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For many, January is a time of renewal for many things contract-related. If you’re on the fence about renewing your insurance policy for another year, our friends at Pacific Prime Singapore take a look at three important things to consider.

1. Consider adjusting your benefit level

Did you use your benefits last year? If so, were they sufficient? Are there any benefits you wish you’d had? Ponder these questions as you adjust your insurance plan for the next policy year. You may also request to add out-of-network doctors and clinics to your plan.

2. Keep an eye out for policy changes

Be aware of any changes to coverage and premiums in your new plan. Below are a few common alterations:


It’s common for premiums to increase. Nonetheless, make sure that the increment is in line with the average market adjustment rate.

Change in benefits/limits

Most insurers will not cut benefits or decrease limits. With that said, it doesn’t hurt to double-check that your insurer hasn’t added new benefits to your plan just to stay competitive.


Generally, the higher your deductibles, the less expensive the policy. Having said that, be aware of the price you need to pay for coverage.

Network coverage

To save costs, insurers may change their list of medical service providers. Naturally, in-network healthcare providers charge significantly less than their out-of-network counterparts.

Product shelved

An insurer has the right to stop selling a plan. You can either stay under the same plan or switch to another without underwriting.

Service standard

Is the claims process long and convoluted? Is it easy to obtain information pertaining to your plan from your insurer? As service quality makes up a huge part of your insurance experience, this is worth considering.

3. Are there changes in your circumstances or health?

It’s better to stay with your current insurer if you’ve developed chronic conditions during your existing policy term. Your new insurer may view them as pre-existing conditions and refuse to cover them.

There are scores of things to consider when renewing your plan. Pacific Prime Singapore are here to help. Whether it’s individual or family health insurance, their insurance advisors are happy to help you compare plans. Contact them today for a free quote!