compareFIRST and Direct Purchase Insurance

[lzydata]

compareFIRST is an interactive web portal that allows consumers to quickly compare the premiums and features of similar life insurance products2 offered by different insurance companies.
...
From 7 April, consumers can purchase DPI from customer service counters or websites of life insurance companies. As DPI are sold without financial advice, their premiums are lower than comparable life insurance products because no commissions are charged. DPI can be identified by the prefix “DIRECT” in their product names. While DPI will only be sold from 7 April, consumers can, from today, find out about the features and pricing of DPI from life insurance companies.

- http://www.mas.gov.sg/News-and-Publications/Media-Releases/2015/compareFIRST-and-DPI.aspx

Compare and shop online for simple term and whole life with TPD and optional CI cover, coming next week.

 

[WindBoi]

this is good move. but i believe they will need u to approach the firm such as aviva to buy after comparison.

 

[wahkao3]

any guide???

 

[imgatti]

Hi All,

There's pros and cons regarding direct buying policy from customer service counter.

The PROS is : Premium are lower. You buy what you want without advice.

The CONS is : When you need to make a claims, you have to do it yourself. As Financial Consultant are unable to see what plans do you have and we are unable to do the services of helping you do the claims.

Cheers.

 

[chopra]

Finally after talking abt it last yr

 

[chopra]

one more day

 

[AhPek_Lion]

The website can compare alot of products

 

[chopra]

For 1mill term for 30yr protection, seems like axa is e cheapest for a typical 30yo male non smoker

 

[FP_IFA]

The comparison is terrible especially for whole life products. How can you compare one with Early CI against one that don't have in there. Take out all the ones with early CI and put them aside. It is going to mislead a lot of people.

 

[wooty100]

A clear cut platform for consumers to play around with different parameters and needs. However, DPI has certain limitations and requires consumers to seek future advices should they deem fit

 

[SpinFire]

Woah, very clean interface, very good first-impression. I'll do a comparison of the preimums with my TM policy bought through agent when I've the time.

 

[NiteX2]

The comparison is terrible especially for whole life products. How can you compare one with Early CI against one that don't have in there. Take out all the ones with early CI and put them aside. It is going to mislead a lot of people.

I second that! The wholelife comparison of plans available in the market is just terrible. And there's no indication whether multipliers are used in the plans etc. The term and endowment plans provide a good indication though, just that consumers are unable to toggle the coverage amounts between death/TPD and CI. Still a good website after all to illustrate to consumers which companies offer the better products for each segment =)

 

[xtwis7]

I second that! The wholelife comparison of plans available in the market is just terrible. And there's no indication whether multipliers are used in the plans etc. The term and endowment plans provide a good indication though, just that consumers are unable to toggle the coverage amounts between death/TPD and CI. Still a good website after all to illustrate to consumers which companies offer the better products for each segment =)

The wholelife plans do not have limited payment plans like pay for 20 years for wholelife coverage. Might be a good option to consider for term plans. The names of the life plans seem to be different from the ones being offered?

 

[Futureskid]

I foresee this is going to be an accelerated decline of Financial Advisors, more and more singaporeans in this industry are going to be jobless

 

[wuga98]

im looking for a simple term life. i did not understand the CI. is the premium quoted including CI? i see TI n TPD n Death.
some of them mentioned premium will change with age, how to see if i can afford it when i hv no income in my old age?

thanks

 

[Nuthing03]

Looked through the website. Looked like there isn't anything that offers early stage term CI plan for direct purchase insurance?

 

[FP_IFA]

I foresee this is going to be an accelerated decline of Financial Advisors, more and more singaporeans in this industry are going to be jobless

We don't mind the website. In fact it works to our advantage. Its the tied agents that are more in a fixed now. Any tied agents who need to switch to IFA can pm me.

 

[savesmart]

Don't see why IFAs are better off. The point is, people are still going to bypass IFAs and purchase online directly?

We don't mind the website. In fact it works to our advantage. Its the tied agents that are more in a fixed now. Any tied agents who need to switch to IFA can pm me.

 

[chopra]

im looking for a simple term life. i did not understand the CI. is the premium quoted including CI? i see TI n TPD n Death.
some of them mentioned premium will change with age, how to see if i can afford it when i hv no income in my old age?

thanks

The website lump both reducing term (mortgage purpose thats simple to our dearest HDB home protection scheme) AND the classical term that provides constant payout upon death/tpd.

 

[FP_IFA]

Don't see why IFAs are better off. The point is, people are still going to bypass IFAs and purchase online directly?

Look at the direct sales option. The only thing they sell are terms and whole life that are rather limited in options. Term you can only chose to 5 or 10 years or up to 65. Whole life plan on the other is almost a regular plan meaning you pay to age 70 or age 85 and I don't think they have multiplier to boost earlier age cover. At this age who would buy a whole life plan that still need to pay till age 85?

The only business loss is probably the term to age 65. Other than that, everything else still need to go through an adviser. This include decreasing term, endowment and limited whole life, all which need some explanations on terms.

I actually encourage my clients to try it.