Insurance

With My Corporate Cover, Do I Still Need Health Insurance?

Will your company’s health insurance really provide sufficient coverage in the event of a medical emergency? Updated 26 May 2020.

  • Phuan Wei Ning
  • |
  • Published on 02 Sep 2019

Are you aware of the limitations on your company’s health insurance or do you think that the coverage offered will suffice in the event of a sudden illness? With a common misconception of a corporate coverage being adequate, here are 3 factors to consider when determining if your company’s health insurance is sufficient.

(See "An Introduction To International Health Plans")

#1 Portability

An important point for consideration is the portability of your health insurance. Will you be able to bring the plan along should you leave the company or relocate to another country? If your plan is not portable, you are likely to be subjected to underwriting should you choose to purchase new coverage. However, with it being harder to qualify for insurance when you get older, this puts you at risk of being uninsurable or having higher premiums and/or exclusions should you have any pre-existing health conditions.

(See "What Happens If I Don’t Have Long-term Care Insurance?")

#2 Lack of control

With corporate coverage, your health insurance is likely to be under a group policy. As it is meant to be a one size fit all solution for employees, you are unlikely to have any control over your coverage levels.

While basic coverage may be sufficient for an individual with no financial liabilities and/or dependents, things are likely to change when you start a family. With dependents financially reliant on you, you may wish to increase and/or adjust your coverage accordingly. To retain control over your health insurance, consider International Health insurance.

(See "Comparing Whole Life Insurance 2019")


Simple, high coverage, affordable. Insurance done right for your family.


Get Started >


#3 Subjected to limits and co-payment

Lastly, the amount that you can claim from your company’s health insurance is likely to have a capped limit. Co-payment may also be applicable which may result in you having to share a certain percentage of the incurred costs. You may also be unable to choose to visit your preferred doctor or clinic as additional excess may be applicable should you visit a non-panel clinic.

(See "All About Term Insurance 2019")

Why International Health plans?

Offering the option for worldwide medical coverage, International Health insurance is portable and customisable thus giving you full control over your policy.

With International Health insurance, your plan can be brought along to any country that you may move to next thus resolving the problem of portability. This not only eliminates the inconvenience of having to re-apply and undergo medical underwriting again but also ensures that you will remain insured regardless of any health deteriorations.

Additionally, international health plans can be customised according to your desired coverage levels and annual coverage limits. This ensures that you will be adequately covered in the event of an emergency.

(See "3 Reasons An International Health Plan Is For You")


International Health insurance is suitable for:

  • Comprehensive medical coverage worldwide
  • Enhancing any existing health coverage
  • Portable thus allowing you to bring your health insurance to any country that you may move to next
  • Customisable to your desired coverage and annual limit levels

  • International Health insurance is not suitable for:

  • Wealth accumulation
  • Death coverage

  • *Exclusive Promotion: Enjoy 26% off your FWD International Health (IH) plan with promo code "IFAST". Purchase can be made on FWD's website.


    Over 6,900 users trust FSMOne with their insurance planning


    Live better, safer. Take risks with your investments, not your insurance.

    Speak to our experts today to get proper protection.

    Yes, I'm Interested!


    Click here to find out how much protection you need


    Note: Information is accurate as of 26 May 2020 with changes subjected to the insurer's discretion.


    Available Products on FSMOne Insurance

    Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment


    from Etiqa Insurance, Manulife, NTUC Income and Tokio Marine Life Insurance


    *Please check with our advisory team if the product you want is available on FSMOne Insurance


    Interested to learn more? Check out these articles:

    Best Travel Insurance For Families 2019

    I Already Have CPF Life, Do I Still Need Annuities?

    3 Things Your 20 Years Old Policy May Not Tell You

    Comparing Cancer Plans 2019

    Transfer Your Wealth To Future Generations With A 3G Plan

    All materials and contents found in this site are strictly for general circulation and informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the funds or products found/identified in this site. While iFAST Financial Pte Ltd ("IFPL") has tried to provide accurate and timely information, there may be inadvertent delays, omissions, technical or factual inaccuracies and typographical errors. Any opinion or estimate contained in this report is made on a general basis and neither IFPL nor any of its servants or agents have given any consideration to nor have they or any of them made any investigation of the investment objective, financial situation or particular need of any user or reader, any specific person or group of persons. You should consider carefully if the products you are going to purchase are suitable for your investment objective, investment experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of the investment product, please seek advice from a financial adviser, before making a decision to purchase the investment product. Past performance is not indicative of future performance. The value of the investment products and the income from them may fall as well as rise. Opinions expressed herein are subject to change without notice. In respect of any matters arising from, or in connection with the said research analyses or research reports, recipients of the report are to contact IFPL at 10 Collyer Quay, #26-01 Ocean Financial Centre Building, Singapore 049315, or by telephone at +65 6557 2853. Where the report contains research analyses or research reports from a foreign research house and if the recipient of such research analyses or research reports is not an accredited investor, expert investor, institutional investor or an ex-accredited investor, IFPL accepts legal responsibility for the contents of such analyses or reports to such persons only to the extent as required by law. Please note that only certain security(ies) herein are available to all investors, while the rest are only available for certain persons to invest in, such as Accredited Investors (as defined in the Securities and Futures Act) or one who invests at least S$200,000 (or its equivalent currency) per transaction. To qualify as an Accredited Investor, one needs to submit a declaration form and certain relevant supporting documents, according to iFAST’s prevailing policies and procedures.

    Please read our full disclaimers on the website at ( https://secure.fundsupermart.com/fsmone/policies/328125/investment-account-terms-&-conditions).

    iFAST Financial Pte Ltd (IFPL) (registered address: 10 Collyer Quay #26-01 Ocean Financial Centre Singapore 049315, Telephone: 6557 2000) holds the Financial Advisers Licence issued by the Monetary Authority of Singapore ('MAS') to conduct regulated activities of advising on securities, marketing of collective investment schemes and arranging of any contract of insurance in respect of life policies, other than a contract of reinsurance and the Capital Markets Services Licence issued by the MAS to conduct regulated activities of dealing in securities and providing custodial services for securities. While IFPL has made every effort to ensure the independence of the report's contents, IFPL's nature of business is such that IFPL and its connected and associated entities together with their respective directors, officers and staff may be involved in providing dealing or investment-related services in the abovementioned securities, and have taken or may take positions in the securities mentioned in this report, and may also act as the principal for any buy or sell trades.


    Ways to Invest with FSM Global
    Why FSM Global
    Don't have an account with us?
    Open an account here
    Need Financial Advice?
    Make an appointment
    Related Articles More

    We use cookies If you close this message or continue to use this site, you will consent to the use of Cookies, unless you choose to disable them. Click on our Privacy Policy to understand more.