Web portal on insurance plans goes live
CONSUMERS can now compare more than 200 life insurance products that are available on the retail market through an online aggregator, compareFIRST (www.comparefirst.sg), in a few easy steps.
Launched yesterday, the Web portal allows consumers to compare key features and premiums of four classes of products: term life insurance, whole life insurance, endowment policies, as well as a new suite of basic life insurance products known as direct purchase insurance (DPI).
Premiums for DPIs are lower than those for comparable life insurance products as DPIs are sold without financial advice, so no commissions are charged, said the Monetary Authority of Singapore.
General information on a fifth class of products, investment-linked plans, will be included online, although no comparisons can be made.
In the case of term life products, consumers can compare premiums, death benefits and the total distribution costs.
For whole life products which are more complex, comparisons will encompass more details, including their surrender values and a snapshot of benefit illustrations.
The Web portal and DPI are part of the recommendations made by the Financial Advisory Industry Review panel in 2013.
THE BUSINESS TIMES