#ASK THE EXPERT
Buying Insurance During The Pandemic – What You Need To Know

Questions to ask your insurance consultant.

By Sasha Gonzales      23 February 2021

Should you change your policy if you get vaccinated for Covid-19? Does your current policy offer employment cover in case you lose your job as a result of the pandemic? Allen Lim, Chartered Life Underwriter & Financial Consultant, and a member of IFPAS (Insurance and Financial Practitioners Association of Singapore), answers these questions and more.

Q: My current insurance policy doesn’t cover Covid-19. Should I get one that does?

Allen: In the insurance world, Covid-19 is still a new risk, so most insurance companies are taking a cautious approach. Existing hospitalisation and surgical insurance policies actually do not exclude hospitalisation claims due to the virus. However, if you need more assurance, you can find customised hospitalisation insurance especially for Covid-19 with a capped coverage. If it’s within your budget you can purchase it.   

Q: What should I look for when buying a policy that includes Covid-19?

Allen: You should look at the benefits versus the cost of such a policy and make a decision based on your financial circumstances. From a technical standpoint, it might be wise to look for exclusions of the policy. For example, will you be covered if you contract the virus while overseas, such as during a cruise? For a better understanding of what the policy does and doesn’t cover, it’s probably best to speak to a professional insurance adviser and ask him or her to explain the terms and conditions of the contract to you.

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