Frequently Asked Questions
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General

Why am I not receiving email from MoneyOwl?
Do you have a Hotmail, Live Mail, MSN or Outlook email account? Please add us to your safe senders list to make sure you receive our messages! You might want to check your “Other” or “Junk” mailboxes if you still can’t see our messages in your inbox!
To add MoneyOwl as a safe sender, please follow the steps below:
1. Sign into your email account at https://outlook.live.com/
2. Go to “Settings” > “View all Outlook Settings”
3. Select “Email” > “ Junk email” and add moneyowl.com.sg to Safe senders and domains list
How should I get started? What insurance products should I buy?
We recommend you to begin with our step-by-step guided journey online to assess your needs and find out the gaps in your insurance coverage. Get suitable recommendations based on your needs and select the plan(s) that you are interested in. Once you have requested a quote, our dedicated team of Client Advisers will get in touch via mobile and email and when you are ready, meet you to complete your application. We also encourage you to read our articles where we have easy-to-read content for you to learn more about insurance.
Is there a difference in the features of the policy if I were to purchase it via MoneyOwl or if I do so from other financial planners or insurance agents?
There is no difference in terms of policy contract, benefits, coverage or premium offered when the same policy is bought, irrespective of whether it is from MoneyOwl or from other financial advisers or agents. Our Client Advisers will guide you to get the best plan for your needs. In addition, when you purchase through MoneyOwl, you get to enjoy lower cost and receive up to 50% rebate in the agent’s commissions.
Which are the insurance companies that are under MoneyOwl’s panel of insurance companies?
We currently distribute products from the following insurance companies:
  • Aviva Ltd
  • Manulife (Singapore) Pte Ltd
  • NTUC Income Insurance Cooperative Ltd
  • Raffles Health Insurance Pte Ltd
  • Singapore Life Pte Ltd
  • Tokio Marine Life Insurance Singapore Ltd

Commission Rebate

Am I eligible for commission rebates?

All policies, including those with ongoing promotions bought through us, may be eligible for commission rebates, except the following:

  • Private Integrated Shield plans
  • Local Hospitalization plans
  • ElderShield Supplements
  • Plans using CPF monies

However, do note that all commission rebates are subject to the relevant insurer's terms and conditions. In addition, in the unlikely event that you terminate your policy prematurely, up to the full amount of the commission may be clawed back from you to return to the insurer.

How much commission rebates do I receive?

When you purchase a policy that is eligible for commission rebate through MoneyOwl, we rebate up to 50% of the agent's commissions we receive from the insurer of your policy back to you, after deducting an admin charge (S$26.75). We retain the remainder of the commission as our service fee.

When do I receive my commission rebate?

You will receive your commission rebate in cash. If you pay on an annual mode, the rebates will be payable to you about 3-4 months after your policy has been incepted by the insurance company.

If you pay on a monthly, quarterly or half-yearly mode, you will receive commission rebates every December for the months which your policy has been in force from October of the previous year to September in the current year.

We will rebate the commission to you as long as the insurance company pays us a commission. The payout to you is usually 2-3 years long. For single premium plans, the payout to you is one-time only.

How do I receive my commission rebate?

We will credit the commission rebate directly back to your bank account.

