CompareFIRST: Guide to Comparing Life Insurance & Buying DPI in Singapore

It’s a way to care for your loved ones even after your own life ends!

• Life insurance is for those who want to protect their loved ones with financial support in the event of death or permanent disability.
• There are many types of life insurance, and broadly they can either be term or whole life bundled products. Term products’ coverage lasts for a fixed amount of time and typically have lower premiums. Bundled products include insurance + an additional component (e.g. investment component) and generally are more expensive.
• Financial experts will often say that the sum assured in your life policy should come to 10 to 12 times your annual income, but what you need will vary depending on many personal and financial factors, so speak with a trusted professional advisor.

CompareFIRST

Singaporeans looking for a starting point in comparing the premiums and components of different life insurance products available to the Singapore retail market need to look no further than compareFIRST. The platform, launched in 2015, empowers users to make informed decisions about life insurance products without meeting up with an insurance agent. Aside from allowing you to compare term, whole, endowment and investment-linked policies, compareFIRST enables you to purchase Direct Purchase Insurance (DPI) through the site. The policy type is essentially a simple life insurance product and is unique in that it can be purchased without having to go through an insurance agent.

Direct Purchase Insurance

The advisor-free element to DPI policies means that you won’t be forking out to pay an agent’s commission as part of your premiums, meaning that they’ll be cheaper than comparable life insurance products. The features are pretty standardised, which is understandable given that they need to be easily understood without the help of an agent. 

However, DPIs are not for everyone. There’s a ceiling to the assured amount you can get, $400,000, which may be below what you were hoping to be assured of. 

DPI’s come in both term and whole life versions. 

Source: compareFIRST

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