Heartland Boy

Seriously Singaporean Financial Literacy

MENUMENU
  • About
  • Investment
    • Investment
      • REITS
      • Singapore Stocks
      • Singapore Property
      • Cryptocurrency
    • review-of-dividend-machines-by-the-fifth-person

      Review of Dividend Machines By The Fifth Person

      February 22, 2021 By Alison_Liew 7 Comments

    • performance-review-2022

      Heartland Boy 2022 Investment Performance Review

      posted in Investment, Singapore Stocks

    • hdb-bto-and-hdb-resale-prices-have-increased-are-they-still-affordable

      HDB BTO and HDB resale prices have increased, are they still affordable?

      posted in Investment, Singapore Property

  • Banking & Insurance
    • Banking & Insurance
      • Bank Deposits
      • Bank Loans
      • Credit Card
      • Insurance
    • review-gxs-bank-trust-bank

      Review of GXS bank and Trust bank Savings Accounts

      posted in Bank Deposits, Banking & Insurance

    • review-instarem-amaze-card-foreign-currency-fee-cashback

      Review of Instarem amaze Card: Avoid foreign currency fees, receive additional cashback

      posted in Banking & Insurance, Credit Card

    • Great-SP-10

      Review of Great Eastern’s GREAT SP Series 10 – Guaranteed 4% Return!

      posted in Banking & Insurance, Insurance

  • Retirement
    • Retirement
      • Singapore CPF
      • Singapore SRS
      • Taxes
    • Why I invested my CPF OA funds in OCBC fixed deposit at 3.55%

      posted in Retirement, Singapore CPF

    • invest srs

      Why Invest Your SRS Funds In ETF

      posted in Retirement, Singapore SRS

    • gst-increase

      Beat The GST Sales Campaigns Brought Out Some Irrational Financial Decisions

      January 29, 2023 By Alison_Liew Leave a Comment

  • Lifestyle
    • Lifestyle
      • Dining
      • Travel
      • Parenthood
      • Wedding
      • Others
    • review-of-mealpal-singapore-that-now-serves-hawker-food

      Review of MealPal Singapore That Now Serves Hawker Food

      posted in Dining, Lifestyle

    • My family holiday to Australia’s Brisbane, Gold Coast and Sunshine Coast

      posted in Lifestyle, Travel

    • how-much-my-family-saves-in-transport-costs-from-cycling

      How Much My Family Saves In Transport Costs From Cycling

      posted in Lifestyle, Parenthood

  • Resources
  • Contact

Bank Deposits Banking & Insurance

Using the DBS Multiplier Insurance Category Hack To Enjoy Higher Interest Rate

using-the-dbs-multiplier-insurance-category-hack-to-enjoy-higher-interest

In my previous review of “How I Maximise the DBS Multiplier Account Interest Rate after 1 Aug 2020”, I revealed that I managed to unlock the insurance category by purchasing CancerCare. This allowed me to unlock a total of 4 categories (the others being salary, home loan instalments, credit card spend). Unlike the other categories, DBS Multiplier only recognises the insurance category for the first 12 months. Determined to preserve this category going forward, I researched online to find more information and thankfully, my effort was not in vain. This allowed me to continue to use the DBS Multiplier Insurance category hack to enjoy higher interest.

The DBS Multiplier Insurance Category Hack Explained

Prior to my research, I had several misconceptions which have since been dispelled.

1) You Can Use The Same Policy Type To Unlock the Insurance Category

To my surprise, one can continue to purchase the same policy to continue to unlock the insurance category. That is because the DBS Multiplier system recognises the policy number and not the policy type. Since the policy number is unique for each and every policy issued, it does not matter that the same policy type is purchased again.

For my case, that would mean I can purchase a second CancerCare policy 12 months after the purchase of the first CancerCare policy. This is based on the experience of a user on the Hardwarezone forum who successfully relied on this hack as shown in Diagram 1.

hwz-dbs-multiplier-eligible-hack

Diagram 1: HWZ user explaining his/her insurance category hack (Source: HWZ)

I have not relied on this hack because I discovered that there are cheaper alternatives than CancerCare which I had bought last year.

2) CancerCare Is Not The Cheapest Insurance Policy

As shown in Diagram 2, there are plenty of insurance policies eligible under the DBS Multiplier Account.

eligible-insurance-policy-dbs-multiplier

Diagram 2: Complete list of insurance policies recognised by DBS Multiplier (Source: DBS)

In the past, plenty of users online recommended CancerCare and I simply followed the herd. To my surprise, I found out that it is not the cheapest insurance policy around. As I was not interested to add on more term insurance (could be the cheapest actually), I chose eCriticalCare which is a Critical Illness (CI) policy. I feel that this is one area which I do not mind adding further coverage.

