compareFIRST and Direct Purchase Insurance

[chopra]

I would hope that this thread maintains the webpage objective of bypassing middleman. Middlemen, pls be considerate and refrain from asking people to pm you. If you want, DO AN APPLE TO APPLE COMPARISON of the products indicated in the website if you think you can offer even cheaper premium. Otherwise, kindly limit your posting here as all of us know of the alternative to this website, which is to revert to getting from a middleman.

Ty.

 

[chopra]

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?

In a morbid way, MAS is indirectly doing us a favour to tell us that most of us won't live to 99yo. So why pay in advance? Also, if you account for TIME VALUE OF MONEY, are you sure accelerated payment is better? =p

In any case, this website is a good start. Time to prune the industry and pass the savings to consumer, management and stakeholders.

 

[Tornesoul]

i notice that the term plans are only offered till age 65 and up to 400k.

what if i wished for a longer and higher coverage?

 

[chopra]

i notice that the term plans are only offered till age 65 and up to 400k.

what if i wished for a longer and higher coverage?

Axa one is 1mill. Death up to 75 and tpd up to 70. Or did i see wrongly?

 

[Lewis.T]

i notice that the term plans are only offered till age 65 and up to 400k.

what if i wished for a longer and higher coverage?

If you're looking to buy direct and bypass agents, you can only assure yourself (term) for 400k from each insurer.

You'll still have to make your way down to the company and purchase from the staff with the exception of Etiqa as far as I'm aware.

If you want one plan to house more than 400k term coverage you got to go through an agent.

 

[Perisher]

Is there any sites that teaches how to buy/sell properties in simple layman terms thereby aiding people to skip the middleman?

 

[wuga98]

sorry bro, I did not get u. I am looking for term insurance for CI in specifics.

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.

 

[Futureskid]

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.

Can u or anyone share on average how much % income does term and whole life among all products contribute to a typical FA?

My view is not about alternatives options on term and whole life with an FA, but rather on the confidence the consumer get when they purchased successfully on their own. First, beginners would likely limit themselves to what they see here for term and whole life, secondly, they will "educate" their surrounding members how to buy direct, thirdly, there might be more products coming if this proves popular, pie will get smaller, unless population continues booming.

Don't worry. Lots of companies are willing to hire Singaporeans. Precisely they can't find Singaporeans so they have to resort to foreigners. This initiative will kill 2 birds with one stone. Likewise for property agents. Need to cut away the middleman too.

We know age is a barrier when it comes to employment in singapore, young ones probably can switch if they accept lower pay, middle age probably start business or drive taxi, old probably wait to retire.

 

[xsilkx]

If you're looking to buy direct and bypass agents, you can only assure yourself (term) for 400k from each insurer.

I think what Lewis is referring to the "Direct Purchase Insurance Product"option While on the other hand, chopra is referring to "Term Life Product" Option.

Under "Term Life Product" Option actually there is 1 mil option. But the premium doesn't look attractive to me.

I had verified some costs for my clients, the premium is not necessarily cheaper.

And for term plan, I notice a lot people from the forum, may wish to have a high sum assured and lesser coverage on ci. this option is not made available via portal.

If you want to buy anything related to early CI, it's not available on the portal too. But please let me know if Im wrong. Thanks. Cause I been searching it for my clients.

I feel this portal is really good for consumers as they are being exposed to more choices and the industry has become more transparent for them. At the same time, it allows them to compare product on their own.

So do try it out. And ask to compare, see which one will be a more suitable for you.

Anything just feel free to PM for some apple to apple comparison.

====
Kate
IFA

 

[xsilkx]

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

To include CI, you just go to the "Critical Illness Benefit" and select "Yes" before you click on the "Search" button. Then it will give you the list of plans which included CI coverage. But take note that some companies cover 30, some cover 36 CIs & so far no early CI is included. So do read the detail carefully.

Those term plan which increases throughout the age can be a yearly renewal or a few years renewal Term Plan. But Do Contact your personal adviser or any adviser here for detailed explanation. It is really depending on case by case basis.

====
Kate
IFA

 

[chopra]

I think what Lewis is referring to the "Direct Purchase Insurance Product"option While on the other hand, chopra is referring to "Term Life Product" Option.

Under "Term Life Product" Option actually there is 1 mil option. But the premium doesn't look attractive to me.

I had verified some costs for my clients, the premium is not necessarily cheaper.

And for term plan, I notice a lot people from the forum, may wish to have a high sum assured and lesser coverage on ci. this option is not made available via portal.

If you want to buy anything related to early CI, it's not available on the portal too. But please let me know if Im wrong. Thanks. Cause I been searching it for my clients.

I feel this portal is really good for consumers as they are being exposed to more choices and the industry has become more transparent for them. At the same time, it allows them to compare product on their own.

So do try it out. And ask to compare, see which one will be a more suitable for you.

Anything just feel free to PM for some apple to apple comparison.

====
Kate
IFA

My gut feel tells me it's just a matter of time before other insurance coys go into DPI. You just need one to play e bad guy and break the whatever 400k cartel and the rest will follow. If i were the management, i will do that. Again, squeeze out the agents and pass e savings to management/consumers/shareholders.

There will also be some actuary savvy consumers whom will email to MAS and pressure them to get insurance coys to open up to DPI beyond 400k

Tick tock tick

 

[chopra]

I bought this when i was 25yo a few yrs back.

