Insure for protection, not because it's 'free'

Be wary of online deals by unknown insurers that offer a full refund of premiums

The Monetary Authority of Singapore says it is always prudent not to respond to ads you are unsure of, especially if the promise of returns appears too good to be true.
The Monetary Authority of Singapore says it is always prudent not to respond to ads you are unsure of, especially if the promise of returns appears too good to be true.ST PHOTO: KUA CHEE SIONG

Is there such a thing as a fully refundable insurance policy that will pay you back every cent you have put in, if you do not make a claim?

Well, yes, if you believe some of the videos circulating on social media. One of these videos explains how the "policy" works:

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A version of this article appeared in the print edition of The Sunday Times on January 24, 2021, with the headline 'Insure for protection, not because it's 'free''. Subscribe