Term Life Insurance
Asked 4w ago
They are definitely cheaper as there is no middleman. The premium goes directly to the insurer companies, with no sales commission nor processing fees.
However, there there are some factors that you should consider before buying DPI.
Understanding of Product
Financial advisers are there to help you make an informed decision.
They possess a good knowledge of the product and a good adviser
will be able to provide good recommendations and help you understand your financial situation. Thus, it is essential to ensure that you have done thorough research on the product if you opt for DPI.
The lack of a financial adviser can also complicate the claim process should disaster strike. You will be required to prepare the paperwork and liaise with the insurer directly - which might not be ideal given the situation.
There is a limit for the Sum Assured of S$400,000 per insurer, with a sub-limit of S$200,000 for whole life DPI. You can, however, choose to buy more coverage through DPI, form another insurer (with declaration).
Do get in touch with us if you require more information.