5 key points in selecting a Singapore based Insurance policy

By Kelvin Tan

With so many insurance companies and difference insurance protection plans in Singapore it’s difficult to weed through everything to make a good decision on what to purchase. You don’t want to be stuck with a Long term insurance plan that doesn’t meet your needs or finding halfway through the policy life that it isn’t what you want.

The first key point of selecting a good insurance plan is finding the right company. Key questions you should ask your financial planner are:-

1. Has the insurance company been around for a long while (more than 70, 80, or 100 yrs)?
2. Is there good public Image about the company?
3. Importantly what are the financial standing and reserves?
4. Is the company growing and financially sound?
5. Has this company managed to deliver what is it has promised?
6. Is the insurance company listed in the local stock exchange (example Singapore Stock Exchange - SGX)?

The second key point is to make sure you have a good financial planner who you are comfortable with and have your needs at hand. This person must be able to ascertain through questioning, your long term needs and goals. Importantly is this person representing with a good Singapore based Insurance company regulated by Monetary Authority of Singapore (MAS)?

The third key point the planner should be able to one review your needs and recommend suitable plans that will meet your lifestyle goals. The planner should be able to explain clearly and in simple English what the plans offer, different advantages, disadvantages, benefits, and of course the premiums payable.

The fourth key point you should consider is that the policy should provide you adequate protection when you need it. Is there a regular review by the life planner on your policy?

The fifth point to consider is the payment of premiums, what payment options are available, and which payment option fit your needs. Yearly payments may yield a small discount compared to monthly payments.

For more details on contacting your reliable needs-based advisors visit www.Abundance2Insure.com who will partner you in your quest.

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.