The fML Direct Purchase Insurance Guide

Direct Purchase Insurance Guide

In our article, we discussed the benefits and potential pitfalls of getting direct purchase insurance. Now that we know what the pros and cons are, you might be wondering where to get it next.

“Get it online”

…is the most obvious answer isn’t it? Turns out getting direct purchase insurance is not as simple as it seems. You might be able to compare direct purchase insurance on compareFIRST, but…that’s about it. That’s where we come in, to give you a heads up. While it seems counter-intuitive on the surface to write about an adviser-less product, we here at fundMyLife believe in empowering consumers so that they can make informed decisions. As such, in this article fundMyLife parses the Life Insurance Association‘s list on where to purchase this plan, and attempts to expand on the list. This list will be full of links ūüėÄ

Think of it as a pretty nifty direct purchase insurance guide. Note: this information is accurate as of May 2018.

Insurance companies

AIA Singapore

Available for online purchase: No

Location to purchase: Customer Service Center, 1 Finlayson Green, Singapore 049246

Places to get information:

  1. AIA – Direct term cover
  2. AIA – Direct whole life cover

Aviva

Available for online purchase: Yes, but only for Aviva Term Life

Location to purchase: 4 Shenton Way #01-01, SGX Centre 2, Singapore 068807

Places to get information:

  1. DIRECT – Aviva Term life
  2. DIRECT – Aviva Whole life

AXA

Available for online purchase: No

Location to purchase: Customer Centre, 8 Shenton Way, #01-21/22, AXA Tower, Singapore 068811

Places to get information:

  1. DIRECT – AXA Term Lite
  2. DIRECT – AXA Life Lite

Etiqa Insurance

Available for online purchase: Yes

Location to purchase: Customer Care Center, 16 Raffles Quay #01-04A, Hong Leong Building, Singapore 048581

Places to get information and purchase:

  1. DIRECT – Etiqa term life
  2. DIRECT – Etiqa whole life

Great Eastern Life

Available for online purchase: Yes

Location to purchase: Customer Service Counter, 1 Pickering Street, Great Eastern Centre, Singapore 048659

Plans available:

  1. DIRECT – Great Life 70
  2. DIRECT – Great Life 85
  3. DIRECT – Great 5yr Term
  4. DIRECT РGreat Term (Up to age 65)
  5. DIRECT РGreat Term (20 Years)

Great Eastern provides a variety of direct purchase insurance plan, and all of the information can be found on its website.

Manulife Singapore

Available for online purchase: No

Location to purchase: Client Service Centre, 51 Bras Basah Road #01-02C, Manulife Centre, Singapore 189554

Places to get information:

  1. DIRECT – ManuAssure Term
  2. DIRECT – ManuAssure Life

NTUC Income

Available for online purchase: Yes, for DIRECT – Term

Locations to purchase:

  1. Client Advisory Centre, 75 Bras Basah Road, Income Centre, Singapore 189557
  2. Ang Mo Kio Client Advisory Centre, 53 Ang Mo Kio Ave 3 #03-18/19/20/21, AMK HUB, Singapore 569933
  3. Raffles Client Advisory Centre, 16 Collyer Quay #01-05, Income at Raffles, Singapore 049318
  4. Eastpoint Client Advisory Centre, 3 Simei Street 6 #04-01/02/K7, Eastpoint Mall, Singapore 528833
  5. Tampines Client Advisory Centre, No. 2 Tampines Central 6, Income at Tampines Point #01-01, Singapore 529483
  6. Westgate Branch, 3 Gateway Drive #02-40B, Singapore 608532
  7. Woodlands Client Advisory Centre, 900 Woodlands Drive #05-06, Woodlands Civic Centre, Singapore 730900

Places to get information and purchase:

  1. DIRECT – Term
  2. DIRECT – Whole Life

Note: A little different from the other insurance companies which have only one location, NTUC has many locations where you can buy this plan from.

Prudential

Available for online purchase: No

Location to purchase: Customer Service Centre, 5 Straits View #01-18/19, Marina One The Heart, Singapore 018935

Places to get information:

  1. DIRECT – PRUprotect life
  2. DIRECT – PRUprotect term
  3. DIRECT – PRUprotect term 5

Tokio Marine Singapore

Available for online purchase: No

Location to purchase: Customer Service Centre, 20 McCallum Street #07-01, Tokio Marine Centre, Singapore 069046

Places to get information:

  1. DIRECT – TM Basic Term
  2. DIRECT – TM Basic Whole Life

HSBC Insurance

Available for online purchase: No

Location to purchase: 21 Collyer Quay #02-01, Singapore 049320

Places to get information:

  1. DIRECT – ValueTerm
  2. DIRECT – LifeProtector

Note: If you have noticed, HSBC seems like the only bank that sells direct purchase insurance? Yes and no, it’s not the bank itself. HSBC Insurance (Singapore) is a subsidiary,¬†wholly owned by HSBC Insurance (Asia Pacific) Holdings Limited, which is in turn owned by HSBC Holdings. HSBC Holdings is the holding company of the HSBC Group, based in London. Don’t let the layer-cake structure fool you – HSBC Insurance is a certified Tier-1 insurer by MAS.

Out of the ten of the insurance companies examined (excluding FWD and SingLife), you can purchase direct purchase insurance from only¬†four¬†of those insurance companies.¬†It seems like not all insurance companies offer direct purchase insurance via an online portal. In fact, if you really want to buy it you’ll have to trek down to very specific offices from each company. This may explain the low adoption rates of the plans. However, it’s still too early to say if this really reflects consumer sentiments.

Online-first companies

These companies are exclusively online, and reflect a new trend of how life insurance is sold. Advisers are also optional, which explains the competitive pricing.

FWD Insurance –¬†www.fwd.com.sg

Singapore Life –¬†https://singlife.com

Conclusion

We hope that our direct purchase insurance guide gave you a better idea of where to get these plans. That said, if you’re considering life insurance, why not consider¬†asking our curated pool¬†of financial advisers first? The financial advisers of fundMyLife were carefully curated to ensure that you’re engaging an awesome professional who won’t let you down.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

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