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Newbie’s Guide To Buying Insurance In Singapore

Insurance is a binding contract or policy in which an individual receives reimbursement or financial protection against losses. It provides coverage or security against a myriad of unwanted or unforeseen events such as death of the spouse, permanent disability, critical illness, and damaged car.

First, you must determine the situation you are in then and decide what type of insurance is appropriate for you. The policies and the insurance jargons can be confusing to a novice. To help you, here are some things you should consider before purchasing an insurance policy in Singapore:

1. PRICES

When purchasing for an insurance policy in Singapore, look for the best-priced deal that is suitable for you because prices can vary from one company to the next. Furthermore, the policies these companies offer are different. So, beyond the price, it is important to consider other factors as well.

2. TYPES

There are three main types of insurance sold in Singapore namely: Life Insurance, Health Insurance, and General Insurance. It is important to make sure you know what you want and you know what the insurance policies entails.

a. Life Insurance

This policy protects you and your dependants by giving the sum assured under certain circumstances such as being permanently disabled or critically ill. The agreed amount of money is intended to help you and your dependants meet your financial needs.

b. Health Insurance

This policy covers accidents, illnesses, and disabilities that affects your health. To help you and your family deal with the expenses, different health insurance policies are available in the market.

c. General Insurance

This policy secures you against a wide range of events such as damage to your home or loss of your belongings. Upon the occurrence of the event, the insurance company will pay you with an agreed amount to cover a portion or all of your loss.

3. TERMS

As a newbie, you are exposed to different insurance terms that can sometimes be confusing. This is why you must read through a comprehensive glossary of terms such as this list compiled by A.M. Best Company. This is the sample:

a. Annuity- a type of insurance policy that pays out fixed income payments at regular timings for one’s retirement.

b. Premium- price of protection for a specified period of time or a specified risk.

c. Whole Life Insurance- a type of life insurance serves a lifetime of protection. The policy will pay out the total sum insured plus any additional that you have accumulated before you passed away or become permanently disabled.

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

DIYInsurance’s First-of-its-Kind Baby Protection Package and Price Beater

DIYInsurance (Do It Your way Insurance) is Singapore’s First Life Insurance Comparison Web Portal launched in June 2014.

As its name suggests, you can now purchase insurance based on your own agenda and not the insurance agent’s agenda. Besides having the option to compare different kind of insurance plans across various insurers, they also rebate 30% of the commissions back to you. That’s an added bonus for making conscientious effort to take care of your own future financial needs!

Good news for every responsible adults out there!

DIYInsurance has unveiled a first-of-its-kind insurance packages last month to provide a more holistic cover to two groups of people that require protection the most — Baby and Young Working Adult.

For every parents, the birth of your baby signifies happiness and it also means assuming greater responsibility.

As parents, we want to give the best to our children. Besides giving them a memorable childhood, we want to give them a good education and adequate medical treatment if they fall ill or get injured.

The Child Protection Plan is an insurance package that protects your newborn from day one and it covers everything from child-related critical illnesses to death and disability. A complete hospitalization plan is also included to ensure that their hospital bill are taken care of.

Premium can be as affordable as less than $100 a month, depending on your needs. For more info, visit DIYInsurance here.

As responsible parents, we want our children’s education to be well taken care of and if your budget permits, the Baby Package also offers an Education Savings Plan that provides cash payout each time when your child reaches the next education milestone. Imagine how grateful your child will feel when they receive a cash payout of $2,000 each time they progress from Primary School to Secondary, and then to College?

An additional lump sum payment will be paid out when they turn 18, 19 and 20 (If your child is a girl) or 20, 21 and 22. (If your child is a boy)

Get rewarded for being responsible. You are entitled to cash rebates of around $300 for signing up for the Baby Package. A $50 shopping voucher will also be thrown in if you sign up for both the Child Protection Plan and the Education Savings Plan.

Enquire more about the package on DIYInsurace’s website here.

* Nobody like being shortchanged, and they understand that. DIYInsurance has also launched the Price Beater option which guarantee to offer you the best insurance deals out there. Got a better quotes from other insurers? Contact them and they’ll beat the price you have been offered and in addition they will give you up to $50 in shopping vouchers to spend! [Until 31 Dec 2015]

More information on Price Beater here.

(This article is brought to you by DIYInsurance.)

What Is Financial Well-Being And How Does One Boost It?

Early this year, the U.S. Consumer Financial Protection Bureau conducted a study on 59 consumers as well as 30 professionals to define what financial well-being actually is. Through their in-depth interviews they found that your income does not matter; consumers can experience financial well-being or the lack of it because it is highly personal. Therefore, financial well-being is defined as having financial freedom of choice and financial security in the present and in the future.

FACTORS THAT INFLUENCE THE FINANCIAL WELL-BEING

a. Social and economic environment,

b. Personality and attitudes,

c. Decision context,

d. Knowledge and skills,

e. Available opportunities,

f. and Behavior.

