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If you want a customizable policy with comprehensive coverage for cheap, FWD's Maid Insurance policies can be a great option. While offering some of the cheapest premiums on the market, FWD's Maid Insurance offers greater breadth of coverage compared to the competition. The policies are also easily customizable with a variety of optional add-ons like home contents cover and daily hospital allowance.
|FWD Insurance Quick Facts|
|Insurer Rating (S&P): BBB+|
|Trust Pilot Rating: 4.6|
|Rated "Top in Customer Experience among insurers in Singapore" - KPMG's Customer Experience Excellence Survey (2020)|
|Rated "Top in Customer Experience among Auto/Home insurers" - Forrester's CX Index (2020)|
What You Need to Know About FWD Maid Insurance
FWD's plans are a great option for first-time buyers who want a little bit of coverage from everything in order to test out their possible future expenses. FWD's maid insurance plans are separated into 3 tiers: Essential, Enhanced, and Exclusive. Each tier has increasing levels of coverage and pricing. You can also choose between two policy terms: 26 or 14-months.
The most important aspect of FWD's maid insurance plans is that they provide the legally required coverage for your domestic worker. That is, they provide at least S$15,000 of hospitalisation, S$10,000 of repatriation and S$60,000 of personal accident coverage. In fact, their plans go above and beyond the required coverage by providing useful peace of mind benefits and additional to the core coverage. FWD also came out with indepedent add-ons, a unique feature that lets you buy specific add-ons from them while maintaining a base plan from other insurers.
What Is the Cost?
What makes FWD maid insurance plans a great value is that even though they have a wide variety of benefits (some of which are unique and hard to find), they consistently land as one of the top 3 cheapest policies.
|Premiums||Essential||Basic Plan Avg||Enhanced||Mid-Tier Plan Avg||Exclusive||Top-Tier Plan Avg|
FWD's Essential Maid Insurance policy has one of the best rates in the market. It has a base premium of S$238.29 for a 24-month plan, which is 20% below the average market rate for basic policies. As you move up the tiers, you'll find that FWD's mid-tier plan, the Enhanced plan costs S$284.99 for a 24-month policy. Though not as competitive as the Essential plan, it does cost 7% below average compared to other mid-tier plans. Lastly, as one of our top choices for the best comprehensive maid insurance policies, FWD Exclusive Maid Insurance is a great option for those with a flexible budget looking for extensive protection. It costs S$315 for 26 months before optional add-ons, which makes it a competitively priced compared to other top-tier plans.
We found FWD's 14-month premiums to be less competitive than the 26-month plans. The Essential plan's premium is around the market average for basic 14-month plans, while the Enhanced and Exclusive plans cost 4-9% below the market average.
What Are the Benefits?
In addition to the cheap prices, FWD's coverage and add-ons further enhance its value. Regardless of the plan you choose, FWD has great money-saving perks that aren't offered by other companies. For instance, they're the only insurer that will refund your maid agency fees, offer a 100% refund policy within the first 3 months, and include the MOM Waiver of Indemnity in their premium price. Also, all three plans come with equal payouts for a myriad of benefits including funeral expenses, wage and levy expenses, ambulance fees, and alternative maid services. For those worried about possible abuse of their children or elderly, there is a maid liability payout that will reimburse medical costs in the event of abuse. Lastly, FWD's COVID-19 hospitalisation coverage add-on for your domestic worker is S$5,000 more than the MOM's requirement.
|Benefits||Essential||Basic Plan Avg||Enhanced||Mid-Tier Plan Avg||Exclusive||Top-Tier Plan Avg|
|3rd Party Liability||S$3,000||S$7,883||S$4,000||S$12,700||S$5,000||S$24,727|
|Temp. Maid Services||S$600||S$750||S$600||S$756||S$600||S$1,090|
Let's break down the three plans in terms of benefits. FWD's Essential plan doesn't exclude its basic plan from providing coverage for things like re-hiring, third party liability, wage reimbursement during hospital stays, temporary help costs, and damage or theft of maid's belongings. This is important to note as other insurers typically skimp on benefits for their base plans. Given its below average cost, we found this policy to be a great option for first-time maid employers who want to test the waters without overspending.
The Enhanced plan may be a good idea for people who like FWD's policy structure already and want more coverage than the basic plan, although for most employers it may make more sense to purchase either the Essential or Exclusive plan. Unlike the other two plans, the Enhanced plan simply doesn't offer large enough policy payouts relative to its cost to make it a strong contender among its mid-tier peers.
