When comparing quotations, separate the premium from the amount of cover. A S$1 million limit does not mean the policy costs S$1 million.
Ask whether a price is annual, monthly or for a shorter period, which currency it uses, and whether taxes and fees are included. Use the same period and insured population in each comparison.
For employee benefits, reconcile headcount changes separately from rate changes. For other business cover, confirm the activities, locations and assets used to prepare the quote.
Sources
- MoneySense: Insurance basics
How insurance works; insurance policy and premium
Reviewed 23 October 2026 · Source details