Direct Insurance Buying

[Aerial86]

Direct Purchase Of Insurance Without Incurring Commission Cost

Good news for Consumers! Big change to the Industry

 

[evets]

travel and car insurance--- its already DIY.

do you find it good or would prefer somebody to advice you on the what plan is suitable for your needs?

the onus is still on one to read up and educate themselves on financial literacy instead of depending on a sales people who will benefit from it.

 

[soneat]

Read the details.

Only a few categories of product can buy online w/o commission.
Term: 5yr (yrt), 20yr, up to 65
Whole Life: limited premium payment till 70 or 85
SA: Up to S$400k, out of this max S$200k whole life.

This initiative is not applicable to:
i) people who need a term plan other than the above duration/option.
ii) people who are seeking large sum assured. e.g. S$1m. For term plans, the large sum discount for 1m plan is very substantial. It maybe more worthwhile to consider a higher SA.
iii) people who want a shorter term limited premium payment whole life insurance (e.g. 5 yr, 10yr payment term)

Nevertheless, Good attempt from MAS.

 

[SpinFire]

Read the details.

Only a few categories of product can buy online w/o commission.
Term: 5yr (yrt), 20yr, up to 65
Whole Life: limited premium payment till 70 or 85
SA: Up to S$400k, out of this max S$200k whole life.

This initiative is not applicable to:
i) people who need a term plan other than the above duration/option.
ii) people who are seeking large sum assured. e.g. S$1m. For term plans, the large sum discount for 1m plan is very substantial. It maybe more worthwhile to consider a higher SA.
iii) people who want a shorter term limited premium payment whole life insurance (e.g. 5 yr, 10yr payment term)

Nevertheless, Good attempt from MAS.

Those are the min requirements by MAS. Insurers may still choose to sell additional products directly.

 

[soneat]

Noted and good point. If insurers really do offer more than the above, I think the agents will be very affected.