Buying Process and Comparison

What is the buying process like?
Buying through MoneyOwl is a fast and easy process! Our platform allows you to assess your needs and compare between plans online in your own time. Once you have requested a quote through our website, our friendly Client Advisers will get in touch via mobile and email and when you are ready, meet you to complete your application.
Do I need to undergo medical underwriting?
Most policies categorised under the Protection segment such as Term Life, Whole Life, Occupational Disability and Critical Illness insurance plans require applicants to complete a medical underwriting questionnaire. The insurer will offer such policies to those with good health. Those with pre-existing medical conditions may be offered the policy with exclusions or subject to premium loading or, in extreme cases, have their application rejected.
Do I need to go for a medical check-up?
It depends on the types of insurance policies that you have applied for. Policies categorised under the Protection category require the applicants to undergo medical underwriting. A medical check-up may only be required if the sum assured is of a sizeable amount, if the applicant is of a certain age or if there are existing medical conditions or family history.
Many policies categorised under Savings and Retirement Income segments do not require a medical check-up. This is because the main purpose of the policies is to generate a better return on your premium and less priority to provide for your protection needs.
The plan recommended to me does not have the exact amount of coverage that I am looking for. What do I do?
In our recommendations, we have suggested a few options for you compare. If you have specific coverage amounts that you are looking for but are not provided, do contact us via email at enquiries@moneyowl.com.sg or give us a call at 6329 9188 (Advisory enquiries) between Mondays-Fridays, 9am-6pm (excluding public holidays). Our friendly team of Client Advisers will assist you.
How are plans recommended in the Insurance Guided Journey?
Protection plans are recommended in the Insurance Guided Journey. Based on MoneyOwl’s calculation of your needs, the top 2 plans for each protection type are displayed.
Protection Types
a. Life Protection
Coverage amount: Based on the calculation of your life protection needs, using your input of income, expenses, assets, liabilities, children’s education and dependants' needs.
Term duration: The default term duration of the plans is set at 65 to match the typical retirement age in Singapore. The recommended plans include Death and Total Permanent Disability (TPD) coverage. If a different term duration is preferred, you may obtain a quote from our comparison engine by clicking "Compare insurance" on our insurance page. For children education needs, we use the following projections:
Course Country Nationality Tuition Fee Living Cost Total
Non-medicine Singapore Singaporean $49,600.00 $48,000.00 $97,600.00
Singapore - PR PR $69,400.00 $48,000.00 $117,400.00
Singapore - Foreigner Foreigner $106,200.00 $48,000.00 $154,200.00
Australia SG/PR/FGN $168,000.00 $120,900.00 $288,900.00
UK SG/PR/FGN $201,600.00 $81,200.00 $282,800.00
USA SG/PR/FGN $283,000.00 $131,600.00 $414,600.00
Medicine Singapore Singaporean $157,500.00 $60,000.00 $217,500.00
Singapore - PR PR $220,600.00 $60,000.00 $280,600.00
Singapore - Foreigner Foreigner $277,100.00 $60,000.00 $337,100.00
Australia SG/PR/FGN $490,600.00 $241,700.00 $732,300.00
UK SG/PR/FGN $469,000.00 $132,100.00 $601,100.00
USA SG/PR/FGN $614,600.00 $263,100.00 $877,700.00
b. Critical Illness
Coverage amount: Based on the calculation of your critical illness needs, using your input of the number of times of annual salary you need to cover.
Term duration:
Based on your selection in the guided journey. The recommended plans include Death, Total Permanent Disability (TPD) and Critical Illness (late-stage) coverage and do not include Early Critical Illness and Multi-Pay Critical Illness coverage as these are not considered protection needs of highest priority. If you are looking for Early Critical Illness or Multi-Pay Critical Illness plans, you may obtain a quote from our comparison engine by clicking "Compare insurance" on our insurance page.
c. Occupational Disability
Coverage amount: Based on the calculation of your Occupational Disability needs, using your input of the proportion of the monthly salary you need to cover.
Term duration: Based on your selection in the guided journey.
d. Hospital plan
The recommended plans based on your preference of Hospital ward type. The recommended plans include full riders.If you are looking for plans with partial riders, you may obtain a quote from our comparison engine by clicking "Compare insurance" on our insurance page.
e. Long-Term Care
The recommended plans are based on your preference of caregiver.If you have a specific need/plan that is not part of the recommendations, you may obtain the quote from our comparison engine by clicking "Compare insurance" on our insurance page. Alternatively, please submit your quote through our platform and share with your dedicated Client Adviser when he/she contacts you after you have created an account. Your Client Adviser will be able to advise and provide you with a customised solution and quotes based on your needs.
What coverage do the plans provide? How are the premiums reflected?
Life Protection: Coverage and premiums include Death and Total Permanent Disability (TPD).
Critical Illness: Coverage and premiums include Death, Total Permanent Disability (TPD) and Critical Illness (late-stage) coverage.
Early Critical Illness: Coverage and premiums include Critical illness coverage (Early/intermediate/late-stage critical illness) only.
Occupational Disability: Coverage and premiums include Occupational Disability coverage.
Hospital Plan: Coverage for hospitalisation and surgical expenses for selected hospital care. The premiums reflect the sum of the annual premiums of the Integrated Shield Plan and the rider (if applicable). It excludes premiums of the Medishield Life component.
Long Term Care: Coverage for long-term care needs. The premiums reflect the Eldershield supplement component only. It excludes premiums of the Eldershield component.
How do you rank Protection products?
Protection products are each ranked according to different criteria as shown below:
Term Life: This is calculated by taking the ratio of sum assured or projected death or critical illness benefits to total premium. For two different plans with the same sum assured, the plan with the lower premium will be given a higher ranking.
Whole life: This is calculated by taking the ratio of Protection and surrender values at about age 65 over total premium. A higher ranking is given to the plan with higher projected benefits and surrender value at a specific age of 65 over the total premium payable.
Long Term Care: This is calculated by taking the ratio of total income payout over premium*. For two different plans with the same payout, the plan with the lower premium will be given a higher ranking.
*Calculations are based on assumptions used for the duration of disability and life expectancy.
How do you rank Savings products?
Savings products such as endowment funds are ranked based on the Internal Rate of Return (IRR) of the total higher projected payout. For plans with payout option over a period of time, the IRR of payout option is used.
IRR is the rate of growth of savings based on the projected benefit and any yearly cash benefit. The higher the IRR, the higher the rank.
How do you rank Retirement Income products?
The ranking is based on the Internal Rate of Return (IRR) of the projected payout over premium. This is based on the higher non-guaranteed payout based on the benefit illustration provided by the insurer. For life-time payout, there is a harmonization of time periods used.
A higher ranking is given to policies with higher IRR. Higher IRR means that for the same amount of premium, you can expect higher payouts (e.g income payout, maturity benefit), with all things being equal. This ranking is used in most of our retirement product comparisons.
Can I purchase a policy not found on MoneyOwl?
If you are looking for or have an enquiry on a product that is not featured in our website, do contact us via email at enquiries@moneyowl.com.sg or give us a call at 6329 9188 (Advisory enquiries) between Mondays-Fridays, 9am-6pm (excluding public holidays). Our friendly team of Client Advisers will assist you.

