Question: How many different quotes should you get for life insurance before you settle on something? And how do you choose a life insurance company?
Response :
Buying life insurance is not a one-off transaction. Life insurance will be there to take care of you when you are down with illness or become disabled. It will be there to take care of your loved ones when you are no longer around.
All insurers are regulated by the Monetary Authority of Singapore (MAS). Capital reserved requirements are the same for all company.
What matters most is your financial planner. Your financial planner must have your best interest at heart. You should look for a financial planner who has good understanding of your objectives, preferences and financial situation. The financial planner should also be able to give you good advice with regards to your financial situation.
Answered By:
Ms Phylise Er Jia Li
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Disclaimer:
This commentary expresses the views of Phylise Er Jia Li, CFPcm representing AXA Life Insurance Singapore Pte Ltd. It is not made with regard to the specific investment objectives, financial situation and particular needs of any person. You may wish to seek advice from a financial adviser before making a commitment to purchase the product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you. The precise terms and conditions of the plan are specified in the policy contract. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value may be less than total premiums paid. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. A product summary is available and may be obtained from AXA Life Insurance Singapore Pte Ltd and the participating distributors’ offices. You should read the product summary before deciding whether to purchase the policy.
