The Monetary Authority of Singapore (MAS) recently announced that Singaporeans would soon be able to purchase certain Term Life Insurance products directly online. There will be a limit on the amount of cover available and the types of coverage someone can choose, but the change is still a huge step forward for Singapore.
“MAS has been working with consumer groups and industry associations on this, over the past 10 months. In countries like the UK, price comparison sites allow consumers to buy basic life insurance products online. This is available on a limited basis through sites like DirectAsia.com in Singapore, and most products sold tend to be simple car and travel insurance policies.” – Channel News Asia
At DirectAsia.com it’s no secret that we believe in offering customers the ability to purchase insurance online. We’ve always believed Singaporeans are already researching and buying many products online and demand the same from their insurance.
We’ve offered Term Life insurance up to S$500,000 you can purchase online for around a year now. And we’re glad to see that the product will be coming to market for even more Singaporeans. With online purchase you’re free from the outdated system which required you to fuss with medical certificates, schedule appointments with agents and wait weeks for your cover to start.
This new policy will hopefully highlight to more Singaporeans the benefits of having Term Life Insurance policies. While Singaporeans have been good savers , currently Singapore follows other Asian financial powerhouses with total life insurance premiums at 4.4% of GDP in 2013 – behind Taiwan (14.5%), Hong Kong (11.7%), Japan (8.8%) and South Korea (7.5%).
This low percentage of policies is an indicator that life insurance protection compared to incomes is too low, something which Term Life can address. When you consider the amount of debt many Singaporeans are living with, the case for Term Life is compelling. We never like to focus on the worst case scenario, but if the worst happens, you want to ensure your family is not left with life-altering financial burdens.
DirectAsia.com started over four years ago with a mission to change the face of insurance in Singapore, and to bring the best value insurance policies and customer service to the region. We’re proud to be a part of those next steps forward in the insurance industry in Singapore. Like simple Term Life online, we’ll continue to look for exciting, innovative ways to put the power of choice and savings in the customer’s hands.