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3 Types Of Insurance You’ve Never Heard Of And Why You Need Them

February 9, 2018

They’re outside every MRT station, they call at all times of the day and they always have a “survey” for you, what are they? Insurance agents of course! With insurance agents aplenty, I’m sure we’re all used to hearing talk of the need for life insurance and additional riders, but what if I tell you that there are 3 types of insurance that you haven’t heard of and that no one’s tried to sell you, but that you really might need?

Unheard Of Insurance #1: Home Contents Insurance

If you live in a HDB Flat, odds are that you have HDB Fire Insurance, and with premiums as low as $1.50 for 5 years, most people treat it as an after-thought. You would be surprised however, to find out how little that fire insurance covers. Protecting only the “Building structures, fixtures & fittings provided by HDB and/or its approved developer.” Otherwise known as the four walls of your house and anything else HDB built for you.

But what about the things that make your house a home? Your furniture, your electronic devices and most importantly your loved ones? Well, they aren’t protected at all by HDB’s Fire Insurance, even if they are damaged, injured or worse killed by a fire.

What Is Home Contents Insurance?

Enter Home Contents Insurance, the insurance that protects what’s in your home and not just the 4 walls around it. The great advantage of home contents insurance, beyond the fact that it’s one of the only form of protection for the people and things in your home, is that it also covers a whole host of other possibilities, from someone breaking into your home while you’re away, to damaged parquet flooring from bursting pipes and even explosions from gas leaks!

Why You Need Home Contents Insurance

The truth is that a great many things can go wrong in your home and you’re financially unprotected from a great majority of them. So why take the risk? Get a better night’s sleep and consider getting yourself protected with Home Contents Insurance!

The team at Easyrates has done the homework for you and compared multiple providers and we think that GreatHome Insurance distributed by OCBC Bank is one of the better deals in the market now. For just about 38 Cents a day for GreatHome Essential Plan you can get a sum insured of up to $1,000,000 on a policy that covers so many things that even the food in your fridge is insured. Find out more information here.

Unheard Of Insurance #2: Pre-Natal Insurance/ Maternity Insurance/ Pregnancy Insurance

Insurance is supposed to protect the people and things you love and there is no greater love than a mother’s love for her child. With that in mind, it’s no surprise that insurers eventually decided to create Pre-Natal Insurance to protect expecting mums and their unborn children.

What Is Pre-Natal Insurance?

Pre-Natal Insurance is a specific type of insurance that protects future mums from costs that may arise from unexpected complications during their pregnancy. It is the earliest form of insurance you can buy for your child, providing protection for your unborn child and with riders, can be used to eventually transform the policy into a Lifelong insurance plan for your kid.  Pre-natal insurance used to be less common but has gained traction in recent years.

Why You Need Pre-Natal Insurance

If you’re an expecting mother, you’ve probably already compared the cost of having your child at different hospitals, so you know that the process isn’t cheap, but even that high cost assumes you have a straightforward delivery and that isn’t always the case. Potential complications during your pregnancy that can range from congenital illnesses to premature birth and can end up costing a bomb.

Consider getting Pre-natal insurance and protect both yourself and your unborn child! If you’re looking for pre-natal insurance, do check out MaxMaternity Care insurance distributed by OCBC Bank, the first pure maternity insurance plan that protects you and your child from as early as 13 weeks into your pregnancy.

Unheard Of Insurance #3: Mortgage Insurance

It’s the largest loan you’ll ever take and one that most Singaporeans spend a great portion of their working lives paying back, what am I talking about? Your home loan of course! What most Singaporeans don’t realize, is that they can buy insurance against the largest loan they’ll probably take in their life through Mortgage Insurance.

What Is Mortgage Insurance?

The opportunity to buy a new home represents the movement into the next phase of your life, but taking on such a huge liability can also be devastating if misfortune strikes. When death or permanent disability hits, your family’s dream home can transform into a liability overnight when mortgage payments cannot be met.

Enter Mortgage Insurance, an insurance policy that reduces your home loan in the event of death or permanent disability, ensuring that your loan can still be serviced and your home still in your loved one’s hands, even if you’re no longer around.

Why You Need Mortgage Insurance

When disaster strikes, whether it’s a death in the family or a career ending injury, we want to focus on overcoming the grief and recovering. This is however made much more difficult if your home is about to be repossessed because you can’t continue to make your home loan payments, or worse if the bank won’t even allow you to carry on with the existing loan because you no longer meet the TDSR requirements, but these are very real and very painful possibilities.

Mortgage Insurance helps to mitigate these problems at a time when you need to focus on helping your loved ones recover, or getting over a loss. If you’d like to compare different Mortgage Insurance options click here and receive the best Mortgage Insurance Quotes for you. Keep your loved ones safe and ensure that your home stays yours. Alternatively, you might want to consider  Mortgage Reducing Term Cover distributed by OCBC Bank that offers full refund of premiums if no claims are made by the end of the policy term with Mortgage Protect Advantage and Mortgage Protector Plus!

We hope you enjoyed learning about the top 3 types of insurance that you’ve never heard of and why you should consider them. Like what we’ve written? Share us on Facebook! Think there are other types of insurance that should be covered? Leave us a comment in the section below![/vc_column_text]

This post was proudly sponsored by OCBC Bank. Interested in Home Contents Insurance? Check out OCBC’s Great Home plan here!

The document is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in  the policy contract. It is also not meant to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. If you are interested in the life insurance policy, you should read the product summary and policy illustration (available from us) before deciding whether to buy this product.

This document does not consider the specific investment objectives, financial situation or needs of anyone. Before you make an investment, you should speak to a financial adviser who will assess whether the products are suitable for you based on your investment objectives, financial situation or needs. If you choose not to do so, you should consider if the investment product is suitable for you.

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable, if any, may be less than the total premiums paid.

MaxMaternity Care, Mortgage Protect, Mortgage Protect Advantage and Mortgage Protector Plus are underwritten by The Great Eastern Life Assurance Company Limited. GreatHome is underwritten by Great Eastern General Insurance Limited. Both are wholly owned subsidiaries of Great Eastern Holdings Limited and members of the OCBC Group. These plans are not our deposits and we do not guarantee or have any obligations under them.

We do not guarantee that any of the information provided in this document is accurate and you should not rely on it as such. We do not guarantee to update the information or to correct any inaccuracies. All information may change without notice. We will not be liable for any loss or damage arising directly or indirectly in connection with or as a result of you acting on the information in this document. It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefits at the same cost.

Policy Owners’ Protection Scheme

This plan is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites (www.gia.org.sg or www.sdic.org.sg).

Terms and conditions apply.

EasyRates is Singapore’s preferred portal for home loans, refinancing, equity loans, overseas loans, personal and business loans, having long standing partnerships with more than 20 banks. Our experienced consultants are advocates for our customers and work hard to ensure you get the best packages available. The best part? Our services are 100% free of charge. Here at EasyRates we pride ourselves on providing unbiased advice on all loans and financial products and putting our customers above all else. So what are you waiting for? Get a FREE Mortgage consultation today!


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Wayne Quek

Wayne is a Chartered Financial Analyst (CFA), and holds a Bachelor of Business Management (Finance) from Singapore Management University (SMU). A successful Relationship Manager during his time with DBS and HSBC, Wayne used his expertise in financial markets to help his clients build up comprehensive investment portfolios. The entrepreneur is also the founder of Home Loan Whiz, a mortgage consulting firm that assists clients with selecting ideal mortgages for their needs.

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  1. Kaitlin Mikles September 17, 2018

    Your house is valueble for me. Thanks!…


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