Policy Review
Insurance Policy Review in Singapore: Understand Gaps, Overlaps & Costs
A policy review helps you understand what you already own before considering anything new. It can surface coverage gaps, overlaps, premium commitments and policy terms without assuming that an existing policy should be replaced.
How do I review my insurance policies in Singapore?
Start by listing every policy you hold and recording its purpose, benefits, premium commitment, coverage term, key conditions and any charges or surrender values that apply. Then compare those details with your current needs to identify overlaps, protection gaps, affordability concerns and questions to clarify before making changes.
What can be reviewed?
Any long-term insurance or financial arrangement you currently hold can be discussed, using your own policy summaries or annual statements.
- Life insurance policies
- Critical illness coverage
- Hospitalisation insurance
- Savings plans
- Investment-linked policies
- Retirement arrangements
- Other long-term financial commitments
Insurance policy review checklist
A useful review is easier when each policy is checked against the same set of questions. Bring the latest policy summary, benefit illustration or annual statement where available, then work through this checklist.
- Purpose
- What need or risk was the policy intended to address when you bought it, and is that need still current?
- Benefits and limits
- What benefits are provided, what conditions apply, and which amounts are guaranteed or non-guaranteed where relevant?
- Premium commitment
- How much do you pay, how often, for how long, and are there future premium commitments to understand?
- Coverage term
- When does the cover end, reduce or change, and are there waiting periods or exclusions that matter?
- Charges or surrender terms
- For savings or investment-linked policies, what charges, deductions and surrender-value terms apply?
- Overlaps and gaps
- Do several policies address the same need, or is an important current need not sufficiently covered?
- Benefit recipient details
- Where applicable, are beneficiary or nomination details still consistent with your intentions?
What should you understand by the end?
- Existing coverage, in plain language
- Potential overlaps between policies
- Possible protection gaps
- Premium commitments and affordability
- Important policy features and conditions
- Investment-related charges, where applicable
- Questions that may require clarification from the insurer
Important
A review does not automatically lead to a recommendation to replace existing insurance. Replacing a policy can mean losing benefits, restarting waiting periods, or being underwritten again at an older age. No existing policy will be described as unsuitable without proper analysis of your circumstances.
Useful guides before changing a policy
- How to read guaranteed vs non-guaranteed benefits in a policy illustration
- What happens if you surrender an ILP early
- How ILP premium flexibility works under your policy terms
- What happens to charges, units and cover during an ILP premium holiday
- Is an ILP safe or worth it in Singapore?
- How much life insurance do you need in Singapore?
- What to review as family protection needs change after marriage or children
- Family protection planning in Singapore
Official references for reviewing existing policies
MoneySense advises consumers to review policies when circumstances change and to understand product features, risks and the consequences of early termination before making changes.
Frequently asked questions
Check each policy's purpose, benefits and limits, premium commitment, coverage term, important conditions, charges or surrender terms, overlaps or gaps, and beneficiary or nomination details where relevant.
Not necessarily, but many people are unclear about what their existing policies actually cover, and a review can help you understand your coverage, commitments and any gaps.
Review when your circumstances change — for example marriage, a child, a new home loan, or a material change in income or needs — and review periodically even when there has not been a major life event.
Bring a rough picture of your income and commitments, a list of existing policies, and the questions or concerns you most want answered.
Ask Danny for a Review
Request a no-obligation policy review
Share a few details and Danny will follow up using your preferred contact method.
This advertisement has not been reviewed by the Monetary Authority of Singapore. Investment products are subject to investment risks including the possible loss of the principal amount invested. The information presented is for your information only and does not consider specific investment objectives, financial situation or needs of any person. Seek advice from a Prudential Financial Consultant before making a commitment. This is Danny Chua's personal professional website and is not Prudential's official corporate website.
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