FAQ

Insure

Find the answers to common queries about our insurance solutions.

CONTENTS:

General

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.

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% of the first-year basic commissions we receive from the insurer.

We currently distribute products from the following insurance companies:

  • Singlife with Aviva Ltd
  • Etiqa Insurance Pte Ltd
  • FWD Singapore Pte Ltd
  • Manulife (Singapore) Pte Ltd
  • Income Insurance Ltd
  • Raffles Health Insurance Pte Ltd
  • Tokio Marine Life Insurance Singapore Ltd

Commission Rebate

When you purchase a policy that is eligible for commission rebate through MoneyOwl, we rebate up to 50% of the first-year basic 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.

If you pay on a single or annual premium basis, the commission rebate will be paid 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 premium basis, you will receive the commission rebates in November, for the months which your policy had been in force from October of the previous year to September in the current year.

Example:
For a policy incepted in October 2021, 12 months of commission rebate (Oct 2021 - Sep 2022) will be paid out in November 2022.

For a policy incepted in February 2022, 8 months of commission rebate (Feb 2022 - Sep 2022) will be paid out in November 2022. The rebates for the remaining 4 months (Oct 2022 - Jan 2023) will be paid in November 2023.

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

Buying Process and Comparison

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.

It depends on the types of insurance policies that you have applied for. Policies categorised under the Protection category may 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.

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.

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 prices" 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 prices" 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 prices" 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 prices" 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.

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.

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.

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.

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.

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

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.

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.

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

Yes, all prices reflected are inclusive of GST.

All prices reflected are before commission rebates and new promotions.

When buying through MoneyOwl, you enjoy lower cost and up to 50% of the first-year basic commission 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

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.

We stand ready to assist you on claims. Do contact us via email at enquiries@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.

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.

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)

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 has 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.

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.

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.

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 accounts via online banking.

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 after 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.

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.

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 Investmentsv

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.

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/schemes/individuals/supplementary-retirement-scheme

And contact our Client Advisory team at enquiries@moneyowl.com.sg

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/schemes/individuals/supplementary-retirement-scheme

And contact our Client Advisory team at enquiries@moneyowl.com.sg

Privacy and Security

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

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.

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