Quick overview of various insurance types

You requested for it and we heard you! You’ll be pleased to know that you can now pay your insurance bills with your credit card via CardUp to earn miles, points or cashback.

Most of us have multiple insurance policies with different providers. CardUp offers a one-stop solution for you to consolidate your insurance premium payments in one place. All you need to do is schedule your monthly or annual payments to your credit card via CardUp. What’s more, you get to earn credit card rewards on your payments, which many credit card issuers do not offer on insurance payments today.

Insurance – where to begin? There are basic life insurance plans, home and mortgage insurance if you own a home, car insurance if you own a car. There’s also personal, health and travel insurance. With so many insurance types that come with each stage of life, which should you be getting? Here’s an overview!

Type of insuranceWhat is it?What kinds are there?Who should get it?
CarVehicle, driver and third party protection policies– Third Party Only (TPO)
– Third-party, fire and theft
– Comprehensive coverage
Compulsory before you can own/drive in Singapore

Car owners, third party drivers (you’re not the main driver; don’t drive frequently)

Car owners, third party drivers (you’re not the main driver; don’t drive frequently)
HealthCovers many different types of medical emergencies that can occur any time during your lifetime– Hospital income insurance
– Critical illness insurance
– Medical expenses insurance
– Long-term care insurance
– Disability insurance
Some companies may offer health insurance as part of employee benefits. You should check the coverage and if need be, add on other specific policies
HomeProvides secure protection in the event of threats and hazards to your home.– Fire insurance scheme
– Home contents insurance scheme
Compulsory for HDB owners to purchase fire insurance scheme
LifeA financial product that provides a payout should you experience serious illness, permanent disability, or death (in which case it’s a payout to your dependents)– Term Life
– Whole Life
– Universal Life
Those who wish there’s more to complement Medishield payouts
MortgageComes into play if something renders you unable to repay your home loan (e.g. retrenchment, illness).– Mortgage Reduced Term Assurance (MRTA)Highly recommended for homeowners to protect your spouse/co-owner from a potential big liability
Personal AccidentProvides you and your family with financial support in the event you suffer an injury, disability, or die from an accident (not natural causes).– Personal Accident InsuranceRelevant to everyone especially those with greater chance of on-the-job accidents a
TravelCoverage for travel inconveniences, loss of money and personal belongings, as well as medical expenses during your travel period.– Single trip
– Annual plan
Leisure travellers, business travellers

To make your insurance payment via CardUp,  set up an account for free, or log in here if you already have an account. For more instructions please see how it works.

If you missed our earlier posts, we are having a $0 fee promotion for new CardUp users! Want to get a free return ticket to Bali or redeem cashback on your credit card? Click on the links to find out more! Hurry now, as this promotion is only valid until 19th February 2017.

What are the other payment types would you like to see? Let us know in the comments below.

If you have any questions or feedback, please contact us here.

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