Tuesday, January 29, 2008

Quotation for Term Insurance

My friend carried out a survey to get a quotation for a Term insurance plan by calling the hotline of the life insurance companies. Here are his findings:

1. Prompt response:

Within same day: TM Asia, AXA, Great Eastern
Within two working days: UOB, Income, Prudential, Aviva

2. Ease of getting a quotation:

Verbal, Email (with printed quote): UOB, TM Asia, Great Eastern
Email (no printed quote): Aviva
Verbal: AXA, Income, Prudential

3. Most competitive rates:

Top 4 (ranked): UOB/Aviva (tie), TM Asia, Income

Here are the telephone numbers to call:
http://www.tankinlian.com/faq/termd.html
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5 comments:

Anonymous said...

Mr Tan

Why is Income ranked as #4? I thought that they have the most competitive rates?

January 30, 2008 8:30 AM
Tan Kin Lian said...

The difference in premium rates between the top 4 is less than 10%. As the absolute amount is small, this difference is acceptable.

In this case, it applies to a person at a specific age. If you get a quote for a different age and gender, you may find the ranking to be differnt.

Tip: Ask for four quotes from the top 4 companies. You are likely to get a fairly good deal.

January 30, 2008 9:13 AM
Yong Kiat said...

I ask for a quotation from Aviva just now and they give me this:

_____
Dear Mr xxx

We are happy to hear of your interest in Aviva's products.

However, we would like to seek your undetstanding that as the demographics
of each and individual person varies, only a licensed Financial Advisor is
licensed to generate premium quotations and to advise you on the policies
best suited for your needs.

As such, could you kindly provide us with your contact number so that we
may arrange for an Advisor to contact you shortly so as to assist you
accordingly. We look forward to hearing from you soon. Thank you for your
understanding.

Should you require further assistance, please call the Customer Service
hotline 68279933. Our operating hours are 8.45am - 5.30pm, Monday -
Friday, excluding Public Holidays. Alternatively, please email us at
cs_life@aviva-asia.com.

Thank you for entrusting us with your insurance needs. We hope to continue
to be of service.

January 30, 2008 1:59 PM
Anonymous said...

Yong Kiat, almost all insurance does such thing, you shld call them, not email them. That will save your time and theirs.

January 30, 2008 6:07 PM
Anonymous said...

This is Aviva's policy. They do not have tied agents. They are represented by many FA firms. Therefore your needs are better served by a licensed adviser who can analyze your needs and make appropriate recommendations.

January 30, 2008 10:22 PM

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