cashback you can earn per month or year. Hence, choosing the right credit card is crucial.

2 main factors to choose your best cashback credit card:

  1. Spending habits

The key factor in determining what type of cashback credit card will be of greatest value to you would be by gauging your personal current spending habits and preferences. With greater disposable income comes greater flexibility in spending and greater spending power.

  1. Lifestyle

An individual who goes on overseas trips often should not be using a cashback credit card suited for grocery shopping where exceptional rates are offered when used in specific supermarkets or grocery stores. 

Deciding between miles vs cashback, cashback or rebates?
To determine which is your suited type, it is important to understand the value they would eventually provide. Air miles credit cards enable cardholders to earn air miles for every dollar spent on the card. From the air miles accumulated, you may redeem them for your next flight tickets. This may be ideal for frequent travellers and high spenders as air miles will accumulate faster to enable redemption. As for cashback credit cards, it may be more appealing to those who believe that cash is king. Getting card benefits in cold, hard cash is the way to their hearts. Who would not want tangible savings for a rainy day? Finally, a close sister of cashback, cash rebate credit cards rewards you with rebates in your card that can be used to offset your next purchase. It is ideal for those with predictable and consistent spending habits as the rebate can only be applied to offset future purchases and not be converted to cash on hand. 

Finally, each card offers differently structured reward systems. The only way you can decide which cashback cards in Singapore suits you best is by understanding your own preferences and spending habits. With that, you can then better calculate your savings from cashback.