MAS has been discussing with the insurance providers to provide an alternative sales channel for consumers to bypass insurance agents and buy basic life insurance directly. If all goes well, this could be in place by as early as next year.

Without having to pay commissions, these life insurance products would have lower premiums, hence making them more affordable. This is especially critical for term life insurance products which have low premiums to begin with and the insurance companies can become more competitive in these products.

Both term life insurance products and whole life insurance products with total permanent disability cover will have to be made available to the direct retail channel. Optional critical illness rider will be available for both products as well.

A Step In The Right Direction

This is an excellent move as people are becoming more and more financially savvy, they know exactly what they need in ...