SINGAPORE, April 15, 2020 /PRNewswire/ -- As countries continue their fight against the global pandemic, fear towards global economies entering into deep recession are on the rise in the minds of consumers. The need to tighten up on expenditure and save money where possible becomes priority amidst fears of job security and volatile investments. MoneySmart hopes to continue its mission to help customers maximise their finances by broadening and improving product comparisons across Insurance, Savings account, Home loan and Debt consolidation products, so that its users save more where possible.
Over the course of 2020, these newly launched and revamped product comparisons allow consumers to compare prices, interest rates and other requirements from home, minimising the need to physically visit bank branches or agents. Online applications across these products aim to make it easier for customers to lower costs on their current loan interest rates or choose better coverage than what they currently have.
The following comparison tools have kicked off the new launches:
Cancer Insurance
Unlike the more popular plans for critical illness, a standalone cancer insurance plan provides more robust coverage across all stages of cancer. As a focused type of plan, insured individuals will be covered for all costs associated with the diagnosis and treatment of cancer.
MoneySmart offers 3 cancer insurance providers – FWD, MSIG and TIQ by Etiqa.
Savings Account
During this period, choice of savings account will require reassessment as banks are set to lower their deposit rates in the coming weeks. Those with a significant amount of money in their existing savings account may want to consider switching banks to avoid disadvantage through lower interest rates on their deposits.
There are a total of 16 savings accounts from major local and international banks across MoneySmart's comparison portal.
Debt Consolidation Plan (DCP)
Managing multiple high-interest unsecured debts can mean a lot of work, especially when there are differing payment deadlines and varying fees to take into consideration. To simplify debt management, DCPs were launched by the Association of Banks in Singapore. These plans allow for the consolidation of all unsecured credit facilities (across multiple banks) like personal loans and outstanding credit card balances, into one loan repayment plan with a low interest rate.
Currently, MoneySmart offers debt consolidation plans from 8 different providers in Singapore.
Maid Insurance
Even though it is mandatory for employers of domestic helpers to provide maid insurance, the compulsory personal accident and hospitalisation coverage might still be insufficient in the event of mishaps. Unexpected costs like outpatient, critical illness and other treatment expenses could potentially put a serious dent in finances.
To stay protected from these financial surprises, households with helpers can compare more than 10 maid insurance plans and consider increasing the level coverage via MoneySmart.
Home Insurance
When customers consider home insurance, several factors come into play – home content value, renovation costs, liability and death protection. Homeowners need to carefully assess priorities and calculate the value of assets to avoid under-insuring a home.
Right now, over 20 home insurance plans are available on the MoneySmart comparison portal.
With these new launches and more to come, MoneySmart hopes to provide consumers with the tools they need to lower expenditure and save cost on personal finance products, whilst providing easy online applications. By aggregating finance products that matter to customers, MoneySmart's site simplifies the decision-making process and aims to help consumers achieve financial preparedness during this challenging period ahead.