If you’re looking for a easier and faster purchasing experience on life and health insurance plans, it is already under way.
Current changes have been instigated by COVID-19 and the need for more social distancing. But from an advising standpoint, perhaps the changes are for the better! Here’s why…
Some personal insurance can be bought online
Travel insurance is mainly bought DIY online.
What you need is pretty straightforward and the total premiums? $30 or $40 only.
It is simple enough to skip thorough examination of plan details. There’s a chance your dinner bill would cost even more!
Although motor insurance cost more, it is also mainly DIY online purchase.
The key reason is because everyone’s needs are roughly the same.
There isn’t much that needs personalisation. What you need is mainly to protect you as a driver from liability and repair costs.
Life insurance shouldn’t be bought online
However, life insurance needs are very different.
What you want covered as a single will be very different from what you crucially need once you are a parent.
There can be simple rules of thumb such as to cover 10x your annual income for life insurance. It has proven to work for income replacement and liability coverage very well.
Singlife insurance plans done virtually
Singlife has a very well developed online system that makes it easy for both of us if we need to put through an application.
Below are some solutions for life and critical illness coverage that we can do non face-face.