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Saturday, April 11, 2015

What You Need To Know About CompareFIRST

CompareFIRST is an interactive web portal that allows regular people (like you and I) to quickly compare the premiums and features of similar life insurance products offered by different insurance companies in Singapore. 


Insurance
Credit: Shutterstock

Quick and Easy Comparison


Its main objective is to help potential buyers of insurance products make better informed decisions on pricing and coverage of the plans offered by insurance companies. 

Upon making your comparisons and deciding on an insurer, one can proceed to the customer service counters or websites of the life insurance company to make a direct purchase of the policy, more commonly known as DPI (Direct Purchase Insurance).

Alternatively, you can also contact your financial adviser for more detailed understanding of the plans or simply to align with your current financial objectives.


Informational


CompareFIRST does not distribute nor sell the insurance in proxy for the insurers. You will be required to go directly to your desired insurance company to make your purchase. 

It is however, a great platform for you to do some 'shopping'. This will allow you to have a proper feel of the products available in the market.


Direct Purchase Insurance (DPI)


As of 7 April, prospective customers can purchase DPI from customer service counters or websites of life insurance companies. Since DPI are sold without financial advice, their premiums are slightly lower than comparable life insurance products. This is mainly because of the removal of the commission component that is usually paid to the financial adviser.

More information on DPI can be found at the MoneySENSE website. 


Using the Webportal


Browse to the CompareFIRST webpage. Select the product which you are interested, from the choices (DPI, Term Life, Whole Life, Endowment or ILP).



Search

Fill in the mandatory details that will allow the system to generate the necessary insurance plan (Sex, Age, Sum Assured).

Select the sort order (We suggest to sort by Lowest to Highest Premium). Choose the insurance companies that you would like to compare (up to a maximum of four).


Choose for comparison

Compare the plans in detail, export into PDF or Print a hard copy. This will allow you to make an informed decision on which insurer's plan would suit your needs.





Summary


Buying a Term or Life Insurance would no longer be a daunting task with the launch of CompareFIRST. With an intuitive and easy to use interface, comparing insurance plans between the various insurers is a breeze. Whilst having a personal financial adviser has its benefits, buying direct via DPI would also cut down on additional costs related to commissions. This is a great alternative for those looking to buy a policy and yet save some money.