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Come early 2015: Buy basic insurance directly, save on commission

Published on Jul 30, 2014 6:46 PM
 
The Monetary Authority of Singapore (MAS) announced on Wednesday that it has discussed the parameters for the sale of such products with industry players and other stakeholders for the past 10 months. -- ST PHOTO: NG SOR LUAN

SINGAPORE - Come early next year, consumers here can bypass insurance agents to directly buy basic life insurance products at a likely lower price.

The Monetary Authority of Singapore (MAS) announced on Wednesday that it has discussed the parameters for the sale of such products with industry players and other stakeholders for the past 10 months.

For a start, MAS will require all insurance companies that serve the retail market to offer three categories of protection products through the direct sales channel.

They are: term life insurance products with total permanent disability (TPD) cover, whole life insurance products with TPD cover and optional critical illness rider attached to term life or whole life insurance products.

 
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