What other aspects should I look out for other than prices when comparing insurance eg life insurance?

Hi anonymous, thank you for asking. Luke Ho below has given a very comprehensive answer to your question and I have nothing more to add, Do note that when you compare your insurance on www.moneyowl.com.sg, the credit rating of the insurers are shown as well.

As for the rest of the points that Luke has mentioned, if one sees our client adviser for a discussion, the advisers will also share with your some of this observations as well. They are not on the robo because some of the observations such as speed of claim, claim experience can be pretty subjective and it differs from case to case. It is like we all experience good or bad services from all the different telcos. It is very difficult to pinpoint which Telcos give the best service.

Hope our collective answers helped!

Credit Rating and rationale for said rating: Typically the credit rating is based on things like the history of payouts and financial strength. This is different from its insurance securities. Naturally, higher is usually better. Some companies are unproven, so they automatically have lower ratings, not necessarily because they are bad. Most lower rated companies have more competitive products. It's tough math. Talk to an advisor.

Insurance Securities: Performance of things like par funds. So Tokio Marine has a lower credit rating than quite a few companies, but their history of bonus payout is much better. Just as an example and depending on what kind of insurance you buy.

Advisor value add: If there's anything the advisor value adds, such as how it complements your portfolio, the rationale for a specific product. I've stacked up a term against a whole life that someone else was offering and a whole life+multiplier against a term someone else was offering. It's not for fun, it was so you could get more benefit for either lower cost or for convenience/automation.

Claim speed: Self explanatory. Trust me, a couple of weeks can make a lot of difference. If its a death claim, it can make all the difference.

Range of benefits: If there's CI for example - well simply speaking, not all CI policies are created equally. You could have some policies that miss out specific conditions entirely that could be important to you. You can talk to me, who's a specialist in this area and has written several articles on it, if you want clarification.

https://www.moneymaverickofficial.com/posts/6-c...

For something like Death, you may want to consider whether its your own policy and if its subject to change or escalating rates. Most Group Term Insurance policies have much better prices than Individual Insurance policies, but you have to deal with the Terms and Conditions of it. There's no free lunch in this world.

These are just off the top of my head. If you'd like to discuss with an Advisor, you can feel free to contact me. Good luck!

https://www.facebook.com/luke.ho.54