Retirement changes how a household uses insurance. This guide covers six areas to review: cover from an employer, personal accident cover, travel, driving, a helper at home and yearly renewals. It is general information. It does not say what any one person needs.
When cover from an employer ends
Many employees have group insurance through work. This may include accident or hospital cover. Group cover is tied to the job, so it usually stops when employment stops. A gap can appear that was not visible while working.
What to consider:
- Ask the employer's human resources team which group policies apply to you.
- Note the date each policy ends.
- Check whether any cover extends to a spouse or children.
- Ask whether a group policy can continue as a personal one, and on what terms.
- List the personal policies you already hold outside work.
- Compare what remains with what the group cover provided.
Personal accident cover after you stop working
Daily routines change in retirement. More time may be spent walking to the hawker centre, taking the MRT, exercising or minding grandchildren. Personal accident insurance pays out after an accident. It does not pay for illness that was not caused by an accident, unless the plan names it.
Personal accident plans generally cover:
- A lump sum for accidental death or permanent disability
- Medical bills after an accident, including TCM (traditional Chinese medicine) and physiotherapy
- A daily cash benefit while in hospital
- In some plans, infectious diseases such as dengue and HFMD (hand, foot and mouth disease)
Plans are priced on what you do. A retiree is no longer in an office job or a manual job, so the way a plan classes someone not in paid work matters.
What to check:
- The entry age and the age to which the plan can be renewed. These differ between plans.
- How the plan classes a person who is retired.
- The limit for medical bills, and whether TCM and physiotherapy fall within it.
- Whether a daily hospital cash benefit is included.
- Whether infectious diseases such as dengue are named in the plan.
- Whether cover for a couple is offered. See couple plans.
Plans can be compared on the personal accident insurance page.
Travelling more often
Retirement often brings more trips. Some are short visits to Malaysia or Thailand. Others are longer journeys to Japan, Europe or Australia. Travel insurance is bought for a single trip or for a year of trips.
Travel plans generally cover:
- Medical treatment and hospital stays overseas
- Emergency evacuation and repatriation
- Trip cancellation and shortening for covered reasons
- Lost or damaged baggage and belongings
- Travel delays and missed connections
Medical conditions you had before buying are not covered unless declared and accepted. This matters more as health changes with age. Travel to places the Ministry of Foreign Affairs advises against is also not covered.
What to check:
- The maximum age for buying a plan. This differs between plans.
- Whether overseas medical limits change at older ages.
- How the plan asks you to declare existing medical conditions.
- Whether an annual plan suits the number of trips you expect. See annual Asia plans.
- The regions each plan covers, such as Asia or worldwide.
- Whether cancellation cover includes the reasons that concern you.
Plans can be compared on the travel insurance page.
Driving less, or handing over the car
Some retirees keep a car for errands and family visits. Others drive less, or let a son or daughter use the car. Each change can affect how the policy applies.
Car policies generally cover:
- Damage to your car from accidents, fire and theft, under comprehensive cover
- Injury to other people and damage to their property
- Windscreen repair or replacement
- Personal accident cover for the driver
- 24-hour roadside assistance and towing
Drivers not named on the policy are not covered outside its terms. Wear and tear and mechanical breakdown are not covered. This matters for an older car.
What to check:
- Who is named as a driver, and whether that list is still correct.
- What the policy says about drivers who are not named.
- Whether the type of cover still matches the age and value of the car.
- How your driving record affects the premium at renewal.
- Whether roadside assistance is included.
Car plans can be compared on the car insurance page.
Hiring a helper at home
Some retired households hire a domestic helper. The helper may assist with housework or with care for an older family member. The Ministry of Manpower (MOM) sets insurance rules for helpers.
Maid insurance generally includes:
- Hospital and surgical bills, at or above the MOM minimum
- Personal accident cover of S$60,000, as MOM requires
- The S$5,000 security bond, provided by the insurer
- Repatriation if your helper passes away or has to return home
Maid plans do not cover conditions found at the helper's pre-employment medical exam. They also do not cover pregnancy and childbirth, cosmetic and routine dental treatment, or self-inflicted injury.
What to check:
- Who in the household will be the named employer.
- Whether the hospital and surgical limit is at or above the MOM minimum.
- Whether the security bond is included in the plan.
- The length of cover offered, and how it lines up with the work permit.
- How the plan handles a renewal. See renewal plans.
Plans can be compared on the maid insurance page.
Reviewing cover each year
Needs keep changing through retirement. Travel may increase, then slow down. A car may be sold. A helper may join the household. A yearly review keeps each policy in line with daily life.
What to consider:
- Keep a list of every policy, its renewal date and its premium.
- Store policy documents in one place, on paper or online.
- Tell a family member where the documents are kept.
- Check age limits before each renewal, as they differ between plans.
- Compare premiums across plans on the comparison page.
Things to note
- Group cover from an employer usually ends when the job ends. It does not carry on by default.
- Personal accident insurance covers accidents. It does not cover illness unless the plan names it.
- Travel insurance does not cover existing medical conditions unless they are declared and accepted.
- A family member who drives the car is not covered outside the policy terms unless named.
- The comparison pages rank plans by premium only. A lower premium may come with different limits, so read the benefits too.
Where to get help
For help with a claim, see the Claims page. It explains how claims are made and points to each insurer's own process. For questions about this site, use the Contact page or read more on the About page. Other guides are listed on the guides page.