Prices & Payment

Do I need to pay a fee?

Product enquiries through MoneyOwl are absolutely free. You only pay your insurance premiums if you subsequently purchase a policy from us.

How do I pay after signing up for the insurance policy?

During the insurance application, you will be able to indicate your preferred payment option namely, by cheque or credit card (Visa or MasterCard). For subsequent yearly premium payments, it will be through GIRO. These payments are made to the insurer.

What are the types of premium payment frequency available?

Except for a few types of policies, such as Integrated Shield plans and single-premium products, premium payment frequency for regular premium plans typically include yearly, half-yearly, quarterly and monthly. There is usually a small discount if you pay your premium yearly as compared to other types of frequency modes.

Can I pay via my credit card?

Yes, for most regular premium policies, you can use your credit card (Visa or MasterCard) for the first premium payment.

Do the prices include GST?

Yes, all prices reflected are inclusive of GST.

Do prices reflected include commission rebates and promotional discounts?

All prices reflected are before commission rebates and new promotions.

Is there any price difference in buying with MoneyOwl as compared to other financial advisers and insurance agents?

When buying through MoneyOwl, you enjoy lower cost and up to 50% of the agent's commissions is rebated to you in cash. We take care of all your needs. You have access to our team of licensed Client Advisers and our Client Service Management team is on hand for you to contact if you require any after-sales service or claims with any of your policies. There is no difference with regards to the policy contract, benefits, coverage or premium offered whether the same policy is bought via MoneyOwl or through the insurance company directly.

My Insurance Policy

How do I receive my policy documents after my proposal has been accepted by the insurer(s)?

The insurance company will mail the policy documents to you directly.

Can I surrender my policy bought from MoneyOwl if I do not wish to continue?

You can approach us for any enquiry, administrative requirements or actions pertaining to the insurance policies bought through us. We are happy to assist you in submitting instructions to the insurance company for surrender.

Alternatively, you may contact the insurance company of your policy directly if you wish to.

How can I check if I can make a claim and how do I make a claim?

We stand ready to assist you on claims. Do contact us via email at clientsupport@moneyowl.com.sg or give us a call at 6329 9188 for all enquiries between Mondays-Fridays, 9am-6pm (excluding public holidays). Our friendly team of Client Service Managers will assist you.

What is the free look period?

For all insurance policies, the policy owner will be given a 14 days "free look" period from receipt of policy document as stated in the policy terms and conditions.

Cancelling your policy within the "free look" period will mean that the whole policy is cancelled and there will not be any insurance coverage from the particular policy thereafter. If you have gone for a medical examination for the policy, any medical cost incurred will be borne by you.

What if my Client Adviser leaves the company?

The terms and coverage of your policy will not be affected in any way. In the event that the MoneyOwl representative who has been serving you leaves the company, we will assign another adviser to take over your account so that you will always have a trusted adviser to go to.

Supplementary Retirement Scheme (SRS)

What is the Supplementary Retirement Scheme (SRS)
The SRS is a voluntary scheme to encourage individuals to save more for their retirement, over and above their Central Provident Fund (CPF) savings, with the benefit of tax relief. It began in 2001 and is operated by the private sector.
SRS members can contribute any amount up to a yearly cap of $15,300 for Singaporeans and PRs and $35,700 for foreigners. Every amount of SRS contribution will be eligible for tax relief in the following year of assessment for income tax. SRS contributions may be used to purchase various investment instruments.
What are the benefits of using SRS?
The SRS offers attractive tax benefits as contributions to SRS are eligible for tax relief in the following year of assessment for tax. However, do note that with effect from 1 Jan 2017, there is a cap on personal income tax relief of $80,000 per year of assessment, so if your personal relief have exceeded $80,000 for the year, further contribution to SRS would not attract any tax benefit.
Investment returns are accumulated tax-free. SRS, however, are taxable but only at withdrawals. Only 50% of the withdrawals after the statutory retirement age* from SRS are taxable (referred to as a “50% tax concession”).