FWD's Exclusive plan is one of our top choices for comprehensive coverage. Compared to other top-tier plans that tend to lean towards either high medical or liability coverage, FWD's Exclusive Maid Insurance plan provides a good balance of both and its miscellaneous peace of mind benefits (i.e. worker replacement or worker's belongings coverage) are in-line with the market average. With the added bonus of picking and choosing from a variety of add-ons, the Exclusive plan ends up as one of the most affordable and customisable top-tier policies.
Optional Add-On Benefits
Though FWD has a great value for its price, being tempted by all the additional options can increase your premium past your desired budget. However, because of the already low price, FWD allows for some wiggle room to customize your plan with add-ons without pricing yourself out. Add-on options include topping your hospitalization coverage up to S$30,000, daily hospital allowance, outpatient medical expenses (for doctor's visits due to illness), coverage for the pregnancy and syphilis testing fees (6ME) and a letter of guarantee for the $7,000 Philippines embassy bond (for Filipino maids). Lastly, you can also get COVID-19 coverage for your existing domestic worker for an additional S$55 to get S$15,000 of hospitalisation coverage and S$10,000 of repatriation coverage.
|Outpatient medical expenses||S$300||S$500||S$1,000|
|Daily hospital allowance||S$300||S$300||S$300|
|Home contents cover||S$3,000||S$4,000||S$5,000|
|Top up hospitalisation & surgical expenses|
|COVID-19 medical & repatriation|
The ability to pick and choose extra coverage is a great way to customize your policy. If you have a flexible budget, you can choose whatever level of coverage you want and still be able to add whichever additional options aren't normally covered. There are also some budget-friendly add-ons that will give you additional protection for a minimum increase in cost, such as the hospital stay allowance for S$4.
Where Does FWD Maid Insurance Fall Short?
FWD does fall short if you are looking for if you are looking for high payout potential for medically related costs: its medical coverage, while extensive in scope, offers lower than average payouts. For example, outpatient expenses due to illness are an optional add-on and have a maximum payout of S$1,000 (in the Exclusive plan), which is below the market average of S$2,446.15. This is also an offer that is available only if you use their network of clinics. Medical payouts that are included in the plan are below average as well.
When it comes to the Executive plan, you may want to look elsewhere if your reason for paying extra for a top tier plan is due to anticipating high expenses for liability or medical coverage. Even though the Exclusive policy is a great comprehensive value plan, the benefit limits are a bit lacking compared to other top-tier plans. For instance, FWD's liability coverages go up to a maximum of S$5,000, whereas other plans go into the tens of thousands.
FWD Modular Maid: Independent Add-ons
FWD offers a few independent add-ons you can add to your pre-existing maid insurance, even if you are insured by another company. The add-ons consist of outpatient medical expense coverage, a six month medical examination (6ME) package and the Philippine embassy performance bond coverage.
The outpatient medical expense coverage will cover up to S$500 worth of outpatient doctor visits (S$30 per visit after you pay the first S$10). You can choose this benefit to last between 6 and 26 months. The six-monthly medical examination will cover the cost of the Ministry of Manpower's mandatory 6-month medical tests. You can choose to be covered for up to 4 medical examinations, done either at one of FWD's clinics or at home. Lastly, the Philippine embassy performance bond benefit is beneficial for Filipino maid employers if they need to renew their domestic worker's passport or if she's going on home leave. It will cover the cost of the bond if it is called.
|Outpatient Medical Expenses||S$81.47|
|6-Monthly Medical Exam||S$25.00|
|Performance bond for Philippine Embassy||S$60.75|
How FWD Fares Against the Competition
FWD's closest comparisons for its maid insurance plans are Etiqa and MSIG. In terms of premiums, Etiqa's eProtect Maid costs a few dollars less for the 26-month plans than FWD's Maid Insurance, but while FWD includes the Ministry of Manpower bond waiver in its premium, Etiqa has it as an add-on. If you don't need MOM's bond waiver (for instance, if you are hiring a Malaysian domestic worker), then Etiqa will be a better fit for employers on a budget. Etiqa also has a cost advantage when it comes to its higher tier plans (plans B and C).
