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A to Z of the Singapore Insurance Scene.

Posted 15 May, 2016 by Surely
in Technical Smechnical

Recently some Singlish words have been admitted to the Oxford English Dictionary.
Now you can use words such as wah and shiok in your GP essay.
Sorry to all the English teachers that are reading this.

 

Hoseh liao, ang mo also love Singlish !

Hoseh liao, ang mo also love Singlish !

It feels good to have our unofficial national language recognised globally.
Singlish, much maligned by the government, finally become accepted.
We are so proud of that loh.

The local influence has likewise seeped into the insurance industry.
Today we are taking a light-hearted look at some of these insurance terms from A to Z.

 

Here they come

 

A – Agent
A person who sells insurance for an insurance company but can’t even qualify for employee insurance.
Commonly seen at the interchange.

B – Broker
Independent financial advisor that is supposedly on your side.
But actually, you see him as an agent too.

C – CPF
Every self-respecting Singaporean should know what is CPF.
Besides housing, CPF is mostly associated with insurance plans.

 

Hey, we are also famous for our CPF talks !

Hey, we are also famous for our CPF talks !

 

D – Dependent Protection Scheme
DPS is a term plan that you may purchase with your CPF OA account.

E – Eldershield
The disability-income insurance that you are automatically opt-in on your birthday.
Congrats, you are 40 years old !

F – FIDReC
The place to go when you have disputes with your insurer.
Charges much less than your lawyers.

G – Great Eastern Life
A local insurer that has a lion telling you that life is great.
Not to be confused with LG.

 

Life is Great. Oops. this one is LG.

Life is Great.Oops, this one is LG.

 

H – Home Protection Scheme
A decreasing term insurance for your housing loan.
That way, HDB does not chase for payment and focus on its core business of shrinking room size.

I – Intestate Succession Act
The prescribed manner that the government distributes your insurance proceeds and estate.
That is when you do not have a will.

J – Journalism
Not much insurance reporters in Singapore except for Lorna Tan of Straits Times.
But hey, now you have us.

K – Kalimantan fires
One of the reasons that you have to activate your health insurance.
A phenomenon that is only seen in SE Asia.

L – Life Insurance Association
The Association formed by Singapore’s life insurers.
Somehow you think that they are on your side.

M – Medishield Life
A plainly-named hospitalization plan in Singapore.
But you gotta admit that LeeCare does not sound as nice as ObamaCare.

N – NTUC Income
The other local insurer in Singapore.
Also known as Auntie Lucy.

 

So embarrassing !!

So embarrassing !!

 

O – OCBC Bank
One of the three local banks that also carries insurance products.

P – Personal Data Protection Act
The law that stops those pesky insurance telemarketers from calling us.
One of the rare times that our complaints get heard by the government.

Q – Queue
The lack of queue to buy insurance tells us that Hello Kitties are more important.
And we cannot really find an insurance related word that starts with Q.

R – Retirement
The life stage when you have enough money to stop working.
In Singapore, that is about 29 years old if you ask Rebecca Lim.
And never, if you ask the man on the street.

 

Stop working? If only the bills stop coming too.

Stop working? If only the bills stop coming too.

 

S- Singapore College of Insurance
The place where many aspiring agents dread going.
Located at Suntec, this is where many have struggled to pass their insurance papers.

T – Tan Kin Lian
One of the more prominent insurance people here.
A furious blinker gives you hi-fives during election time.

U – Unemployment Insurance
The trending topic at the Bukit Batok by-election.
Just kidding: Dr. Chee’s history is still the hottest subject

 

We do not attack David or Wendy.

We do not attack David or Wendy.

 

V – Value
The money that is stored in your policy.
But you never really know how much actual interest the insurers are giving you in the coming year.

W – Wilym Koh
A man who served the insurance industry with distinction.
Even after life, he still lives among us.

X – Xerox
The photocopies of your policy documents.
Yes, we are reaching here.

Y – Yesterday.
The day that you should have purchased your insurance plan.

Z – Zurich Life
A life insurer that has exited from the scene recently.
Times is getting hard, even for the insurers.

 

www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.

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