SINGAPORE - The new web portal for comparing life insurance products has been launched on Tuesday.
Monetary Authority of Singapore (MAS) said that the compareFIRST portal will allow users to compare the premiums and features of similar life insurance products across insurers at a glance.
"It will help consumers make informed decisions about what policy to buy and how much coverage to get. As it is an informational portal, consumers who wish to purchase life insurance products should approach their financial advisory representative or life insurance company," MAS said in a statement.
Life insurance companies have also started selling Direct Purchase Insurance (DPI), a class of simple life insurance products that is sold without commissions and financial advice today.
As DPI are sold without financial advice, their premiums are lower than comparable life insurance products because no commissions are charged. DPI can be identified by the prefix “DIRECT” in their product names.
MAS said: "The features of DPI are broadly standardised so that they are easier for consumers to understand and purchase without the need for financial advice. Because DPI are sold without advice, consumers should read the DPI factsheet and complete the checklist that will be provided by insurance companies".
Both compareFIRST and DPI are initiatives under the Financial Advisory Industry Review (FAIR).