It was brought to my attention that MAS coincidentally announced that they will be launching 2 new initiatives which I believe is going to change the whole financial advisory industry. This will affect the sales which financial advisers earn and even cause them to lose their jobs. Yes, it is that big of a change that will have a serious impact on the whole industry.
1. Consumers can now compare life insurance products online.
MAS announced that from 7th April 2015, consumers can compare insurance products from different insurance companies using a website called compareFIRST. This is an interactive web portal which allows us to compare the premiums and features of similar insurance products so we can make better choices on what is best for ourselves. It is similar to DIYInsurance web portal which also offers comparison features. DIYInsurance is the 1st Life Insurance comparison web portal in Singapore.
Most financial advisers will not want their clients to compare insurance products as it will mean lesser sales for them if those clients really find a cheaper and better product. I’ve even heard financial advisers say that it is useless to compare insurance products as they are mostly the same. This is definitely not true at all.
CompareFIRST is a collaborative effort by the Consumers Association of Singapore, MAS, the Life Insurance Association Singapore and MoneySENSE. Looking at it, I would think this initiative aims to protect consumers from buying the wrong insurance products or over paying for insurance products. It is definitely a good move.
2. Consumers can now buy insurance without commissions
From 7th April, we can all purchase insurance directly from customer service counters or websites of life insurance companies. This is called Direct Purchase Insurance (DPI). As DPIs are sold without having to go through a financial adviser, the premiums are cheaper as no commissions are charged.
Alternatively, we can buy insurance online through DIYInsurance web portal.
Benefits of DIYInsurance include:
- 30% commission rebates on all products
- You are able to enjoy ongoing promotions on top of receiving commission rebates
- You are able to seek personalized consultation
- You will receive assistance in the event of a claim
- No limits to purchase of insurance coverage. DPI’s limit is up to $400k.
- On top of term life and whole life plans, DIYInsurance provides comparison on stand-alone critical illness, disability income, long term care products and annuities for retirement income. It is a one-stop shop to fulfill your needs.
If you want to find out more on how web aggregators such as the new compareFIRST and DIYInsurance can help you in your insurance planning, you can attend a complimentary session on 25th April (Saturday), which will give you a deeper understanding of how you can better plan for your insurance needs.
To learn more or sign up for the complimentary session, click on the following link: Plan, Compare and Save on Insurance: Using Web Aggregators and Direct Purchase Insurance (DPI)
The session will cover the following topics:
1. Understanding Direct Purchase Insurance (DPI) and their differences
2. Understanding how life insurance web aggregators work
3. Using life insurance web aggregators to compare and save money
4. Understanding yours' and your family's insurance needs
5. Crafting your own insurance plan
6. Understanding what commission rebates are
Insurance planning is an important aspect of our lives. The insurance industry is definitely changing now. It is a good time to re-look into our insurance needs and plan properly for peace and security for our future.
The session is organised by DIYInsurance, Singapore's first life insurance comparison web portal.
*This is a sponsored post by Providend
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