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Anonymous
It's cheaper to pay the insurance yearly. But monthly payment allows it to be counted towards minimum spend for cashback credit card.
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Leong Kaiyan
18 Sep 2020
Manager, Financial Services at Great Eastern Life
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HC Tang
08 Aug 2018
Financial Enthusiast, Budgeting at The Society
Answer: Yes it is cheaper to pay annually as insurance company gives some discount for lump sum yearly payment.
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However, income only accept 1st payment via credit card, subsequent all has to be in the form of bank transfer / cheque.
(Source: https://www.income.com.sg/contact-us/premium-pa...)
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So your policy is with the rest of the company and they allow credit card payment, it does have the benefits as you've said to:
charge to credit card via monthly payment to be counted towards minimum spend and with the right card (cashback/miles), you can reap your rewards (like what Jin Shun Chia said below is a good strategy).
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Jeff Yeo
08 Aug 2018
amateur Social contributor at School of social sharing
From conversation with my friend working in insurance itโs cheaper to pay annually.
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Pay monthly...
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Cash rebates should not matter any more as insurance companies come under the Financial Services MCC which is more often than not, excluded from receiving rebates.