As reported in today’s The Sunday Times, the local insurance industry here will be getting an overhaul (if I may use this word). Singaporeans who wish to get an insurance policy need not go to different insurance companies and their agents to understand their products to make an informed comparison as there will be a centralised website that will help Singaporeans compare products catering to their needs from different insurers, this will save Singaporeans time and efforts. Another overhaul will be the structure of and the quantity of commissions given to insurance agents from their sales deals.
While I applaud the overhaul of the insurance industry, I thought such an overhaul or reform is long overdue. I have some insurance products which suit my needs and which I have bought after carrying out quite a thorough research. But I also know of others who have bought investment linked policies not ......
