Concert pianists get their hands insured, supermodels and pro sportspeople buy insurance for their bodies, and it’s easy to see why. You might not think you have any body parts that are remotely worth forking out money to save, but still, what happens if you fall and hurt yourself while riding your hoverboard?
Never fear, here are five types of insurance plans you probably didn’t know existed.
Bicycle and mobility device insurance
Car drivers take out motor insurance due to the possibility of getting into road accidents. But more and more these days, the victims of inconsiderate Singaporean drivers are cyclists and users of mobility devices like electric bikes. We have also very sadly had our first electric scooter fatality.
That’s why NTUC Income have launched their Personal Mobility Guard plan, which pays out if you incur medical expenses after an accident, or have to pay damages to some poor pedestrian or vehicle you collided with. If you commute daily to work by bicycle, unicycle or hoverboard, this is something you might want to consider. Unfortunately, users of pogo sticks are not covered.
Overseas study insurance
Gone are the days when a school excursion meant going to the Singapore Zoo. These days, many schools organise overseas trips, all on the pretext of going on a “learning journey”. While you will no doubt be required to purchase travel insurance for your kid, it’s worth knowing that there are insurance plans tailored to students who are overseas for study purposes.
One big advantage is that many “risky” activities like scuba diving or skydiving might be covered—these are often excluded under regular travel insurance plans… although we’re not so sure how you as a parent might feel about your kids taking part in these activities. In the event of an accident, you might also be able to have your child’s school fees reimbursed, or get a free air ticket for a family member to fly over.
Cyber risks insurance
Some people spend so much time on the internet they’re much more likely to get swindled of their cash, become victims of theft, get slandered or fall in love online than in real life.
AXA’s Cyber Protector insurance plan offers coverage for online risks like fraudulent online credit card transactions, identity theft, disputes with online merchants, and, get this—damage to your e-reputation. They have IT guys on hand to remove “harmful articles” about you online, and can arrange for you to see a psychologist after experiencing the trauma of being shamed online.
Given the power of the Stomp brigade in Singapore, you might actually get the chance to make a claim after being caught in the priority seat on the MRT by a vengeful pregnant woman.
Old age insurance
We’re all going to grow old someday, assuming we’re lucky enough not to die young, and when the day comes that you can no longer work, you’d better hope you have enough money saved up. Don’t just assume your children (if you have them) will look after you, or that they’re equipped to—there’s a chance you might need to be cared for by a professional.
Long-term care or old age insurance is designed to absorb some of the expenses you’ll face as an old person, including the cost of paying for a caregiver or using a nursing home service. NTUC Income’s SilverCare Insurance plan offers payouts in the event of an accident (which for seniors is quite likely) and lets you make claims for costs incurred in making your home elder-friendly after an accident.
Adopting a pet in Singapore is relatively cheap, but when dear Rover gets sick, you’ll realise just how expensive vet bills can be. Unfortunately there’s no government-subsidised polyclinic you can check your “furkid” into.
HappyTails Pet Insurance offers payouts if your dog or cat has to seek medical and surgical treatment for an illness or accidental injury. You also have the benefit of third party legal liability coverage, so if sweet little Princess bites your annoying neighbour, you don’t have to worry about getting sued.
Would you get any of the above types of insurance? Tell us in the comments!