Purchased a Term Life Policy on FWD site where their product summary listed CI terms that were not the updated LIA terms yet. My policy came with different CI terms (Updated LIA). Can they do this?

Hi there,

Do take note that for direct purchase insurance (DPI), there are a set of stipulations found here by FWD. These are the guidlines set by MAS.

They are not obligated to offer you more coverage than is stipulated by the industry guidelines. That is one of the possible reasons why they asked you to free-look the policy.

As you are not seeking professional advice for your coverage, the guidelines are also to ensure that the risk is being managed fairly between insurer and consumer. The good thing about DPI is that its is affordable, but the downside is that you will not be able to get the ideal coverage you might need for yourself.

If you are looking for comprehensive coverage for CI, you can reach me to schedule a consult. There will be a change in the CI definitions on August 26th, so if this is a priority, i suggest you don't wait any further.

I hope i was able to answer your query, have a great day ahead!

It could be information not yet updated on their site. As this is an upcoming recent change & different companies have different dates where they are changing the terms and quite a few are still available (Pm if you want more info/ insights). If you purchased it recently you still have options due to the free-look/ money back grace period, and get a plan that you originally intended.

Sometimes this is a common issue as digital purchases lack the personal service & in-depth company information for better assurances.

Hope you can solve it!