40 Year Essential Term by GE. 50k covering death and tpd. Now i search a typical 25yo 50k term. Im paying 164 and GE is offering 136.

About 18% cheaper thru dpi!

==
The shocking part is that such a simple product can have price ranging from $94 all the way to $160. I have done a comparison -- no difference!

 

[Lewis.T]

My gut feel tells me it's just a matter of time before other insurance coys go into DPI. You just need one to play e bad guy and break the whatever 400k cartel and the rest will follow. If i were the management, i will do that. Again, squeeze out the agents and pass e savings to management/consumers/shareholders.

There will also be some actuary savvy consumers whom will email to MAS and pressure them to get insurance coys to open up to DPI beyond 400k

Tick tock tick

It's not a cartel, neither is it possible as of now. MAS/LIA set the rules on this, so you can only hope they revise it upwards someday.

 

[chopra]

For a 29yr male non-smoker. Term insurance.
A $1million coverage, non DPI is AXA. Annual premium is $1324.

A $400k coverage, DPI via also AXA is with an annual premium of $509
A $200k coverage, DPI via also AXA is with an annual premium of $255
Can i buy 2 x $400k coverage + 1x $200k coverage DPI, i.e. $509*2+255 = $1273?

note:Just sent an email to AXA to confirm.

 

[NiteX2]

For a 29yr male non-smoker. Term insurance.
A $1million coverage, non DPI is AXA. Annual premium is $1324.

A $400k coverage, DPI via also AXA is with an annual premium of $509
A $200k coverage, DPI via also AXA is with an annual premium of $255
Can i buy 2 x $400k coverage + 1x $200k coverage DPI, i.e. $509*2+255 = $1273?

note:Just sent an email to AXA to confirm.

If you need a 1mil coverage, you have to get DPI from 3 different insurers. Or get a non-DPI one from AXA.

If you need more readings, go to the below link, its in the 2nd table

http://www.moneysense.gov.sg/unders...life-insurance/direct-purchase-insurance.aspx

 

[Carnesir]

any guys have a quote of a comparison of term insurance between direct and non direct?

non smoker 29 yo, 400k coverage pay till 65.

i wanna see how cheap direct is versus non direct.

I went to check AIA and aviva both also give a quote but rather wan me to email them.

 

[kkgkkg]

About to pull the trigger to buy term life till 65 for my wife (34 years old now, non-smoker) including CI. The lowest is from AXA less than 1300 annual.

I know very little about insurance. If anyone here is willing to give me some advice before I go ahead, please drop me a pm. Many thanks.

 

[Lewis.T]

About to pull the trigger to buy term life till 65 for my wife (34 years old now, non-smoker) including CI. The lowest is from AXA less than 1300 annual.

I know very little about insurance. If anyone here is willing to give me some advice before I go ahead, please drop me a pm. Many thanks.

Might want to be a little more specific, how much coverage are you looking at for Death and C.I?

Are you going to do a direct purchase or get a plan that's only sold by an adviser?

The C.I coverage that comes with plans that are sold direct cover 30 C.Is, as compared to those through an adviser which cover 36/37.

 

[kkgkkg]

Might want to be a little more specific, how much coverage are you looking at for Death and C.I?

Are you going to do a direct purchase or get a plan that's only sold by an adviser?

The C.I coverage that comes with plans that are sold direct cover 30 C.Is, as compared to those through an adviser which cover 36/37.

Thanks for the comment. As much as I want to be more specific, we are actually very much open to the different options; or put it another way, we are not sure.

how much coverage? Err, not sure. Maybe 300k.
direct purchase? Err, yes, if that saves me $$ and there's no significant drawback.
30 CI or 36/37? Err, have no idea what those additional 6/7 are and the likelihood of having. If it's not too much to have the extra coverage, will go ahead; otherwise, forget it.

Edit to add: It might not be a good idea for me to turn this thread into a general insurance inquiry/help needed one. If anyone is kind to look into my specific case, please pm me and we can discuss offline.

 

[Lewis.T]

Thanks for the comment. As much as I want to be more specific, we are actually very much open to the different options; or put it another way, we are not sure.

how much coverage? Err, not sure. Maybe 300k.
direct purchase? Err, yes, if that saves me $$ and there's no significant drawback.
30 CI or 36/37? Err, have no idea what those additional 6/7 are and the likelihood of having. If it's not too much to have the extra coverage, will go ahead; otherwise, forget it.

The first plan I can think of is actually Aviva's SAF group term insurance, your wife (dependent) can be covered for 300k/yr for death at only $30/mth and the plan may have rebates depending on claims. This plan also comes with an embedded accident plan and other fringe benefits.

A direct purchase plan of 300k term for death will cost you $332/Yr, 26 dollars a year lesser, but with no fringe benefits.

About C.I, you can add a 300k C.I benefit to the Aviva SAF group term policy at $30/mth through their living care rider, but the C.I coverage will cost more as the age band increases.

Summary - A direct purchase plan from AXA with 300k death and C.I may not be as effective as a SAF group term plan for your wife, but I urge you to do more research on this because I do not represent Aviva and may have gotten some info wrong, or may have used the web portal (comparefirst.sg) wrongly.

Additional note - These 30 CIs are the most commonly offered CIs by insurers and account for about 98.5%1 of claims in Singapore.
This percentage is extracted from the 2012 Dread Disease Survey report prepared by the General Reinsurance Corporation