- Deal with an insurance company that is pro-consumer, i.e. they will charge a fair price. An example is an insurance company that is not profit-driven. Today, it is difficult to find such a company in Singapore.
- Buy a standard insurance policy that is offered on similar coverages by several companies. The ...
When a consumer buys insurance, the consumer has the compete with the insurance experts, e.g. the actuaries, on what is a fair price for the insurance protection. The insurance company will naturally want to make a bigger profit, if they can, and will charge more to the consumer for the protection. There is no way that the consumer can compete with the insurance company as they have the statistics and the expert to do the calculation. The unwary consumer is likely to pay too much and get a bad deal.
The best protection for the consumer is:
