Income Travel Insurance: Is It a Good Deal?

Income Travel Insurance: Is It a Good Deal?

Income's travel insurance policy is the one of the few in Singapore that provides coverage for pre-existing medical conditions

Good for

  • Travellers who need coverage for pre-existing conditions
  • Travellers seeking decent, middle-of-the-road coverage

Bad for

  • Travellers seeking great bang for your buck
  • Travellers seeking great coverage for personal accident/death and medical expenses

Editor's Rating

3.5/5.0

Like many other insurers, Income offers three levels of travel insurance policies to cater to the tastes and budgets of all kinds of consumers. Ultimately, its plans tend to be priced quite close to the industry average and feature a medium degree of coverage in most areas with two main weak points. While Income's plans are priced fairly given the level of coverage provided, deal-seekers will not be particularly wowed. However, Income's travel insurance policies stand out because they are one of the only insurers in Singapore that cover pre-existing medical conditions.

Summary of Income Enhanced Travel Insurance
Low coverage for personal accident/death & medical expenses and medium coverage in other areas for prices close to the industry average
Pre-X plans cover pre-existing conditions
Annual plans generally cost above average
Promotion: 20% off Annual Plans; 40% off Single Trips + Hello Kitty umbrella* for first 300 customers (*min. purchase S$50)

Table of Contents

Income Travel Insurance: What You Need to Know

Income's travel insurance plans are best for travellers who aren't price sensitive and want coverage for their pre-existing conditions. You can choose from 3 tiers of plans for both the Enhanced and Enhanced PreX plans: Classic, Deluxe and Preferred for the standard plans and PreX Basic, PreX Superior & PreX Prestige for the pre-ex coverage plans. We found that Income's single trip plans generally cost 15-30% below average compared to its competition, while its annual plans cost between average to 20% above average. For those prices, the coverage is more competitive when it comes to travel inconvenience benefits (cancellations, delays, luggage loss), but sinks to below average overseas medical and personal accident coverage.

This graph compares the price of all the major travel insurance policies in Singapore for a 1-week trip in the ASEAN region in order to help consumers find the cheapest travel insurance for their trip.

Income offers the standard array of travel insurance benefits, ranging from medical and personal accident to trip inconvenience benefits like trip cancellation, postponement, delays and baggage loss. While most of the benefit limits are slightly below average, Income does boast above average limits for medical coverage in Singapore, trip delay and baggage loss coverage. However, these plans may fail to impress some types of travellers. For instance, Income's Basic plan provides average levels of coverage but won't impress budget travellers since its possible to find cheaper basic plans. The premium tier plan (Preferred) boasts above average coverage for a small amount of benefits, but won't stand out to travellers who equate premium-level plans with market beating coverage.

Lastly, Income's annual policies cost above average for all 3 plans, so it won't be the best option for frequent travellers who are hoping to save on an annual travel insurance plan. Overall, Income's travel insurance plans are just enough for the average traveller and can provide sufficient additional coverage if that traveller needs coverage for pre-existing coverage. Otherwise, Income's Enhanced travel insurance plans may not sway budget travellers or travellers who like high levels of coverage.

Notable Exclusions

Income only covers pre-existing conditions if you purchase their Enhanced PreX plans. Besides that, the exclusions are pretty standard, including no cover for travelling for medical conditions, items lost or damaged while unattended, travelling to participate in professional or compensated sports, being a victim of war, riots, or rebellion and travelling against the advice of the Singapore Government.

Medical ExclusionsTrip Inconvenience Exclusions
Pe-existing conditions (unless insured under PreX plan)Engaging in sport for compensation
Pregnancy-related eventsItems taken by customs officials
Suicide and mental illnessBaggage sent separately or items left unattended
Cosmetic or elective surgeryFragile articles, business goods, sports equipment
Travelling when you are medically unfitInability to travel due to business or contractual obligations
Metastatic or terminal illnessExtreme sports (bungee jumping, skydiving, mountaineering, etc.)

Income Enhanced PreX Plans

If you are not limited by budget and just want a plan that will give you ample protection for your pre-existing coverage, Income will be a good choice. However, budget travellers with pre-existing conditions may find Income to be an expensive option. We found that Income's PreX travel insurance plans cost around 3 times as much as Income's standard plans, making them quite expensive considering that Income isn't competitively priced to begin with. As one of the 3 insurers who provides extensive coverage for your pre-existing coverage, it settles somewhere in the middle, with MSIG's plans costing 10-22% less but Etiqa's Tiq plans costing around 15% more.

Besides the pricing, you should also consider the extent of Income's pre-existing coverage benefits. Its PreX plans also combine medical and emergency evacuation coverage under one limit, which brings down the value of these plans considerably (for instance, MSIG's PreX and Tiq's PreX plans have separate limits for medical and emergency evacuation, resulting in more coverage than Income). On the other hand, Income does let you claim for trip inconvenience (cancellations and postponement) due to your pre-existing conditions if you buy its Superior or Prestige plans, which can be a useful benefit for people who book their trips far in advance and have somewhat risky conditions. You should just be aware of the 50% copay you'll be responsible for should you use those benefits.

Premiums & BenefitsPreX BasicPreX SuperiorPreX Prestige
1-Week ASEANS$86.00S$116.00S$139.00
1-Week AsiaS$105.00S$139.00S$167.00
1-Week GlobalS$143.00S$189.00S$227.00
Medical Coverage (for pre-ex condition)S$150,000S$150,000S$300,000
Emergency EvacuationCombined w/ medicalCombined w/ medicalCombined w/ medical
Personal AccidentS$200,000S$200,000S$500,000
Trip CancellationS$10,000S$10,000S$15,000
Trip DelayS$1,500S$1,500S$2,000
Baggage Loss/DamageS$5,000S$5,000S$8,000
Premiums & BenefitsPreX BasicPreX SuperiorPreX Prestige
1-Week ASEANS$86.00S$116.00S$139.00
1-Week AsiaS$105.00S$139.00S$167.00
1-Week GlobalS$143.00S$189.00S$227.00
Medical Coverage (for pre-ex condition)S$150,000S$150,000S$300,000
Emergency EvacuationCombined w/ medicalCombined w/ medicalCombined w/ medical
Personal AccidentS$200,000S$200,000S$500,000
Trip CancellationS$10,000S$10,000S$15,000
Trip DelayS$1,500S$1,500S$2,000
Baggage Loss/DamageS$5,000S$5,000S$8,000

Sports Coverage

Income includes medical coverage for adventure and sports including skiing, scuba-diving, white water rafting and motorcycling. There's no golf coverage and no cover for extreme sports such as bungee jumping, skydiving and mountaineering.

Claims & Contact Information

Income lets you submit your claim online or via post. Both options require you to submit the proper documentation, which they list when you indicate the type of claim you want to submit. You should read the policy wording before buying the policy so you are aware of what you can and can't claim for.

Contact Information
Customer Service(65) 6788 1222
24-Hour Emergency Assistance(65) 6338 1222
Claims Number(65) 6788 6616
Claims Email[email protected]
AddressProperty & Casualty Claims Income, PO Box 0132, Singapore 911802
ClaimsSubmit Your Claim

Summary of Benefits & Coverage

With so many options for travel insurance plans in Singapore, it's no wonder that picking the right one for your next business trip or holiday can seem like a daunting task. Below, we've compiled a summary of Income's premiums and coverage and how it compares to the industry average. If you'd like to learn more about how Income compares to other insurers, you can read our top picks for the best travel insurance plans in Singapore.

ClassicDeluxePreferredIndustry Avg.
1-Week ASEANS$24.00S$34.20S$66.40S$48.00
Annual ASEANS$214.40S$264.00S$360.00S$248.00
1-Week AsiaS$29.40S$40.20S$81.60S$59.00
Annual AsiaS$214.40S$264.00S$360.00S$264.00
1-Week GlobalS$49.80S$60.00S$112.80S$83.00
Annual GlobalS$214.40S$352.00S$480.00S$362.00
1 Week ASEAN Value Ratio0.941.191.441.01
Annual Global Ratio0.570.821.061.00
Personal Accident & DeathS$150,000S$200,000S$500,000S$261,588
MedicalS$250,000S$500,000S$1,000,000S$598,140
Emergency Medical/Evacuation/RepatriationS$500,000UnlmtdUnlmtdS$772,727
Trip CancellationS$5,000S$10,000S$15,000S$10,224
Trip DelaysS$1,000S$1,500S$2,000S$1,087
Baggage Loss DamageS$3,000S$5,000S$8,000S$5,082
Baggage DelayS$1,000S$1,200S$2,000S$998

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