This post was written in collaboration with MoneyOwl. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
As the end of the year approaches with festivities and feasting, many of us may be splurging a bit more as we catch up with friends and family.
While we enjoy a bit of indulgence this period, it’s also a good time to take stock of our finances for the year and channel some funds to cover our insurance gaps.
One way to do that is through MoneyOwl, a financial adviser and fund management company licensed by the Monetary Authority of Singapore.
Apart from providing financial advice, the company is also committed to doing good — it’s a social enterprise and a joint venture between NTUC Enterprise Co-operative Limited and Providend Holding, with a mission to help everyday ordinary Singaporeans make wiser financial decisions.
In fact, MoneyOwl has recently been awarded at the Singapore FinTech Festival’s Global FinTech Awards in the Social Impact category, in recognition of the positive contributions that it has made to our society.
If that sounds good to you, read on to find out more about the benefits of buying insurance with MoneyOwl, and why you should do it today.
1. Easily access & compare more than 500,000 insurance quotes instantly
If you haven’t bought insurance because there’s just too many different types of plans for different purposes and terms and conditions to go through, don’t worry, we completely understand.
Or you could just be too busy to compare quotes from different insurance providers to ensure that you get the cheapest, most value-for-money quote that fits your needs.
We totally get that too with busy schedules and a never-ending to-do list as we work from home.
Here’s where MoneyOwl’s insurance comparison tool comes in handy. Compare more than 500,000 insurance quotes instantly when you search for an insurance plan on MoneyOwl. Its search function is categorised into different types — life protection, critical illness, occupational disability, hospital plan, long-term care, education fund, retirement income plans and SRS plans.
Just select the type of insurance you want, fill in the required fields and you’ll be able to see the plans that are suitable to meet your financial needs.
If you don’t know what to get, you can also take a questionnaire, also known as the “Explore needs” tool, where you key in details about your personal profile (eg. single, married with or without kids, or planning for retirement). The questionnaire will go on to assess your financial profile and insurance needs before showing you the type and amount of insurance coverage you need.
The personalisation features help ensure the policy you get is fully tailored to your needs, and you have the option to choose from any provider you like.
And you can do it online, by yourself, at any time. If you have selected a few plans but are spoilt for choice, you may contact MoneyOwl’s friendly client advisers who could help to advise one that best suits your needs.
It’s no wonder MoneyOwl prides itself as “Singapore’s 1st Bionic Financial Advisor”, combining the power of technology and human insights. Technology to integrate complex financial models into your financial plan; dedicated client advisers to guide you through your life goals.
Besides, it’s all in the company’s name and logo — think of a wise owl giving sage advice, and powered by tech!
2. MoneyOwl’s client advisers don’t earn commission from your purchase
How often have you felt pressured to sign up for a policy from an insurance agent? Worse still if the person is your friend or former classmate who has suddenly resurfaced: Hey bro, when you free? Let’s go grab some kopi leh.
We’ve often heard horror stories of how pushy some agents can be, recommending all sorts of plans for any potential situations just to earn their commission.
What sets MoneyOwl apart is that its Client Advisers are all fully salaried and don’t earn any commission.
This means there won’t be any hard selling to consumers products that you don’t need or are overly expensive. You can thus be reassured that advice and recommendations provided are in your best interests and tailored to your needs.
Therefore, even if you were previously wary of pushy insurance agents, you can rest assured that you will not face that pressure from MoneyOwl. You may safely get in touch with a MoneyOwl Client Adviser to get unbiased advice and clarify any questions you may have.
There was this time an agent was asking me to pay quite a hefty sum for a plan and when I said I had no money for it, the price for it dramatically lowered. Hmm… definitely could have done with engaging someone who wasn’t so driven by commission.
3. You’ll receive up to 50% of the insurance commissions
More savings? Count us in. MoneyOwl rebates its customers up to 50% of the basic commissions they receive from the insurer right back to your bank account when you purchase insurance.
How does this work? When you buy an insurance policy, a portion of the premium you pay goes to the insurance agent as commission. Since MoneyOwl does not have agents who get paid by commission, they can pass back a portion of the commissions to the customer, helping to reduce the cost of insurance.
Thus, you’ll receive up to 50% of the insurance commissions, after deducting an admin charge of $26.75.
Every dollar you can save is a dollar more for you.
This applies to policies that are eligible for commission. And as long as you get an eligible policy, it doesn’t matter whether you pay your premiums annually or monthly, as you will still get the commission rebate.
All insurance policies are eligible for commission rebates except:
- Private Integrated Shield plans
- Local Hospitalisation plans
- CareShield Life/ElderShield Supplements
- Plans using CPF monies
- Personal Accident Plans
If you pay annually, you’ll get the commission in about 3 to 4 months after the policy comes into effect — directly to your bank account! For monthly, quarterly or half-yearly payments, you’ll get the commission every December.
4. Buying insurance through MoneyOwl is literally music to your ears
Up your style with some brand-new Apple AirPods if you make a purchase through MoneyOwl. Those who have been looking to get a pair for the longest time can stand to snag the 3rd gen AirPods worth $269 if they’re the first 500 customers, from now till 31 Jan 2022.
The policy has to come in force on or before 28 Feb 2022 for you to be eligible to get the AirPods. Note that private integrated shield plans, local hospitalisation plans, personal accident plans and plans using CPF funds are not eligible for the promo.
Now that you’ve come to the end of this article, why wait till 2022 to plug your protection gaps? Find out more about MoneyOwl’s insurance plans today.