This article was contributed to us by Insurance Market.
It is a fact that Singaporeans spend long hours at work. As such, it come as no surprise that many Singaporeans are looking for an extra pair of hands for help in our homes to manage household chores and even take care of our children. But did you know that, for every maid that you employ, you need a maid insurance plan? This is a mandatory requirement stipulated by the Ministry of Manpower (MOM).
How To Compare Maid Insurance Policy Online
Just like every other insurance plan, you should always do your due diligence and shop around to find the most suitable maid insurance plan. You want to compare various maid insurance plan to ensure that your maid would be covered by the ideal coverage while you can enjoy as much potential savings as possible. One way to achieve the ideal situation is to learn to compare maid insurance plans online. And here’s how it can be done.
Step 1: Input Choice Of Maid’s Nationality And Coverage Period
Before going into actual comparison of maid insurance plans, there are two inputs that you need to make before you can start making a comparison: Nationality of your maid and the duration of your coverage.
Since the nationality of your maid is probably decided prior to getting a maid insurance plan, the only real input you need is the duration of coverage.
For the duration of coverage, you can choose between 14 or 26 months depending on your maid’s employment contract duration. Note that the latter is a more cost-effective option.
Step 2: Filter For Coverage That You Prefer
The next step is to filter for maid insurance plans that come with the insurance coverage that you need (or prefer).
Most maid insurance plans come with basic insurance coverage for benefits like personal accidents and medical expenses as this is a compulsory requirement. However, there are also other coverage that you might find important as an employer such as ‘Third Party Liability’, ‘Maid’s Personal Belongings’, ‘Critical Illness’ or ‘Fidelity Guarantee’.
With Insurance Market’s comparison engine, you can filter for maid insurance plans that include any (or all) of these additional coverages.
bitcoin social trading/wp-content/uploads/2019/04/InsuranceMarket.sg-Coverage-Preference.jpg” alt=”” width=”931″ height=”456″ srcset=”https://bitcoin social trading/wp-content/uploads/2019/04/InsuranceMarket.sg-Coverage-Preference.jpg 931w, https://bitcoin social trading/wp-content/uploads/2019/04/InsuranceMarket.sg-Coverage-Preference-300×147.jpg 300w, https://bitcoin social trading/wp-content/uploads/2019/04/InsuranceMarket.sg-Coverage-Preference-768×376.jpg 768w” sizes=”(max-width: 931px) 100vw, 931px”>Check out Insurance Market’s guide on what you should look out for when comparing maid insurance policies here.
Step 3 (Optional): Customize The Add-On Options For Your Maid Insurance Plan
Besides the build-in coverage, maid insurance plans will also come with multiple add-on coverage options. These are add-on coverage options that you can add to your maid insurance plan for better coverage.
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The most common add-on is the ‘Waiver of Indemnity’ option, which indemnifies you against liability if your maid violates any of the conditions of her work permit. Another common add-on is the ‘Performance Bond’ option, which is mandatory for Philippine and Indonesian maids.
This functions as a pledge to ensure you complies with the Standard Employment Contract for a Philippine or Indonesian maid. With Insurance Market, you can simply indicate your choice (i.e. Yes) on the comparison engine.
Step 4: Make Comparison Based On Coverage Score Or Specific Benefits
a) Compare Maid Insurance Plans Using Insurance Market’s Coverage Score
To make it easy for you to compare maid insurance plans, Insurance Market has designed its own metric: Coverage Score. The Coverage Score helps you break down insurance coverage of the plan into its key components. A high Coverage Score means that the insurance plan has a comprehensive coverage across its key components.
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For example, EQ Maid Enhanced (With Security Bond) is the top maid insurance plan based on its Coverage Score. EQ Maid Enhanced (With Security Bond) scores high on wages reimbursement and other benefits while scoring above average for hospital & surgical cover and outpatient cover. The high Coverage Score indicates that EQ Maid Enhanced (With Security Bond) provides the most comprehensive coverage among various maid insurance plans.
b) Compare Maid Insurance Plans On Specific Benefits
If you are already familiar with the various insurance policies or know what you are looking for, you might opt to compare plans based on specific benefits. If that is the case, you can utilise Insurance Market’s ‘Add to Compare’ function where you can compare up to 3 maid insurance plans (of your choice) at one go. With all three maid insurance plans and its benefits placed side-by-side, it makes comparing different plans simple.
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For instance, you can easily identify EQ Maid Enhanced (With Security Bond) as the best plan for critical illnesses, hospital & surgical expenses and recuperation coverage. You can then conclude with confidence that EQ Maid Enhanced (With Security Bond) is the right plan that fits all your criteria and proceed to buy the plan.
Step 5: Simply Click ‘Buy Now’ And Get Covered
Once you have made up your mind on your choice of plan, the final step is simple. Just click ‘Buy Now’, pay the premium and get yourself foreign domestic worker covered. Getting the maid insurance plan that fits your ideal coverage and your budget has never been easier.
At Insurance Market, we are able to help you compare 13 plans offered by 6 different insurers. With Insurance Market, you can be reassured that you will find the best insurance plan to meet your insurance needs. Once you have made up your mind, you can buy it online through Insurance Market.
The post Step-By-Step Guide To Comparing And Choosing The Most Suitable Maid Insurance Policies Online appeared first on bitcoin social trading.