Mistake #1: Buying Based on Price Alone
Cheapest does not mean best. Lower premiums often come with:
- Higher deductibles
- Limited claims coverage
- Stricter exclusions
Always assess coverage adequacy, not just monthly cost.
Mistake #2: Not Reviewing Policies Regularly
Remaining at the same insurer does not means you will get the best offer. Policies should be reviewed every year, especially in Singapore’s fast-changing cost environment.
Mistake #3: Ignoring Policy Exclusions
Most disputes happen not because a claim was rejected unfairly, but because exclusions were misunderstood. Professional advice ensures you know exactly what is and isn’t covered.
How to Avoid These Mistakes
- Work with a MAS-licensed insurance broker
- Request regular policy reviews
- Compare across multiple insurers
- Focus on long-term suitability, not short-term savings