Image Credits: pixabay.com (CC0 Public Domain)

FINANCIAL WELL-BEING’S FOUR ELEMENTS

1. PRESENT SECURITY

You are able to pay your bills on time and do not have to worry about having enough money. You manage your finances and not the other way around.

2. FUTURE SECURITY

You are prepared to handle any financial emergencies or shocks that when it strikes, you have sufficient insurance, savings, and support from your family and friends.

3. PRESENT FREEDOM OF CHOICE

You have control over your life because you have financial freedom. Taking holidays, going out for dinner, and being generous to your family are done as you wish.

4. FUTURE FREEDOM OF CHOICE

You have short-term and long-term financial goals and you know how to meet them.

Image Credits: pixabay.com (CC0 Public Domain)

WAYS TO BOOST YOUR FINANCIAL WELL-BEING

1. EARN IT

Many people cut expenses but only a few examine ways to increase income. In the event of job loss, it is still important to do whatever it takes to provide for yourself and your family.

2. PROTECT IT

Do research (e.g., from newspapers, Internet, and financial experts) to ensure that all your monetary efforts are not wasted.

3. MANAGE IT

After you retire, the bottom line is not how much you make but how much you keep.

4. GROW IT

With careful financial planning, money will grow even in a slower economy.

5. ENJOY IT

A comprehensive plan will allow you to go for vacations, new car, and so much more. With this, you can transfer some funds to your heirs or to charitable causes.

Take each day as an opportunity to work towards improving your financial well-being! 🙂

How Can A Financial Consultant Improve Your Monetary Life?

Some of us are hesitant or skeptical toward Financial Consultants. To increase your knowledge on this subject, what do Financial Consultants actually do on a daily basis?

In general, Financial Consultants are professionals who guide their clients to manage their money, investment options, and asset relocation. But, what they do is far more complex than that. A career as a Financial Consultant gets to enjoy the flexible working hours and the privilege to indulge on the job incentives (e.g., Free Trip to Australia). Thus, the freedom will help them spend more time with their treasured family and friends. It can not only be challenging as they face a lot of rejection but also rewarding as they see their clients improving their monetary lifestyle. There is a job growth in this field as long as you go through continuous training with determination and openness.

Especially in large companies such as Prudential, HSBC, etc., Financial Consultants are:

a. Financial Planners

b. Dependable Advisors

c. Monetary Coaches, and

d. Financial Solutions Provider.

Financial planning entails creating the client’s financial goals by determining the shortage and the actual financial situation. Then, trusted advisory includes managing cash flow and developing money management strategies. While, Monetary coaching entails guiding clients to save more and to motivate them to avoid procrastination. Lastly, Providing Financial Solutions includes offering affordable solutions and options to achieve one’s financial goals.

Financial Consultants are more than just insurance salesmen because they organize your finances after identifying their financial needs and providing them with valid options. All these are given within a practical timeframe. Furthermore, the relationship established with you does not end after the “sale” is done. Financial Consultants are responsible for regular follow-ups to ensure that your needs are taken cared of. In short, they are committed before and after sales.

Image Credits: State Farm via Flickr with CC License

Sources: 1, 2, & 3

DIYInsurance: Compare Life Insurance and Save with 30% Commission Rebates

DIYInsurance (Do It Your way Insurance) is Singapore’s First Life Insurance Comparison Web Portal launched in June 2014.

An insurance resource that exists for one sole purpose: to empower you to make informed decisions about your insurance purchases based on no one’s agenda except your own.

Here’s how they stood out from the rest:

30% Commission Rebates

In addition to promotions, you will receive 30% commission rebates back in cash when you purchase any product through DIYInsurance for greater cost savings to you. Learn more about commissions rebate here.

Independence

All staff from DIYInsurance are paid a fixed salary and do not participate in sales-based compensation or incentives of any kind. Not being remunerated on a commission-basis means DIYInsurance is independent and are able to focus on doing our best to fulfill your needs. There is no hard-selling and no over-selling.

DIYInsurance Rating

The DIYInsurance rating system helps you find the product which is of the best value that suits your needs. The Specialist Consulting Group with expertise insurance knowledge, compiles, analyses, compares, updates and research products distributed by insurance companies based on features and price. Based on the product’s value, it is converted to the number of stars as displayed in the comparison platform.

You are able to compare the value of a wide range of products for your Protection needs (term, whole life, critical illness, disability income, long term care and mortgage), Savings needs (child’s education-endowment and SRS-approved savings) and Retirement Income needs from different insurance companies.

DIYInsurance has been featured on The Straits Times, The Edge, Lianhe Zaobao, Gold 90.5 FM and Kiss 92 FM.

Compare & Save with DIYInsurance today!

Like DIYInsurance on Facebook at https://www.facebook.com/diyinsurance.com.sg

(This post is brought to you by DIYInsurance, Singapore’s First Life Insurance Comparison Web Portal)

30% Commission Rebates

Independence

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DIYInsurance Rating

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