Comparefirst Singapore and Other Resources You Need When Choosing the Right Insurance for Yourself
Comparefirst Singapore was launched in 2015 to help all the insurance products consumers to compare and choose suitable plans from top insurance companies in Singapore. The portal is a collaborative effort from various life insurance associations in Singapore.
The need to have the portal came about from the Financial Advisory Industry’s findings that the advisory standards available to consumers were not sufficient for them to make the right decisions. The portal, therefore, guides consumers to make the right choices and pay for products that match their needs as closely as possible.
The standout functionality of Comparefirst Singapore is helping consumers compare insurance products and have a one-page view of all the vital information. The website portal lets users compare direct purchase insurance products and other related products such as term life insurance and investment-linked policies.
Insurance companies all try to have unique and niche insurance products to attract more customers. This makes it difficult for the consumers to choose the right solutions because the differences make it hard to know what is right. Solely relying on email quotes becomes difficult and time-consuming. However, Comparefirst Singapore has a very effective comparison tool that helps consumers generate precise comparison results that closely match their insurance needs.
Whenever you read insurance quotes before purchasing a cover, you may wonder how the insurance company arrived at those insurance premiums. All insurance policies need to charge you some premiums, regardless of the type. However, the amount charged usually depends on factors such as age, coverage type, personal information, and your address, among other things.
Age plays a big role in the premiums charged by an insurer. By determining your age, the insurer can predict how soon or how often you will need the benefits paid. For example, statistics suggest that younger people will need medical care less often than elderly people for health insurance in Singapore. Younger people, therefore, pay cheaper insurance premiums for medical covers. But, on the other hand, for car insurance, the guess is that younger drivers with less experience are likely to get into more accidents and cost more to insure.
Comparefirst Singapore’s premium calculator not only helps you estimate the premiums using age, but also guides you using the type and amount of coverage you need. Comprehensive coverage plans cost more than basic plans. In auto insurance, third-party covers will cost less than those plans, including collision repairs, medical payments, and uninsured motorists.
The coverage valuation also determines how much insurance premium will be charged. For example, luxury cars will cost more than budget cars. The same applies to health insurance because people will pay more premiums depending on the number of deductibles or out-of-pocket costs agreed in a policy.
Life insurance estimator
If there are people who depend on your finances, it is wise to have the right financial resources to cater to them in case of your demise. A life insurance cover is an effective way to take care of their daily sustenance, burial expenses, pending debts, and other obligations that may stay in your wake.
Life insurance costs less when you are young but getting it or qualifying for it varies depending on the insurer. So the costs will also vary. You need a sure life insurance calculator to find out the premiums that different insurers cover for your age. Comparefirst Singapore has a calculator that can let you estimate what different insurers will charge you as premiums as per your age and risk category.
The puzzling part about choosing the right life insurance policy is figuring out how much money should be enough to cover your dependents’ needs. It is not as simple as choosing the amount you will be paid upon death. Different factors come into play, and that is why what may work for someone else will not be ideal for you. As a safe bet, many life insurance Singapore experts suggest that you purchase coverage that will offer between 10 and 15 times the amount of money that you make in a year. You may choose a higher or lower figure depending on your gut feelings.
Have you ever considered how much lump sum would be enough to sustain you for 20 years after your retirement? How do you figure out how much monthly payments will hold you up through your retirement?
There is no rule of thumb or special formula to calculate the amount you will need for retirement, but factors can be factored in to point you in the right direction. First, you need to figure out how much time you have between now and the time you plan to retire. To be safe, also consider the age that you may be forced to retire due to job losses, health, and other issues beyond your control. Professional athletes usually retire within more or less the same age group. Other issues like your spending habits should guide you on how much you will continue spending during retirement. Creating a certain annual estimate based on what you already use at the moment will give you a rough idea of how much you need to adjust once you retire. You may, for example, choose to spend 70% of what you currently spend monthly.
Why do you need to visit Comparefirst Singapore before buying insurance?
There is no prescribed formula for determining the exact insurance premium you should pay. However, you could have the same income and same life circumstances as your neighbor but still, end up being charged differently. Therefore, you need a powerful tool like Comparefirst Singapore to help you view and download product comparisons. They are exactly what each insurer will email to you as quotes but in a summarized and itemized way for easy comparison. The web portal allows you to tabulate and compare up to 4 different products and quickly figure out the expected premium and benefits.