SINGAPORE - From April 7, consumers will be able to compare life insurance products of different companies using a new web portal called compareFIRST (www.comparefirst.sg), the Monetary Authority of Singapore announced on Tuesday.
The web portal allows consumers to compare the premiums and features of similar life insurance products across insurers at a glance.
After comparing, consumers can approach their financial advisory representative or life insurer to buy their choice of insurance.
Life insurance companies will also start selling direct purchase insurance on April 7. These are simple life insurance products sold without commissions and financial advice.
As they are sold without financial advice, the premiums are lower than comparable life insurance products because no commissions are charged.
Consumers should read the factsheet for these products and complete the checklist provided by insurance companies before buying them.
Both the portal and direct purchase insurance are moves earlier announced under the Financial Advisory Industry Review (Fair).