Buying insurance? Soon, it will be less painful

Buying insurance? Soon, it will be less painful

SINGAPORE - The reforms sweeping the insurance industry could not be timelier.

In fact, I wished they had been introduced a lot earlier, because it would have saved me years of pain of sieving through insurance and investment products and sitting through endless meetings with agents.

The changes, starting next year, include a centralised website to let consumers easily compare a wide range of life insurance products.

They will get to compare features such as premiums, death benefits and the surrender value for policies such as term life and whole life, those with critical illness riders and endowment plans.

The changes will also allow consumers to buy basic insurance policies directly without having to go through an agent and pay a commission.

Agents' salaries will also be reviewed to consider non-sales targets.

I remember wading into the scary world of investment and insurance many years ago when I had just started my job and was a financial greenhorn.

The plethora of products was intimidating and it took me a period of time to research and digest the related information. What made it doubly difficult was that there was no central resource to go to as the information on products was held by individual companies.

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