Relying on Your Company Insurance is Not Enough

For most Filipino’s, having insurance provided by the company is already enough. They are thinking that getting personal insurance is not necessary as their company will take care of them if they got sick or something happen to them.

Not all companies have the same insurance coverage. Some have really great benefits, some not so great and some no benefits at all. We may think that getting personal insurance policy is somehow redundant. Yes it’s true, especially if your company is really giving your great benefit. However, the main problem with this mindset lies upon retirement. Imagine yourself working till age 60. Your company is providing you all insurance policy that you need. But what will happen upon your retirement? Most probably, all those insurance benefits will also cease to exist. Here you are, 60 years old, unemployed and uninsured. If you are still insurable, good for you. You can still get insurance policy. But goodluck to the policy premium, it’s surely expensive.

At retirement years, that’s the time that we are prone to illnesses and medical conditions. This is the time where we are prone to being hospitalized. Thus, having insurance policy will help a lot to reduce the burden of paying medical expenses. Imagine all your retirement savings going down the drain, paying for hospital expenses. Whether we like it or not, time will come we’ll be hospitalized. The only question is when. But when that time come, are you prepared for it?

Company insurance usually covers hospitalisation bills but with limited coverage. If your total hospital bill is more than what you company insurance is providing, you will shoulder the extra charges. For accident, some company only covers if the accident took place in the company vicinity. As for life coverage, they might have but the sum assured is not enough for the beneficiaries. We have to take note that our company is a business, and we only have value to them while we are alive and working. Do not expect them to take care of your family when you are gone.

Getting personal insurance policy is a good tool to minimize our life’s risk. While it is good to have insurance coverage from our company, it is not enough. We must have our own personal policy to cover those risks that we are not protected with the company insurance. Before geting one, it is important to analyze and review what your company is offering. It is only thru then you will know what policy to get for your self.

Go check with your HR 🙂

Did you know that insurance policies in Singapore is one of the cheapest you can get? Even foreigners can apply and same world wide coverage. In case you questions, you need quotation, queries on your existing policy, feel free to contact me. If you are in Singapore, we can sit down and discuss the best policy suitable for your needs. Let’s have coffee and have discussion 🙂

About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at) or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.


  1. What insurance company you can recommend with a cheaper premium for 3?

    • for a 3 year old child, consider getting MEDICAL and ACCIDENT insurance policy. i cannot recommend any company, but you can ask few of them then compare which gives you the best rate. if you are in Singapore, I can probably give you idea about the price.

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