Travel Insurance Singapore: Reasons to Buy Travel Insurance


Travel Insurance Singapore


The reason to buy travel insurance can be numerous and is something that one should definitely consider when travelling overseas. The reason of buying is not only a financial one – a hedge against the potentially high cost that you may incur for unexpected situations such as medical expenses, emergency expenses, travel inconveniences, rental excess or theft / burglary but also a psychological one – a peace of mind that you and your loved ones will be protected regardless of what happens during your vacation.

Depending on your requirement, it may be more economical and hassle free to buy an annual package. Because of the numerous trips I go yearly, I personally am an advocate of that because it saves me time and money.


More Details

Importance of Buying Travel Insurance

Personally, I cannot emphasize the importance of this enough. I was in Shanghai for a year quite a few years back and had an eye operation at a private clinic as I preferred that over the local hospitals there (perhaps I was being too cautious but for it was an eye operation!). In any case, the bill from the numerous times I went to see the doctor was in excess of $7000 (equivalent in Singapore dollars) – an exorbitant amount compared to the insurance premium I was paying.

Other than for financial reasons, the other key reason for me at least is just to have a peace of mind when travelling and to be able to enjoy myself fully while traveling knowing that I am covered for any unexpected situations.


Annual Multi-Trip Travel Insurance vs Single Trip Travel Insurance

There are several factors to consider when looking to buy an annual multi-trip travel insurance rather than a single trip travel insurance as follows,

  • Trips per year. Depending on what kind of traveller are you, the number of trips that you make a year is a strong determent of whether it is worthwhile to buy an annual multi-trip travel insurance package. As a ball park figure, if you do more than 6 trips in year (both long and short trips), it may be something that you want to consider.
  • There are specific conditions in the annual plan policies such as the maximum length of cover is 90 consecutive days per trip for unlimited number of trips under usual annual plan.
  • Location of Trips. An additional key determent of whether an annual package is worthwhile is also where most of your trips are located – usually the policies segregate to the following geographies, either (a) South East Asia; (b) Asia; or (c) Worldwide. For trips to countries further away from Singapore, the single trip travel insurance premium will be more expensive.


Comparison: NTUC Income Travel Insurance Deluxe Plan Insurance Premium 

NTUC Deluxe Plan

Note: Excluding promotions, NTUC Income Travel Insurance Deluxe Plan various Insurance Premiums. Deluxe Plan annual worldwide package in comparison costs $380. 


Travel Insurance Singapore: Reason to Buy Annual Travel Insurance – Key Takeaways
  • More Economical for me. As you can see from the table, a single long trip (14 days) travel insurance premium may be almost 50% of an annual package cost. If you are considering a single month long trip, there is no question that an annual package is more economical than paying the single trip premium, as the price would be more or less equivalent. For myself, as I make at least 6 – 10 overseas trips a year, usually a long trip coupled by several short trips in the year (consisting of even the occasional one day shopping in Johor Bahru or one day vacation to Batam / Bintan), I do find an annual package more economical as compared to buying numerous packages in the year. Mathematically, a trip a year of about 14 days, 3 trips regionally for 3 – 5 days and 3 weekend trips would be roughly equivalent to the premium for an annual trip.
  • Convenience. Additionally, getting a single annual policy is simply easier compared to the numerous policies that you will need to apply throughout the year that will definitely be more cumbersome. For me if I would simply forget to apply sometimes when I go overseas, particularly for shorter trips that would leave me less covered than I ought to be.

Click here for list of insurance companies in Singapore that sell travel insurance

Click here for recommended policies

Skip to toolbar