How to Become an Insurance Agent in Singapore

How to Become an Insurance Agent in Singapore

To become an insurance agent, you must have attained at least 4 GCE “A” Levels or Local Diploma as your highest qualification. You will have to pass 4 CMFAS Papers and they are:

1) Module 5 – Rules & Regulations for Financial Advisor

The Module 5 Exam applies all persons who wish to provide any of the following financial advisory services: 
– Advise on securities and / or futures; 
– Advise on and / or arrange life insurance (whether or not include investment-linked policies); 
– Advise on and / or market of collective investment schemes. 

Exam Syllabus 
– The Regulatory Bodies and Associations 
– Financial Advisers Act And Financial Advisers Regulations – Financial Advisers And Representatives 
– Financial Advisers Act And Financial Advisers Regulations – Conduct of Business, Powers Of Authority And Offence 
– MAS FAA Notices 
– Prevention Of Money Laundering And Countering The Financing Of Terrorism – Financial Advisers 
– MAS Guidelines 
– Revised Code On Collective Investment Schemes 
– Central Provident Fund (CPF) 
– Needs Analysis 

About the Exam 

– 100 MCQs (computer-based) 
– Duration: 2 hours 
– Passing score: 75% 
– Fee: $85.60 to $146.59, depending on member status, timing of exam and first/subsequent attempt 

There are no exemptions for M5 because it is a Rules & Regulations examination. 

2) Module 9 – Life Insurance and Investment-Linked Policies

Exam Syllabus 

-Risk And Life Insurance 
– Setting Life Insurance Premium 
– Classification Of Life Insurance Products 
– Traditional Life Insurance Products 
– Riders (Or Supplementary Benefits) 
– Participating Life Insurance Policies 
– Investment-linked Life Insurance Policies (ILPS): Types, Features, Benefits And Risks 
– Investment-linked Sub-Funds 
– Investment-linked Life Insurance Products: Computational Aspects 
– Annuities 
– Application And Underwriting 
– Policy Services 
– Life Insurance Claims 
– The Insurance Contract 
– Law Of Agency 
– Income Tax And Life Insurance 
– Insurance Nomination, Wills And Trusts 

About the Exam 

– 100 MCQs (computer-based) 
– Duration: 2 hours 
– Passing score: 70% 
– Fee: $85.60 to $146.59, depending on member status, timing of exam and first/subsequent attempt 

3) Module 9A – Life Insurance And Investment-Linked Policies II

Exam Syllabus 

– Introduction To Structured Products 
– Risk Considerations Of Structured Products 
– Understanding Derivatives 
– Introduction To Structured ILPs 
– Portfolio Of Investments With An Insurance 

About the Exam 

– 50 MCQs (computer-based) 
– Duration: 1 hours 
– Passing score: 70% 
– Fee: $85.60 to $146.59, depending on member status, timing of exam and first/subsequent attempt 

4) Health Insurance Module

Exam Syllabus 

– Overview Of Healthcare Environment In Singapore 
– Medical Expense Insurance 
– Group Medical Expense Insurance 
– Disability Income Insurance 
– Long-Term Care Insurance 
– Other Types Of Health Insurance 
– Managed Healthcare 
– Healthcare Financing 
– Common Policy Provisions 
– Health Insurance Pricing 
– Health Insurance Underwriting 
– Notice No: MAS 120 � Disclosure And Advisory Process Requirements For Accident And Health Insurance Products 
– Financial Needs Analysis 

About the Exam 

– 50 MCQs (computer-based) 
– Duration: 75 mins 
– Passing score: 70% 
– Fee: $85.60 to $146.59, depending on member status, timing of exam and first/subsequent attempt 

What’s Next?

Once you have passed the exams, we will then enroll you into the company’s 5 days induction program whereby you will be trained on the company’s products, learn how to use our financial planning tools, how to prospect and what are the fact finding process needed when you help someone with their financial planning.

After completing the program, you will await for your Representative Number from the Monetary Authority of Singapore and you are officially an insurance agent.

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