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 62.

How does tax relief using SRS work?
Tax relief will be granted in the year following the year of contribution provided that you are assessed as a tax resident. For example, you will get tax relief for contributions made in year 2018 and the tax relief will be given in Year of Assessment 2019, if you are regarded as a tax resident in Year of Assessment 2018.
Tax relief is granted automatically by the tax authority (IRAS), based on information provided by the SRS operators.
Who is eligible to open an SRS account?
All Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who
  • are at least 18 years old;
  • are not undischarged bankrupts; and
  • are not of unsound mind.
How do I create an SRS account?
You can open an SRS account with the with any of the three SRS operators; DBS, OCBC or UOB. You should only have one SRS account at any point in time. However, you may transfer your SRS account between different SRS operators. Some SRS operators offer easy opening of SRS account via online banking.
When can I withdraw money from my SRS account?
You can withdraw your SRS monies any time. As SRS is meant for retirement purpose, any early withdrawals may be penalized. If withdrawals made after statutory retirement age*
  • Only 50% of the withdrawal amount for the year are taxable as income
  • No penalty on the amount withdrawn
If withdrawals made before statutory retirement age*
  • 100% of the withdrawal amount for the year are taxable as income
  • 5% penalty on the amount withdrawn
However, if early withdrawals are due to these exceptional circumstances, the 5% penalty will not be imposed but the withdrawal amount may be tax as follows:
  1. Death or Terminal Illness
    • 50% of net withdrawal amount (after deducting up to a limit of $400,000) are taxable
  2. Medical grounds
    • 50% of withdrawal amount are taxable
  3. Bankruptcy
    • 100% of withdrawal amount are taxable
  4. Full withdrawal by a foreigner, provided he/she must have maintained the SRS account for at least ten years from the date of the first contribution and have been a non-Singaporean for a continuous period of ten years before the date of withdrawal.
    • 50% of withdrawal amount are taxable
*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 62.
Must I withdraw all my money at retirement?
No. To help lower your tax liabilities, you are allowed to spread your withdrawals over a period of 10 years upon the first withdrawal at or after the statutory retirement age*. The withdrawals are subjected to the 50% tax concession. After the 10-year withdrawal period, any remaining balance in your SRS account would be subject to tax at 50% of the remaining balance.
However, if you have a life annuity as SRS, 50% of the annual annuity payout will still be taxable even after the 10-year withdrawal period.

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 62.

Why should I grow my funds in my SRS account?
The interest rate on uninvested balances in the SRS Account is almost negligible (currently 0.05% p.a.). You should grow your SRS funds in order to keep pace with inflation. There are avenues for you to grow your SRS funds such as:
  • Singapore Savings Bonds
  • Insurance products
  • Managed Investments
How can I grow my SRS funds with MoneyOwl?
You can consider purchasing SRS-approved Single premium retirement income products with MoneyOwl. Begin by comparing SRS products easily at https://www.moneyowl.com.sg/app/direct and submit a quote! Our Client Advisers will then be in touch with you to fine-tune your needs and answer any questions you may have.
My question about SRS is not listed here.
Learn more about our SRS through our easy-to-understand articles.
  1. How to Save on Taxes Using the SRS
  2. Here’s How to Use Your Funds in the SRS
  3. A Visual Guide to SRS Part I
  4. A Visual Guide to SRS Part II
Find out more about SRS on the Ministry of Finance’s (MOF) webpage: https://www.mof.gov.sg/MOF-For/Individuals/Supplementary-Retirement-Scheme-SRS
And contact our Client Advisory team at enquiries@moneyowl.com.sg

Privacy and Security

What if MoneyOwl ceases as a business concern and closes down?

The terms and coverage of your policy will not be affected in any way.

In the very unlikely event that MoneyOwl closes down, you may still proceed directly to the insurance company for your policy to be serviced.

Will my particulars be sold to other financial institutions or salespeople?

Your privacy is our priority. We will not pass on your particulars or information to any third party, financial institutions or salespeople.

I have a question that is not listed in the FAQs

It is important that we hear from you about your questions. Do let us know about your queries via email at enquiries@moneyowl.com.sg or give us a call at 6329 9188 between Mondays-Fridays (excluding public holidays), 9am-6pm.