Anonymous

15 Apr 2021

∙

Is a particular insurance policy the same/similar across different agencies?

If I were to buy PA for eg, is there a significant difference btw buying from AIA, Aviva, GE etc? How to know which company's policy is best for me? I feel like reviewing the policies my mum bought for because tbvh even tho my mum is educated, she has v gullible & usually won't think much abt insurance. Had a v bad experience w insurance. My mum bought X policy, paid premiums for 15yrs alr but when she wanted to make a claim for 1st time, the agent say can't, need to upgrade to a better policy.

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Jun Xi

15 Apr 2021

Financial Advisor at Great Eastern Life

Hi,

Yes, there will be differences even for the same type of insurance policy across different insurer. For example, the benefits and premiums will not be the same. Some policies may cost more and yet have a lower sum assured. The payout may be different too, some policies when comes to claim, will split the payout into three different years while some payout in full in one go.

Hence, it is important to look at the policy contract and understand how each policies work when comparing between different insurer's insurance policy.

If you are unsure about the policy wordings in the contract, you can always contact me (email at bio), I will be glad to help you.

Cheers.

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I've noticed CI coverage are presented differently across insurers. Does each insurer have the right to pick and choose which CI they want to cover, instead of following the standard definition set by Life Insurer Association?

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