As I have said, I am a firm believer of insurance but not a firm believer of agents. I am of the mind that there are invested interest. Even the most honest guy needs to earn a living but I have yet to find anyone who is able to pass my test. More often than not, I tend to DIY on my own so most of my plans are generally bought online. The exception is that during the early years, agents used to manage those that I bought.
Let’s face it. Everyone needs to transfer their risk and that is a fact. Whether it is term or whole life plans, it is up for a debate but no best answer. You need health insurance, life insurance, disability insurance, travel insurance, car insurance and the list goes on. My only grip is that DIY stuff comes cheap but you have to figure out how to to that on your own. Nothing wrong with that but it comes in as a pain when you don’t have time to manage those stuff.
Personally, I feel that it is fine to try out a cheaper alternative of insurance just to get yourself covered at the lowest cost possible. SNACK is by Income and recently introduced this concept of microinsurance. I find it appealing personally coming from someone who understand how these things work. It kind of like supplement what i have existingly.
I think that the Income branding is starting to change and this helps with the brand image. At least they try to speak the millenia language. Next, I find that with such low cost products – There will be less barrier to entry. The difficulty in this solution is to educate people. It is much easier to say that it is complicated than trying to find out what this is all about.
Once you sign up online and register the amount you can commit daily, every document will be sent to you via email or digitally. Quite simply, I would say.
They are 3 ways your can choose to buy insurance from (Choose 1 or whatever you need):
a. Critical Illness
b. Personal Accident
c. Life Insurance.
You can also trigger these daily costs from a few parts:
a. Redeeming a deal from Burpple or pay for meals using a VISA card.
b. Commuting bus, train or cab and pay for it using a VISA card.
c. Through retailing and purchases using a linked VISA card.
d. Shopping for groceries using a linked VISA card.
e. Through entertainment and paying using a linked VISA card.
f. Topping up petrol and paying using a linked VISA card.
g. Pay your utilities and paying using a linked VISA card.
h. Activate your fitbit app and fulfilling your daily steps.
You may be thinking what happens if you hit every objective. There is a limit to the premiums charged to your credit or debit card depending on the weekly cap you’ve set up. Once you’ve hit this weekly cap, SNACK will no longer charge you premiums when you complete lifestyle triggers and you will not be issued any more policies for that week.
The minimum amount daily you can set is $0.30 and you can add on as many triggers as you wish.
There is also a cap on each insurance segment:
a. For Personal Accident, the cap is at $100,000
b. For Life Insurance, the cap is at $200,000
c. For Critical Illness, the cap is at $200,000
These insurance are known as non-participating policies so the moment you stop paying for these, the coverage will stop. To me it is a stop-gap kind of coverage and at an extremely low cost. If you are looking at the full suite, take time to understand and learn. You will definitely benefit from the knowledge and to suss out your new insurance agent. Whether they are in it for the long term or to hit and run. We will never know unless we experience and have the basic knowledge.
This is not a sponsored post. This is purely my own opinion after using their service and/or products. If you like what you are seeing, do remember to check they out and do your diligence. There is no one size fits all investment strategy.
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The pictures were taken from SNACK website for this article. If you need a referral code, please use my referral code “PAU4055” and both of us will be rewarded with additional $500 coverage for personal accident. Visit here https://www.snackbyincome.sg/ to find out more.