Protection

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Most policies categorised under the Protection segment require the applicants to undergo medical underwriting. The insurer will offer such policies to those with good health. Those with medical conditions may be offered the policy with exclusions or subject to premium loading or, in extreme cases, have their application rejected.

Recently, more and more policies do not require medical underwriting; hence the proof of good health is not necessary. Such policies are usually found under Savings and Retirement Income segments. Insurance policies without the need for medical underwriting offer nominal protection benefits (like death, Total Permanent Disability). Hence a relatively larger proportion of the policy premiums is used to generate a better return and less to provide for protection needs.

It depends on the types of insurance policy applied for. Policies categorised under the Protection category require the applicants to undergo medical underwriting. A medical check up may only be required if the sum assured is of a sizeable amount, if the applicant is of a certain age or if there are existing medical conditions or family history.

Many policies categorised under Savings and Retirement Income segments do not require medical check up. This is because the main purpose is to generate a better return on your premium and less priority to provide for your protection needs.

You may use your age (last birthday).

To display the premium rates for all possible Sum Assured amounts would cause a strain on our resources, especially when the number of products grows and product changes occur. As such, we have provided the premium rates for selected product specifications for you to refer and compare. Do send us a quote request with your required needs and we will provide you with a quote for the sum assured amount you require.

Term Life: Projected death or critical illness benefits over total premium. For the same sum assured, the ones with the lower premium will be given a higher ranking.

Whole life: Protection and surrender values at about age 65 over total premium. For comparison purpose, the basic sum assured is $200,000 with limited premium of 20 years (15 years for Aviva MyWholeLifePlan). A higher ranking is given to those with higher projected benefits and surrender value at a specific age of 65 over the total premium payable. (The sum assured after including the minimum protection value / death benefit is around $200,000 applied for Whole Life Hybrid.)

Disability Income: Premium is based on inactive occupation with a deferred period of 6 months.

Long Term Care: Total income payout over premium with assumption used for duration of disability and life expectancy.

Mortgage/Decreasing Term: Initial sum assured over total premium. Assumption used is 4% interest and in the case of joint life to assume the same age as main applicant.

Ranking is based on Internal Rate of Return (IRR) of total payout over premium.

IRR measures the rate of growth of your savings (premiums) to generate the projected Maturity benefit and any Yearly Cash benefits.

Ranking is based on Internal Rate of Return (IRR) of total payout over premium.

2 types of rankings are used for different categories.

Internal Rate of Return (IRR) only – a higher ranking is given to those with higher IRR. Higher IRR means that with the same amount of premium, you could expect a higher payouts (e.g income payout, maturity benefit), with all things being equal. This ranking is used in most of our retirement product comparisons.

Internal Rate of Return (IRR) and Income Payout Ratio – Income Payout Ratio is computed by dividing the annual income payout by the total premium of the policy. Higher Income Payout Ratio means you could get more income payout per year for the same premium. Policy which pays a lower annual income but higher death benefit would have a lower Income Payout Ratio but a higher IRR. People looking for higher income payouts to fund their lifestyle would prefer products with higher Income Payout Ratio, whilst others who view insurance as a form of investment may be attracted to higher IRR. For some of our retirement product comparisons, a combination of these 2 indicators is used to arrive at our internal ranking.

As there are many riders available which can be attached to a product, we are not able to display the quotes of a product with a rider attached in our comparison table. Do send us a quote request with the rider and sum assured amount you require and we will provide you with a quote shortly.

If you are looking for or have an enquiry on a product that is not featured in our website, do contact us via email at [email protected] or give us a call at 6309 2478 between Mondays-Fridays, 9am-6pm (excluding public holidays). Our Client Service Manager will assist you.

Product enquiries through DIYInsurance are absolutely free. You only pay your insurance premiums if you subsequently purchase a policy from us.

During the insurance application, you will be able to indicate your preferred payment option namely, by cheque or credit card (Visa or MasterCard). For subsequent yearly premium payments, it will be through GIRO.

The types of premium payment frequency are yearly, half-yearly, quarterly and monthly. There is a small discount if you pay your premium yearly compared to other frequency mode usually.

Yes for most regular premium policies, you can use your credit card (Visa or MasterCard) for the first premium payment.

All prices reflected in the comparison table and quoted to you are nett (with GST included).

All prices reflected in the comparison table are before commission rebates and new promotions.

When buying through DIYInsurance, you enjoy lower cost and 30% of the agent’s commissions is rebated to you in cash. We take care of all your needs. A dedicated advisor is assigned to you and our Client Service Management team is on hand for you to contact if you require any after-sales service or claims with any of your policies. There is no difference with regards to the policy contract, benefits, coverage or premium offered whether the same policy is bought via DIYInsurance or through the insurance company directly.

All policies, including those with ongoing promotions bought through us may be eligible for commission rebates, except the following:

• Private Integrated MediShield plans

However, do note that all commission rebates are subject to the relevant insurer’s terms and conditions. In addition, in the unlikely event that you terminate your policy prematurely, up to the full amount of the commissions may be clawed back from you to return to the insurer.

When you purchase a policy that is eligible for commissions rebate through DIYInsurance, we rebate 30% of the agent’s commissions we receive from the insurer of your policy back to you, after deducting an admin charge (currently less than S$30) . We retain the remainder of the commissions as our service fee.

You will receive your commissions rebate in cash and this is payable to you 3-4 months after your policy has been incepted by the insurance company. We will rebate the commissions to you as long as the insurance company pays us a commission. The payout is usually 3-6 years long.

We will credit the commissions rebate directly back to your bank account.

The insurance company will mail the policy documents to you directly.

Yes, you can approach us for any enquiry, administrative requirements or actions required pertaining to the insurance policies bought through us. We are happy to assist you to submit instructions on your behalf to the insurance company.

Alternatively, you may contact the insurance company of your policy directly if you wish to.

For all insurance policies, the policy owner will be given a 14 days “free look” period from receipt of policy document as stated in the policy terms and conditions.

Cancelling your policy within the “free look” period will mean that the whole policy is cancelled and there will not be any insurance coverage from the particular policy thereafter. If you have gone for a medical examination for the policy, any medical cost incurred will be borne by you.

You can approach us to seek professional advice if you are able to make a claim from your policy. If you require to make a claim, we are here to assist in processing the claims for you.

The terms and coverage of your policy will not be affected in any way. In an event the DIYInsurance representative who has been serving you leaves the company, we will assign another trusted advisor to take over your account so that you will always have a trusted advisor to go to.

The terms and coverage of your policy will not be affected in any way.

In the unlikely event that Providend Ltd closes down, you may still proceed directly to the insurance company for your policy to be serviced.

Your privacy is our priority. We will not pass on your particulars or any of your information to any third party, financial institutions or sales people.