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.
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.
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.
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.
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.
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.
When you purchase a policy that is eligible for commission rebate through MoneyOwl, we rebate 30% of the first-year basic commissions we receive from the insurer of your policy back to you, after deducting an admin charge (S$27). We retain the remainder of the commission as our service fee.
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
CareShield Life/ElderShield Supplements
Plans using CPF monies
Personal Accident Plans
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.
