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Alcander Seow

Environmental Engineer Minor in Business at Nanyang Technological University

29 Oct 2023

Insurance

What to do if a financial company wind down it business? Moneyowl to iFAST Financial Pte Ltd

Hi, when I bought my insurance, it was thru Moneyowl agency. As it is ceasing its business at year-end, what will happen to my insurance agent? Will I be getting a new agent from the new company which will manage my insurance policy, middle man between me and the hospital that insurance is from?

If I don't like this new agent, can I swap agents or it is fixed?

Discussion (7)

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Yup you will get a new agent from iFast to replace.

You can also find your own agent from Singlife to take over. If you'd like, I can intro you to one.

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If your agent also go to ifast, chances are your agent will retain original customers.

if not, ifast should assign an agent to you. if they did not, you can request for one. if you don't like the agent, you can always request to change another.

but truth be told, most often, the new agent(s) will not care about you or your policy as they do not recevie any commissions from taking over another agent's customers. the only reason the new agent will call you is to entice you to cancel and buy new policy from them. hard truths. the industry works on sales and commissions.

even harder truth, the company will not care whether their agents resond to you or not. as long as the agent did not break any MAS regulation, THE COMPANY DOES NOT CARE.

best is to take care of yourself. the good thing is for hospital shield plan, you can just tell the payment counter you like to deduct from shield plan and let the hospital do all the claims.
hope this helps.

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Tan Siak Lim

30 Oct 2023

CFP. Director, Financial Advisory Group at Financial Alliance

You can find someone you like to take over...

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