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Travel Insurance Comparison: Singlife vs FWD vs MSIG

Alevin Chan

Alevin Chan

Last updated 01 February, 2023

We compare plans from three popular travel insurance providers – Singlife, FWD and MSIG – across five key areas. Which one gives you the best bang for your buck?

Best Travel Insurance: TIQ Travel Insurance | MSIG TravelEasy | MSIG TravelEasy Pre-X | Allianz Travel Insurance | Ergo TravelProtect | Singlife Travel Insurance | Sompo Travel Insurance | Tokio Marine Travel Insurance | Allied World Travel Insurance | Starr Travel Insurance | FWD Travel Insurance | AIG Travel Guard

The challenge in comparing travel insurance plans stems from how different insurers offer different coverage and benefits. It’s no different with Singlife, FWD and MSIG, which are three popular choices among travellers. 

In this article, we’re taking a deep dive into travel plans from these three providers, comparing common benefits across five key areas: 

Important note: For the sake of brevity, the following tables contain selected key benefits only; for the full range of benefits, consult the respective product brochures. 

Also, the figures displayed in the tables below are the maximum benefit allowed under the highest-tier plan. Be aware that sub-limits may apply, and that some benefits may not be offered for lower-tier plans.

 

 

Personal accident and overseas medical coverage

Travel insurance plan

Key benefits

Singlife Travel Insurance 

  • Accidental death and disablement: S$500,000
  • Public transport double indemnity: Yes
  • Overseas medical expenses: Unlimited (S$8,000 for pregnancy-related events)
  • Medical expenses in Singapore: S$80,000
  • Emergency evacuation and repatriation: Unlimited

FWD Travel Insurance

  • Accidental death and disablement: S$400,000
  • Public transport double indemnity: n/a
  • Overseas medical expenses: S$1 million
  • Medical expenses in Singapore: S$30,000
  • Emergency evacuation and repatriation: Unlimited

MSIG TravelEasy

  • Accidental death and disablement: S$500,000
  • Public transport double indemnity: Yes
  • Overseas medical expenses: S$1 million
  • Medical expenses in Singapore: S$75,000
  • Emergency evacuation and repatriation: S$1 million

MSIG TravelEasy and Singlife Travel Insurance both offer higher maximum payouts for personal accident cover, at up to S$500,000 per individual. 

This can potentially be doubled should the accident take place on public transport, meaning that payouts can reach S$1 million per person. 

FWD Travel Insurance pays out at most S$400,000 for this benefit, and there is no double indemnity for public transport. 

The other important coverage here is the amount of overseas medical expenses you claim for. The winner here is Singlife, which offers unlimited coverage for this benefit for the highest tier plan, and up to S$2 million for the second-highest tier. 

Meanwhile, FWD and MSIG both offer up to S$1 million coverage for overseas medical expenses. 

As for follow-up medical treatment upon returning to Singapore, Singlife and MSIG both take the lead, offering up to S$80,000 and S$75,000 in benefits respectively. FWD comes in at a distant third, with up to S$30,000 coverage.

Lastly, all three plans include emergency evacuation and repatriation up to unlimited cover, or in MSIG’s case, up to S$1 million – which should be more than sufficient in most cases.

Apply for MSIG's travel insurance now for your next trip!

 

Looking for the best credit cards to complement your spending patterns and expenditure in 2023? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.

 

Logo-Review-MSIG-e1548725470101

COVID-19 cover

Travel insurance plan

Key benefits

Singlife Travel Insurance 

  • Overseas medical expenses: S$200,000
  • Emergency evacuation and repatriation: Unlimited
  • Overseas quarantine allowance: S$100 per 24 hours, max. S$2,000
  • Trip cancellation or postponement: S$2,000
  • Trip interruption: S$2,000

FWD Travel Insurance (paid add-on)

  • Overseas medical expenses: S$200,000
  • Emergency evacuation and repatriation: S$200,000
  • Hospital cash benefit: S$100 per 24 hours, max. S$1,400 
  • Overseas quarantine allowance: S$50 per 24 hours, max. S$700
  • Trip cancellation or postponement: S$5,000
  • Trip interruption: S$5,000

MSIG TravelEasy

  • Overseas medical expenses: S$250,000
  • Emergency evacuation and repatriation: S$1 million
  • Hospital cash benefit: n/a
  • Overseas quarantine allowance: S$100 per 24 hours, max. S$1,400
  • Trip cancellation: S$5,000
  • Trip postponement: S$1,500
  • Trip interruption: S$5,000

The important thing to realise here is that while MSIG and Singlife automatically include COVID-19 in their plans, FWD does not. 

