Premiums of insurance bought directly expected to fall 5-10%

JUST as life insurers welcome the recommendations crafted under the Financial Advisory Industry Review announced on Wednesday, consumers may be looking at cheaper insurance products when they make a direct purchase.

Khoo Kah Siang, chief executive officer of Great Eastern Life Assurance, said that he expects premiums of direct channel insurance products to be reduced by 5 to 10 per cent.

This, as life insurers in Singapore will have to sell protection up to a sum assured of S$400,000 under a government-mandated direct-purchase scheme from next year.