4 Ways To Buy Insurance in Singapore

This was originally posted on Planner Bee.

Buying insurance for the first time can be overwhelming. You might feel lost with so many options and that you need help figuring out where to start. Don’t worry, because you’re hardly alone in this. Many people find the process confusing at first.

In this article, we’ll share four primary ways to buy insurance in Singapore and help you understand each option and find the best fit for your needs. Whether you’re looking for comprehensive health coverage, life insurance, or protection for your assets, you’ll first need to understand how to take the first step to purchase insurance, saving you time, money, and stress.

1. Through a commission-based advisor

Are you someone who prefers a personalised experience? Buying insurance through a commission-based advisor might be the right choice for you. These advisors are typically affiliated with specific insurance companies and offer customised advice and recommendations based on your individual needs and financial goals. They take the time to understand your situation thoroughly and suggest products that align with your circumstances.

Personalised human service

One of the best things about working with a commission-based advisor is the human touch. You have a dedicated person to handle your insurance matters. They are here to guide you through complex insurance terms and conditions without feeling overwhelmed. This makes the process smoother and more reassuring. This dynamic allows you to ask questions, get clarification, and feel more confident about your choices.

Restricted to single-point service

One thing to note is you might be reliant on the expertise and availability of one individual, which can delay important decisions if your advisor is unavailable or unable to provide timely assistance. Additionally, since their work is commission-based, there’s a possibility they may prioritise selling products that yield higher returns for them. This may not always align with your best interests, so it’s important to conduct thorough research and seek their expertise to ensure the advice you receive truly benefits you.

2. From the insurer directly

You cut out the middleman when you buy insurance directly from the insurer. This method is all about convenience and speed, and it’s ideal if you know exactly what you need.

Fast, hassle-free

Many insurance companies in Singapore have online platforms where you can easily browse, compare and purchase policies. If you prefer a quick, no-fuss approach, this might be the best option for you. With just a few clicks, you can complete your purchase, making it incredibly convenient. Plus, some insurers offer discounts for online transactions, which is a great bonus.

Self-service

However, the downside is that this method is self-service. If you’re not familiar with insurance terms or unsure about which policy is right for you, this process can be daunting. There’s no personalised advice or guidance — you have to navigate everything on your own. This means you need to be completely aware of all your insurance needs and the details of the policies you’re considering. Without expert help, you could end up with coverage that doesn’t fully meet your requirements.

3. Independent advisor

Choosing an independent advisor can be a great option if you’re looking for unbiased advice and personalised service without the limitations of being tied to a specific insurer.

Receive unbiased expert insights

Choosing an independent advisor could mean getting the best of both worlds: expert guidance without the pressure of commissions. Unlike advisors tied to specific insurers, independent advisors provide unbiased recommendations across multiple companies.

An independent advisor also comes with the human touch, someone who will take the time to understand your unique circumstances and financial objectives. This makes buying insurance less intimidating and more straightforward.

One contact limit

In the same vein, the drawback is also similar in that you rely on one person for all your insurance needs. If they’re busy or not available, you could experience delays in getting help. Also, even though independent advisors aim to give neutral advice, they might prefer insurers they know well or have worked with before.

4. A digital independent platform

If you’re tech-savvy and value convenience, a digital independent platform might be an ideal way for you to buy insurance.

Quick, easy, & unbiased digital service

Outlets like Planner Bee provide a fast and easy way to buy insurance online. You can quickly suss out the best deal available by comparing policies from different insurers without any brand bias. You can also use the service anytime and anywhere, which is great for those with hectic schedules, or those who prefer doing things online.

One key benefit of using Planner Bee, for instance, is an online expert customer support team. Instead of relying on just one advisor, you get help from a group of specialists. This means you always get quick and reliable advice, even if one team member is unavailable. The whole process, from comparing policies to making a purchase, is simple and mostly online, requiring very little effort from you.

Convenience of virtual consultations

Not being able to meet face-to-face might be a downside for some. For those who prefer discussing their options in person, a digital platform may not be the most suitable. But for others who value convenience and efficiency, such platforms will usually provide virtual consultations, which can help combine the ease of digital services with a personal touch.

Finding the right fit for your insurance needs

By carefully considering the advantages and disadvantages of each method of purchasing insurance, you can identify the approach that aligns best with your preferences. Whether you value personalised service, convenience, or a mix of both, being well-informed about your choices will empower you to make the best decision for your needs.