compareFIRST is an initiative under the Financial Advisory Industry Review (FAIR) by MAS. It is an interactive web portal that allows consumers to compare the premiums and features of insurance products (Life insurance, term insurance, endowments and Investment-Linked Plans) offered by various insurers in Singapore. It aims to help consumers make informed decisions about what policy to buy and how much coverage to get.
We strongly advise consumers to check the compareFirst website to have an idea of pricing and coverage before they speak to an independent advisor that can deal with several companies. To the consumer, the newly added information will help them understand more and would be able to identify inferior products recommended by an insurance agent that only deal with a specify company.
Screenshot of compareFIRST below:
We can value add compareFirst’s comparison in the following ways
For endowment plans, our value adds are:
- We provide the historical performance of the participating fund (2005 onwards) from various insurers so that you will know how likely is the insurer able to perform at 4.75% projection in the illustration.
- We provide actual PDF quotations of most insurers and explain to you in various payout options available in a particular type of plan
- Contact us to value add your endowment comparisons
For whole life insurance policies, our value-adds are:
- We provide a comparison of limited payment whole life WITH MULTIPLIER. There are many options and combinations of the multiplier that is not available in compareFirst
- We provide historical performance of the participating fund (2005 onwards) from various insurer so that you will know how likely is the insurer able to perform at 4.75% projection in the illustration
- We provide professional advice on the optimum combination of coverage that tailors to your needs
- We provide actual PDF quotations of most insurers and answers your query on policy features
- Contact us to value add your whole life insurance comparisons
For term insurance plans, our value adds are:
- We provide customised coverage for TPD and CI for all term plan that is not available in CompareFirst (e.g. S$200,000 death/TPD coverage with $50,000 CI coverage)
- We provide term insurance with early CI coverage comparisons (currently not available in compareFIRST)
- We offer mortgage term insurance comparisons (currently not available in compareFIRST)
- We provide actual PDF quotations of most insurers and go through the policy summary with you in details
- Contact us to value add your term insurance comparisons
In summary, we welcome compareFirst as it is a good education platform for consumers. We wish to complement compareFirst to provide customers with a better experience.
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Besides CompareFirst, you may want to read up more insurance policy at our homepage here.