When it comes to the amount of coverage you are getting dollar for dollar, Etiqa slightly edges out FWD, with a value ratio of 1.3 vs. FWD's 1.25, although this mainly stems from the cheaper prices and higher coverage for 3rd party liability. If you are stuck between Etiqa and FWD, then consider what you need out of your maid insurance plan. If you are on a tight budget and have a trusted Malaysian FDW with minimal problems, then you can save more money by opting for Etiqa. On the other hand, if you want a wide array of coverage and are testing the waters with a new FDW, then you should opt for FWD.
|Personal Accident (Death & TPD)||S$60K||S$60K||S$60K|
|Personal Accident (medical)||S$1k-S$3k||S$1k-S$3k||S$1k-S$3k|
|Wages reimbursment (per day)||Costs extra||up to S$30 (for 30 days)||up to S$30 (for 30-60 days)|
|3rd Party Liability||S$3K-S$5K||S$5K-S$10K||S$5K-S$20K|
|Cost to add Waiver of Counter Indemnity||Inc. in premium||S$41.20||S$53.50|
Comparing FWD to MSIG, MSIG will be slightly more expensive when you add in the MOM bond waiver. Its value is also slightly lower than FWD (1.22 vs 1.25) and it doesn't offer 14-month plans. However, if you are looking for high levels of the basic legal requirements for your domestic worker and you aren't as interested in smaller, miscellaneous benefits like getting reimbursed for your worker's damaged items, fdw abuse coverage and ambulance benefits, then MSIG may end up being a better fit than FWD.
Before You Buy: Exclusions & T&Cs
You can buy FWD's maid insurance if you are a resident of Singapore with a valid NRIC or FIN and you are your FWD's employer. You can not buy this plan if you are an undischarged bankrupt or if you had to forfeit your security bond to the Ministry of Manpower or performance bond to the Philippine Embassy. You also won't be eligible for the plan if you had prior maid insurance plans that were cancelled by your insurer or if you have been refused when buying or renewing a maid insurance policy.
FWD's exclusions are standard compared to other maid insurance policies on the market. For instance, they won't cover claims that arise from anything the Ministry of Manpower doesn't allow like pregnancy, illegal activities and other breaches of your helper's work permit conditions. Furthermore, as is par for the course, each benefit comes with its own set of exclusions. For instance, you won't be able to file a claim under the hospitalisation benefit if your worker is getting treated at a private hospital. However, FWD does stand out in one way compared to other insurers when it comes to exclusions: it is the only insurer to cover your new helper's pre-existing medical conditions.
Other Exclusions Include:
- STI's, HIV or AIDS
- Mental, psychological or psychiatric disorders
- Suicide or attempted suicide/self-injury
- Damages arising from intoxication by alcohol or drugs
Being a Policyholder: Claims, Contact & More
If you decided to purchase FWD's Maid Insurance, you'll need to know you have 3 months to enjoy your policy before you can cancel it for a full refund. After the 3 months, your refund will be pro-rated based on the amount of time that has elapsed.
|Emergency Assistance||+65 6322 2072|
|Customer Service||+65 6820 8888|
|Claims Information||Guide and Forms|
|Mailing Address||The Chief Executive Officer, FWD Singapore Pte. Ltd. 6 Temasek Boulevard, #1801 Suntec Tower Four, Singapore 038986|
If you need help with any of FWD's products, you can reach out to them using any of the following ways mentioned below. Claim submission is done completely online either via their FWD SG app or their website. You need to make sure to tell FWD of a claimable event within 30 days of it occurring. You also have to ensure that you submit all the appropriate documents like medical reports, police reports and original invoices/receipts. You need to be as honest as possible, since exaggeration or dishonesty can result in your claim being denied.
Is FWD Maid Insurance Right For You?
All in all, FWD's maid insurance plans are a good value buy with the Essential plan a great option for new employers on a budget and the Exclusive plan a good option for employers willing to pay extra for a wide array of benefits. Beyond the below average base plan prices, its inclusion of the MOM bond waiver also means you will save an additional S$50 over the competitors. That said, while FWD excels in competitive pricing paired with useful and unique coverages and benefits, like covering pre-existing conditions, it may not appeal to FDW employers who are looking for market beating coverage for hospitalisation or third-party liability. However, if you want a high value plan that will provide coverage for almost any emergency at a competitive cost, FWD will be a great option. Want to see how it compares with other plans? Read our guide to the best maid insurance policies on the market.
To help you buy the best products for your needs, our reviews are based on market wide and insurer-specific data. We scrutinize everything from the benefits and pricing to the terms and conditions that are hard to find in the policy wording documents. We then find the value of a particular product by seeing how much coverage you'll get per dollar of premium that you pay. For instance, if you get a total of S$10,000 worth of benefits and you pay S$100, then you will be getting S$100 of coverage for every dollar that you spent on the policy. The value score you see in the tables of the reviews are created via this method.
All in all, we looked at 18 different insurers and analysed 50 maid insurance plans based on cost-effectiveness, value and inclusiveness of benefits. In order to be as accurate as possible when creating our value metrics, we weighted different benefits based on their importance and popularity. We were then able to compare each plan to the market average and come up with plans that can be tailored for anyone's foreign domestic worker needs.