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OwlStar Evaluation Criteria

Our transparent guide to selecting the right insurance plans

About Owlstar

Part of MoneyOwl’s Insurance Philosophy is to buy as much insurance as we need and pay as little as we can.

READ iNSURANCE pHILOSOPHY

OwlStar evaluate insurance products using a 5-star rating system, based on two key criteria:

Criteria 1

Fit for Purpose

Weightage 50%

Criteria 1

Value for Money

Weightage 50%

Evaluation and Rating Approach

The MoneyOwl Insurance Philosophy prioritises minimising costs while maximising benefits (coverage and sum assured). We stress the importance of achieving a reasonable and justifiable balance between these factors and prioritise Core Life Coverage.

In line with this, OwlStar evaluates, and rates insurance products based on two main criteria: “fit-for-purpose” and “value for protection/ value”.

Fit for Purpose (50%)

This category evaluates the extent and adequacy of coverage provided by the insurance product, emphasising comprehensive Core Life Coverage without unnecessary exclusions or limitations. (For retirement income – the primary and effectiveness of hedging longevity risk.) It assesses the presence of features and riders that enhance the product’s core benefits, ensuring they align closely with the insured risks and needs.

Core Insurance Cover

  • Hospitalisation & Surgical (H&S) insurance
  • Critical Illness insurance 
(for bills from alternative treatments)
  • Life insurance (covering death)
  • Critical Illness (CI) insurance
    Occupational Disability Income insurance
  • Long-Term Care (LTC) insurance

1

Limited coverage with significant exclusions that undermine core protection.

2

Limited coverage with notable gaps or exclusions that affect core protection.

3

Adequate coverage for core risks with some exclusions and limitations.

4

Robust coverage with minimal gaps or exclusions related to core protection.

5

Exceptional coverage for Core Insurance Needs without significant exclusions.

Value for Money (50%)

This category assesses the affordability and value provided by the insurance plan relative to its cost. It evaluates how well the plan balances competitive pricing with the effectiveness of protection against various risks. It also considers both the absolute outlay in acquiring financial protection and the relative cost compared to similar products in the market.

1

Poor value for money.

Premiums are significantly higher than average for the coverage provided.

Or the plan contains some frills that increase costs unnecessarily

2

Below-average value for money.

Premiums are higher than average for the coverage provided.

Or the plan contains some frills that increase costs unnecessarily

3

Moderate value for money.

Premiums are average for the coverage provided.

Plan may contain some frills but at insignificant additional cost.

4

Good value for money.

Premiums/outlay are lower than average for comparable coverage.

Plan avoids unnecessary frills.

5

Exceptional value for money.

Premiums/outlay are significantly lower than average for comparable coverage.

Plan avoids unnecessary frills.

What our rating means

3-star & 4-star products provide a robust solution for our insurance needs.

4.5-star & 5-star products signifies exceptional protection scope for Core Insurance coverage and excellent value for money.

Note:

Sub-categories of products will be considered against Core Insurance Needs for fit for purpose, and but compared to similar products in the sub-category for value for money. For example, a cancer-only plan is likely to be rated as having limited coverage on the fit for purpose criterion as it does not cover all critical illnesses, but it could be high on value for money among cancer plans, resulting in an average rating of 3 stars.

Disclaimer:

  • The information presented here does not take into consideration your specific objectives, financial situations, or individual needs, and should be regarded as financial guidance and not as constituting personal financial advice. Buying insurance is a long-term commitment and products purchased should be suitable for your unique requirements....

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Disclaimer:

  • The information presented here does not take into consideration your specific objectives, financial situations, or individual needs, and should be regarded as financial guidance and not as constituting personal financial advice. Buying insurance is a long-term commitment and products purchased should be suitable for your unique requirements.
  • You may thus wish to seek advice from a licensed representative to understand product features, details, and current quotes, and their suitability for your requirements, before making decisions to purchase policies or surrender existing policies, and not rely on the guidance contained herein alone. MoneyOwl does not accept responsibility for such decisions made by you based on the guidance we have provided here, or on the advice of other financial advisers, including those referred by MoneyOwl.
  • In the case of group insurance, direct purchase insurance and other insurance you purchase without advice and/or online, we advise thoroughly examining the details of insurance policies to ensure that they are the best fit, and assess your circumstances to determine the necessary coverage. MoneyOwl does not accept responsibility for such decisions made by you to forego personal financial advice and in purchasing or surrendering policies based on the terms and conditions of such products.
  • Insurance premium numbers are approximations and may not accurately reflect actual premiums. The information, sourced from third-party sources like CompareFIRST or insurers, is provided with reasonable care, but no responsibility is accepted for any loss or inconvenience resulting from errors or omissions.
  • The information herein has not been reviewed by the Monetary Authority of Singapore.

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