It was recently announced that Zurich Life will be exiting Singapore. Zurich consists of three companies in Singapore:
- Zurich Life Insurance (Singapore) Pte Ltd
- Zurich International Life Limited (Singapore Branch)
- Zurich Insurance Company Ltd (Singapore Branch)
It is the first two companies which are exiting out of Singapore. The third company deals with general insurance policies which is staying in Singapore. Note that Zurich is pulling out of the general insurance business in the Middle East.
Zurich Life Insurance (Singapore) Pte Ltd is well known for its cheap term insurance. Occasionally its term insurance shows up as the cheapest term insurance in the comparefirst.sg. However, I have never recommended its term insurance despite its low cost.
Zurich International Life Limited (Singapore Branch) is well known for its Zurich Vista plan. I am the only adviser who dislike its Zurich Vista plan as all advisers like the product.
A question many is asking is whether is Zurich Life in financial difficulty. According to Zurich Insurance Group, it is not in financial difficulty.
Zurich Life has also stated that it will continue to honour all its contractual obligations to its existing policyholders. Servicing to its existing policyholders will still be provided through a local customer service team. It is not known to me whether this local customer service team is provided by Zurich Life itself or outsource to a third party.
For a full customer’s FAQ, you can download from the website HERE.
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Hi Wilfred,
Noted that Zurich Life Insurance (Singapore) Pte Ltd is well known for its cheap term insurance. However, in the article, you mentioned that you have never recommended its term insurance despite its low cost. Care to share more on the reason for this ? Thanks in advance.
Price of the product is not the only factor to consider when purchasing a financial product. Features, benefits, terms and conditions, underwriting consideration and after-sales support are all equally important.
The Zurich Vista plan is set up as a saving plan but it really is not. The expense ratio as very high and buried in multiple layers. After the initial period monthly payments end up servicing expense charges and create very little long term savings. There is absolutely no insurance benefit and you are locked in for very long periods of time. People are better off with other investment policies.