Web portal compareFIRST launched, allows consumers to compare life insurance products

SINGAPORE - Consumers can start comparing life insurance products of different companies on a new web portal called compareFIRST, which has been launched on Tuesday.

The web portal allows consumers to compare the premiums and features of similar life insurance products across insurers at a glance, said the Monetary Authority of Singapore.

The life insurance products that can be compared are: direct purchase insurance, term life insurance, whole life insurance and endowment policies.

Consumers can compare features such as premium, guaranteed death benefit, and the surrender values at different years.

After comparing, consumers should approach their financial advisory representative or life insurer to buy their choice of insurance.

General information on investment-linked life insurance policies is also available on the portal, as well as useful guides and tools for consumers to use.

Life insurers that have products on the site include AIA Singapore and Aviva.

Life insurance companies also start selling direct purchase insurance on Tuesday. These are simple life insurance products sold without commissions and financial advice.

They comprise term life and whole life insurance products with total and permanent disability cover, with the option to attach a critical illness rider.

Consumers can insure themselves for up to $400,000, with a maximum coverage of $200,000 for whole life direct purchase insurance, with each insurer.

rachaelb@sph.com.sg