facebookAre there any downsides of getting different insurance from different insurers? E.g. getting term from insurer A then CI from insurer B instead of getting CI as an add on to my term policy? - Seedly

Anonymous

18 Apr 2019

Insurance

Are there any downsides of getting different insurance from different insurers? E.g. getting term from insurer A then CI from insurer B instead of getting CI as an add on to my term policy?

I feel that getting different insurance from different insurers will help to reduce the premiums significantly. Would like to know if there are any disadvantages of doing this though?

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Charmaine Ng

25 Aug 2018

The Value Maximizer at @ Every Ma La Xiang Guo Stall

It's usually more straight forward to buy all insurances from 1 company but I agree that you may be able to save costs by getting policies from different companies since not all policies are made equal (in terms of $ or coverages).

I personally am doing that and think there's no big disadvantage apart from the fact that you may have to familiarize yourself with how each companies do claiming in case your FA are not around when you need them most.

On the contrary, it is more likely to cost more if u buy 2 same coverage-type from 2 insurer. There will typically be 'discount' for larger coverage purchase. Assuming you are buying your coverage at once. But if u are bought from insurer A, buying from insurer B is not much difference.

There are circumstances/strategy that will require buying from different insurers. But normally, it is advisable to buy from same insurer. Easier for u to too. If u want to learn more do ping me.

Ng Lip Hong Kyith

21 Aug 2018

Chief Editor at Investment Moats

I think it should be ok. What you provided is that you get a different category of insurance from di...

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