Manulife Singapore and DBS Bank have jointly developed an insurance starter plan for young Singaporeans calling it ProtectFirst. ProtectFirst is an affordable insurance starter pack that offers younger customers a convenient combination of big 5 critical illnesses including early stage, life protection and serious accidents coverage to get them started on their protection needs at a premium of S$5 per month.
Three different personas have been created to suit different financial needs and lifestyles – Advocate, Adventure and Defender. DBS/POSB customers can purchase this insurance product from the DBS digibank app or internet banking.
Life Insurance Association mentions that close to 42% of Singaporeans and Permanent Residents aged between 20 and 34 do not have a single life insurance or critical illness policy. DBS Bank also shares that the primary challenge in taking the first step is the need to consider multiple factors such as determining accurately the right-size of coverage needed for each type of insurance or which protection plan to purchase first as a priority, resulting in inertia. In a poll of 500 young adults in June last year, DBS learnt that more than half of the respondents view insurance premiums as an opportunity cost.
THE FIRST STEP TO KICKSTART YOUR PROTECTION JOURNEY AS A YOUNG ADULT IN SINGAPORE
1. Comprehensive coverage
Enjoy comprehensive coverage across three essential areas:
- Death Benefit
- Critical Illness Benefits: covering these big 5 critical illnesses – cancer, stroke, heart attack, liver failure and major organ transplant, inclusive of early stages of a critical illness
- Serious Accident Benefits: Hospitalisation for minimum six consecutive days due to accident and requiring surgery; Death or Total Permanent Disability due to accident
2. Affordable minimum monthly premium
Get insured for health coverage for as low as S$5 per month.
3. Flexibility of coverage weightage
Available in three combinations, determine which version of the plan works best for you based on your priorities:
- ProtectFirst Advocate: Prioritises Critical Illness, with lower coverage for Life Protection and Serious Accident
- ProtectFirst Adventurer: Prioritises Serious Accident coverage, with lower coverage for Life Protection and Critical Illness
- ProtectFirst Defender: Prioritises Life Protection coverage, with lower coverage for Critical Illness and Serious Accident
4. Simple application process
Customers only need to answer three medical questions to qualify for the plan.
5. Easy to purchase
Customers can assess their protection gaps via DBS NAV Planner or consult with the bank’s wealth planning managers to find out more. After which, they can purchase ProtectFirst conveniently through internet banking or via the DBS digibank app.
Sign up for ProtectFirst before 30 June 2022 and enjoy a 50% discount on premiums for the first 2 years.