If you’re an FWD customer and want COVID-19 cover, you’ll have to purchase the COVID-19 Enhanced Travel Benefits add-on. Given the comparatively lightweight nature of the FWD Travel Insurance plan, this may prove to be a dealbreaker for some. 

Looking past that, which of the three insurers offer the highest COVID-19 coverage? MSIG came up ahead with a maximum of S$250,000 in coverage for overseas medical expenses, along with up to S$1,400 in overseas quarantine allowance. 

Singlife and FWD both provide slightly lower overseas medical cover of up to S$200,000. However, Singlife offers a quarantine allowance of up to S$2,000, whereas FWD only offers up to S$700. 

The other key benefit for COVID-19 cover lies in the reimbursement for cancelling or curtailing your trip. Here, MSIG and FWD both offer up to S$5,000 in benefits, while Singlife lags behind with up to $2,000 in coverage.

Apply for Singlife's travel insurance now!

 

 

logo-singlife

Trip cancellation or interruption

Travel insurance plan

Key benefits

Singlife Travel Insurance 

  • Trip cancellation: S$20,000 
  • Trip postponement: S$3,000
  • Early return: S$15,000
  • Change in itinerary: S$3,000
  • Travel delay: S$100 per 6 hours, max. S$2,000
  • Trip cancellation for any reason: S$5,000

FWD Travel Insurance

  • Trip cancellation: S$15,000 
  • Trip postponement: S$1,500
  • Early return: S$15,000
  • Trip diversions and travel delay: S$100 per 6 hours, max. S$1,000
  • Missed connections: S$100 per 6 hours, max. S$500
  • Trip cancellation, postponement or curtailment for any reason: S$6,000 (as add-on)

MSIG TravelEasy

  • Trip cancellation: S$15,000 
  • Trip postponement: S$2,000
  • Early return: S$15,000
  • Trip diversions and travel delay: S$100 per 6 hours, max. S$1,500
  • Overbooked flights and missed connections: S$200 per 6 hours, max. S$400

What about for regular, non-COVID-related trip cancellations, such as emergencies, death in the family or sudden illness?

In this area, Singlife takes the lead with up to S$20,000 in coverage for trip cancellations, while MISG and FWD comes close with up to S$15,000 cover. All three insurers provide benefits if you need to postpone the commencement of your trip, ranging from up to S$3,000 for Singlife, up to S$2,000 for MSIG, and up to S$1,500 for FWD. 

However, should you be forced to cut your trip short and come back early, all three insurers cover you for up to S$15,000.

In terms of travel delays, Singlife offers the highest benefits of up to S$2,000, followed by MSIG at S$1,500 and FWD at S$1,000.

Both Singlife and FWD also offer a nifty feature that covers trip cancellations for any reason, up to S$5,000 and S$6,000 respectively. However, this is only available for FWD if you purchase the add-on.

Apply now for FWD's travel insurance!

 

 

logo-fwd

Luggage and personal belongings 

Travel insurance plan

Key benefits

Singlife Travel Insurance 

  • Delayed baggage: S$200 per 6 hours overseas or S$150 per 6 hours in Singapore, max. S$2,000
  • Loss of baggage: S$8,000
  • Loss of valuables: S$3,000 (S$500 for cash or bank notes)
  • Loss of passport or travel documents: S$5,000
  • Fraudulent use of credit card: S$1,000

FWD Travel Insurance

  • Delayed baggage: S$150 per 6 hours, max. S$900
  • Loss of baggage: S$7,500
  • Loss of passport, travel documents or cash: S$1,000 (S$300 for cash)
    Fraudulent use of credit card: S$1,000

MSIG TravelEasy

  • Delayed baggage: S$250 per 6 hours, max. S$1,500
  • Loss of baggage: S$7,500
  • Loss of cash: S$500
  • Loss of passport or travel documents: S$5,000
  • Fraudulent use of credit card: S$3,000

For loss or damage to luggage, all three plans offer similar levels of benefits, with Singlife pulling slightly ahead with up to S$8,000 in coverage, while the other two insurers offer up to S$7,500. 

