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MAS launches website for Singapore consumers to compare life insurance products

Screen grab of the compareFIRST website.

From 7 April onwards, consumers in Singapore can compare life insurance products of various companies via a new web portal, compareFIRST.

The Monetary Authority of Singapore announced this on Tuesday, adding that the website will allow consumers to make informed decisions prior to purchasing life insurance products.

compareFIRST is a collaborative effort by MAS, the Consumers Association of Singapore, the Life Insurance Association Singapore and MoneySENSE, said MAS.

On the same day, consumers in Singapore can also begin to purchase Direct Purchase Insurances (DPIs), which are insurance products sold without commissions and financial advice.

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DPIs can be purchased from customer service counters or websites of life insurance companies. Consumers can identify them by the prefix, “DIRECT”.

DPIs will be sold at a lower price compared to other life insurance products as no commission is charged. Interested parties can begin to find out more about DPIs starting Tuesday from the MoneySENSE website. However, purchases can only be made from 7 April.

compareFIRST and DPIs are a part of MAS’ campaign to educate the public on the upcoming changes of the life insurance landscape.

On 10 March, the Minister of Culture, Community and Youth, Lawrence Wong, spoke about this in Parliament on behalf of Minister-In-Charge of MAS, Tharman Shanmugaratnam.

“We will soon start a campaign to educate the public about upcoming changes to the life insurance landscape. These include the setting up of an online web aggregator for easier comparison of life insurance products, and the introduction of lower cost direct purchase insurance products that consumers can buy direct from insurers,” he said.

Wong was answering a question posed by Nominated Member of Parliament, Mohd Ismail Hussein, on ways to step up outreach efforts to educate the public “on managing household debt, managing life-risks, education and retirement planning”.