To keep the premium cost at its minimal, I chose $50,000 for the sum assured and 10 years as the policy term. The entire application was done online with minimal medical underwriting required in the form of a simplified questionnaire.

ecriticalcare-overview

Diagram 3: Lowest parameters for eCriticalCare

There is even an ongoing promotion that will allow me to enjoy 30% off the first 12 months as shown in Diagram 4.

ecriticalcare-premiums-promotion-dbs

Diagram 4: Ongoing DBS promotion offering 30% off insurance policies

This turns out to be just perfect because 12 months is all I need before I roll over to another insurance policy (i.e. repeating this hack again). There is no need to perform any cost-benefit analysis because it is obvious that the additional interest that I will earn from unlocking a 4th category is significantly higher than $6.68/month that I need to pay for my insurance premium. It allows the $50,001 to $100,000 in my DBS Multiplier to earn up  to 3% interest rate p.a. Since this is our joint account, the missus is obviously very happy to learn of this new development.

Finally, I need to caution that I am clearly not relying on this ad-hoc purchase as part of my insurance planning. I have already secured comprehensive insurance coverage for my family after the birth of my daughter. The main objective of this exercise is to unlock the 4th category for my DBS Multiplier account to enjoy higher interest rate. That I also boosted my critical illness coverage in the process is merely taken as a bonus.

 


13 Comments

« Review of Standard Chartered Unlimited Cashback and Spree Credit Cards
Purchase Insurance Like Never Before: Subscription Style with TRIBE by Income! »

Comments

  1. Chan Mali Chan says

    August 9, 2021 at 4:13 pm

    How did you purchase the insurance? Doesn’t seem to be available on DBS online. Thanks.

    Reply
    • Alison_Liew says

      August 9, 2021 at 4:14 pm

      Hi,

      You can go to dbs.com.sg > Insure > Protection > eCriticalCare > Learn More > Apply Now

      Reply
  2. Chan Mali Chan says

    August 9, 2021 at 4:38 pm

    Thanks!

    Reply
  3. Gabriel says

    August 9, 2021 at 5:47 pm

    how is the cancellation process like? easy to cancel? just click online and done?

    Reply
    • Alison_Liew says

      August 9, 2021 at 6:56 pm

      Hi Gabriel,

      Cancellation can only be made via email. I wrote in and a few biz days later, I received confirmation that it has been cancelled

      Reply
  4. Mr Chan says

    August 10, 2021 at 1:09 pm

    Hi,

    Able to share the email address to write to for cancellation? Thanks very much!

    Reply
    • Alison_Liew says

      August 10, 2021 at 7:46 pm

      Hi Chan,

      I wrote into service@manulife.com.

      Reply
  5. James says

    August 10, 2021 at 3:57 pm

    You should consider Term Protect because it is the cheapest among all the available insurance.

    Reply
    • Alison_Liew says

      August 10, 2021 at 7:46 pm

      Hi James,

      Yes, I am actually aware it is the cheapest as stated in my article. I didnt need more Term Insurance coverage so I chose CI instead.

      Reply
  6. Fc says

    August 13, 2021 at 8:54 am

    How did you buy this online?
    I don’t see it in the app

    Reply
    • Alison_Liew says

      August 13, 2021 at 9:57 am

      Hi I bought it on the website. Pls.see my response to another comment in which i show how to get to the URL

      Reply
  7. jim says

    March 23, 2022 at 3:06 pm

    Hi, what do you mean by roll over after 12 mths? Break the term after 12 mths? No penalty?

    Reply
    • Alison_Liew says

      March 24, 2022 at 8:20 am

      Hi,

      There is no penalty. Simply cancel existing policy and purchase a new one.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Welcome to Heartlandboy.com

Hello there, I am Heartland Boy! I am always thinking about how I can improve my financial literacy in order to achieve financial independence. This is the place to be if you are hungry for financial independence (sometimes good hawker food as well) and foolish enough to believe in the musings of Heartland Boy. Read More…

  • About Heartland Boy
  • Contact
  • Work With Us
  • Privacy Policy
As Seen On

Copyright © 2023 Heartland Boy · All Rights Reserved
All content expressed herein are the personal opinions of Heartland Boy and does not constitute the views of any company nor as professional financial advice.

Copyright © 2023 · Divine Theme on Genesis Framework · WordPress · Log in