Delayed luggage is another (unfortunately too common) risk faced by travellers, so having higher coverage may prove useful. MSIG offers the highest rate of S$250 for every 6 hours your luggage is delayed, although the maximum payout is capped at S$1,500. 

Meanwhile, Singlife offers up to S$200 per 6-hour block (maximum of S$2,000), and FWD offers up to S$150 per 6-hour block (maximum of S$900).

In the case of lost passport or travel documents, Singlife and MSIG policyholders will be covered for up to S$5,000 in benefits. For FWD policyholders, the maximum cover is S$1,000. 

Fraudulent credit card use is also covered in all three plans, to the tune of S$3,000 for MSIG, and S$1,000 for both FWD and Singlife.

 

 

Other features and optional add-ons 

Travel insurance plan

Key benefits

Singlife Travel Insurance 

  • Pre-existing conditions: n/a
  • Rental vehicle excess: S$2,500
  • Home contents: S$15,000
  • Pet care: S$50 per 24 hours of extended stay in petcare facility, max. S$1,000
  • Automatic extension of cover: 30 days
  • Optional add-ons:
    • Overseas wedding and photoshoots
    • Golf holiday
    • Winter sports
    • Adventurous water sports

FWD Travel Insurance

  • Pre-existing conditions: n/a
  • Rental vehicle excess: S$1,000
  • Automatic extension of cover: 21 days
  • Optional add-ons:
    • Pet care
    • Sports equipment protector
    • Home contents cover

MSIG TravelEasy

  • Pre-existing conditions: yes
  • Rental vehicle excess: S$1,500
  • Wedding clothes and accessories: S$3,500
  • Automatic extension of cover: yes
  • Adventurous activities: covered
  • Golfer’s cover: S$1,500
  • Home contents: S$15,000
  • Pet care: S$75 per day, max. S$750
  • Unused entertainment ticket: S$1,000

The most important difference here is that MSIG is the only insurer out of the three that covers pre-existing conditions. You’ll need to look for the TravelEasy Pre-Ex version, but this is only available for single trips not more than 30 days. 

Another difference is that MSIG doesn't have any optional add-ons. Instead, the plan includes even fairly niche benefits such as wedding clothes and golfing equipment cover.  This may not sit well with those who do not believe in paying for insurance cover they do not need.

Rental vehicle excess is included by default in all three plans – up to S$2,500 for Singlife, up to S$1,500 for MSIG and up to S$1,000 for FWD. 

Home contents cover of up to S$15,000 is included by both Singlife and MSIG, whereas in FWD’s case, it’s available as an add-on.

Singlife, FWD or MSIG – Which one should you choose? 

Let’s quickly compare the premiums for these three plans, for a single-traveller, single-trip plan, over a 6-day trip. We’re picking the highest tier for each insurer, and going with the non-pre-ex version for MSIG. 

Singlife

S$91.75

FWD

S$79.89 

- S$62.40 + S$17.49 (COVID-19 cover)

MSIG

S$71.77

Based on the trip parameters we chose, it appears that MSIG offers the best balance between cost and coverage, which is always the sweet spot we want to look for when it comes to insurance. That it also happens to be the most affordable option is just the icing on the cake.  

Singlife offers some of the highest coverage limits, but you’ll need to pay a higher price. 

Alas, FWD took themselves out of the running by making COVID-19 cover a paid add-on, while offering a less robust suite of coverage and lower benefits in comparison. 

Otherwise, the lower cost of the plan might still have preserved the plan as a viable choice in the eyes of bargain hunters. 

 

 

Read these next:
Best Travel Insurance Plans And Promotions In Singapore
Best Covid-19 Travel Insurance Plans (2023)
Travel Insurance Guide: Five Things All Travellers Must Know
Travel Insurance For Cruise To Nowhere In Singapore
Travel Insurance Add-ons: Which Ones Are Worth Your Money?

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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