Consumers Can Now Compare Life Insurance Products Online and Buy Them Without Commissions
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1 10 Shenton Way MAS Building Singapore Telephone : (65) FOR IMMEDIATE RELEASE Consumers Can Now Compare Life Insurance Products Online and Buy Them Without Commissions Singapore, 31 March 2015 The Monetary Authority of Singapore (MAS) announced today that from 7 April, consumers can compare life insurance products of different companies using a new web portal called comparefirst ( On the same day, life insurance companies will start selling Direct Purchase Insurance (DPI), a class of simple life insurance products that is sold without commissions and financial advice. Both comparefirst and DPI are initiatives under the Financial Advisory Industry Review or FAIR 1. comparefirst comparefirst is an interactive web portal that allows consumers to quickly compare the premiums and features of similar life insurance products 2 offered by different insurance companies. It will help consumers make informed decisions about what policy to buy and how much coverage to get. As it is an informational portal, consumers who wish to purchase life insurance products should approach their financial advisory representative or life insurance company. comparefirst is a collaborative effort by the Consumers Association of Singapore, MAS, the Life Insurance Association, Singapore and MoneySENSE. Direct Purchase Insurance (DPI) 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 1 Launched in 2013, FAIR is aimed at raising standards of practice in the financial advisory industry and improving efficiency in the distribution of life insurance and investment products in Singapore. 2 Life insurance products such as Direct Purchase Insurance, term life insurance, whole life insurance and endowment policies will be available for comparison.
2 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. The features of DPI are broadly standardised so that they are easier for consumers to understand and purchase without the need for financial advice. Because DPI are sold without advice, consumers should read the DPI factsheet and complete the checklist that will be provided by insurance companies. These documents set out the important information that consumers should consider when buying DPI. Details on the features of DPI are included in the Annex and more information on DPI can be found at the MoneySENSE website ( Buying a life insurance product is a decision for the long-term. We strongly encourage consumers to use comparefirst and assess the suitability of the various life insurance products offered by different companies before they buy a product, said Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS. ***** For media enquiries, please contact: Denise Gan Deputy Director, Communications denise_gan@mas.gov.sg Tel: (65)
3 Annex Features of Direct Purchase Insurance (DPI) DPI will comprise: (a) Term life insurance products with Total and Permanent Disability (TPD) cover; (b) Whole life insurance products with TPD cover; and (c) Optional Critical Illness (CI) rider attached to term life or whole life insurance products with the following features: Features (a) For whole life DPI, only participating products will be offered (b) Premium payment periods for whole life DPI: Up to age 70 Up to age 85 (c) Policy coverage period for term life DPI: 5 years (with renewability feature)* 20 years* Up to age 65 * TPD and CI benefits cover up to age 65; Death and Terminal Illness benefits cover up to age 85. (d) Maximum sum assured: $400,000, with a sub-limit of $200,000 for whole life DPI, on a per person per insurer basis Remarks Non-participating products are typically not offered in the market due to poor demand and high cost. This will cater to consumers preferences to either pay premiums for a shorter duration at a higher annual premium but lower total premiums; or to pay premiums for a longer duration at a lower annual premium but higher total premiums. This will cater to consumers with different protection needs - 5 year renewable term for consumers who prefer shorter coverage, and 20 year and term up to 65 for consumers who prefer longer coverage. Consumers can be covered up to age 85 under the 5 year (with renewability feature) and 20 year options. This takes into consideration the average protection needs of Singaporeans, estimated at 10 times their annual income based on a 2012 Protection Gap Study commissioned by the Life Insurance Association, Singapore. Based on the Ministry of Manpower 2013 Comprehensive Labour Force survey, the gross median annual income of Singapore residents is about $39,000, which will translate to protection needs of about $400,000. The sub-limit of $200,000 for whole life products seeks to alleviate the risk of consumers buying whole life products beyond their means and protection needs. This is because whole life products have higher premiums than term life products, and typically require a longer-term premium commitment. Policyholders who surrender their whole life policies in the early years of the policy also stand to lose a significant portion of their premium outlay. 3
4 (e) Minimum sum assured: $50,000, regardless of term life or whole life DPI This is in line with most term and whole life policies currently sold in the market. (f) Maximum entry age: 65 This is based on the current official re-employment age cap. (g) Minimum entry age: 18 This is in line with current industry practice for a life insurance policy owned by the insured. No third party policies will be offered, as these products are typically attached with a premium waiver rider. Consumers will likely require financial advice for the purchase of such products. (h) Death, terminal illness, TPD The TPD benefit pay-out is consistent with current and CI benefits: 100% of sum industry practice. The 30 standardised CIs are assured, with standardised commonly offered by life insurance companies. In TPD definitions and 30 CIs particular, the top 5 CIs major cancers, heart covered** attack of specified severity, coronary artery by-pass ** The CI rider will pay out 10% of the surgery, stroke and kidney failure account for over coverage amount of the main 90% of all severe stage claims received by life policy or $25,000 whichever is insurance companies 3. lower, for Angioplasty & other invasive treatment for coronary artery. A list of the 30 CIs covered are as follows: 1. Major Cancers 2. Heart Attack of Specified Severity 3. Stroke 4. Coronary Artery By-Pass Surgery 5. Kidney Failure 6. Aplastic Anaemia 7. End Stage Lung Disease 8. End Stage Liver Failure 9. Coma 10. Deafness (Loss of Hearing) 11. Heart Valve Surgery 12. Loss of Speech 13. Major Burns 14. Major Organ/Bone Marrow Transplantation 15. Multiple Sclerosis 16. Muscular Dystrophy 17. Parkinson s Disease 18. Surgery to Aorta 19. Alzheimer s Disease / Severe Dementia 3 Source: 2012 Dread Disease Survey by major reinsurer General Reinsurance Corporation. 4
5 20. Fulminant Hepatitis 21. Motor Neurone Disease 22. Primary Pulmonary Hypertension 23. HIV Due to Blood Transfusion and Occupationally Acquired HIV 24. Benign Brain Tumour 25. Viral Encephalitis 26. Bacterial Meningitis 27. Angioplasty & Other Invasive Treatment for Coronary Artery 28. Blindness (Loss of Sight) 29. Major Head Trauma 30. Paralysis (Loss of Use of Limbs) (i) Non-guaranteed premium for CI acceleration*** rider. *** Upon contracting a CI, the CI benefits will be paid out and the main policy will terminate. This is consistent with current industry practice. 5
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