Like most people, I experienced many important milestones in the first year of my adult life.
One of the most memorable was financial planning.
I remember this as a rather serious affair, over the course of three long evening meetings with an agent at various fast food restaurants in a mall in Serangoon.
Each meeting was very enlightening, but also quite stressful for me, a financial newbie at the time.
Yes, I could have taken more time to decide, but I was also eager to get it over with and get it over with.
Now, four years later, I’m happy with the decisions I made then, but I wish things were different.
Simple insurance for the first step
Enter SNACK by Income.
The financial lifestyle provider is named after the way it distributes investment and insurance products in small portions through its mobile app.
He offers an “alternative approach” to the high-value purchases that typically come up when it comes to buying insurance coverage or investing.
Instead of thousands, possible SNACK insurance premiums start at SGD 0.30 and SNACK Investment products can be purchased for as little as SGD 1.
These surcharges are paid each time the app detects that you have completed a preset “lifestyle activity”, such as when you use public transportation, order food delivery, or exercise.
Then you accumulate insurance coverage in the form of additional amounts of several hundred dollars each time.
After trying the app for a week, I received SGD 46,333 coverage (including SGD 6,000 free coverage for three policies – life, accident and critical illness).
Parts of your daily routine cause you to buy insurance
The first step in setting up the app was to decide which actions to associate with insurance purchases.
The list of actions you can choose from includes different categories of expenses:
As well as achieving a fairly achievable goal of 5,000 steps a day.
I selected all the categories, knowing that I could always go back to the app to disable some of them if necessary.
Come out and get rewarded
SNACK communicates with “activity sources” like VISA, EZ-Link, and activity tracking apps (Garmin, Fitbit, or Apple Health) so it knows when you’ve done those activities.
Choice of premium amount
I was also asked to choose the amount of the award: SGD 0.30, SGD 0.50 or SGD 0.70.
With the wisdom of Goldilocks, I chose 0.50 Singapore dollars. In the end it didn’t really matter since 1) it was a relatively small amount and 2) I could always go back to the app to increase or decrease the amount.
It also helped that I could set a weekly limit (I chose SGD50).
So now when I used one of my Visa credit cards to pay for a “lifestyle activity” like going to the movies, I was automatically charged SGD 0.50 until I reached the weekly limit of SGD 50 – accumulating all the time accident insurance.
It was a similar setup process for the other two policies (critical illness and life).
And with that, I was ready to go out into the world to earn my coverage.
But not before you get SGD 4500 free coverage – SGD 1000 in each category as an initial bonus from SNACK and SGD 500 for completing the setup process for each of the three.
On the same day, I began to accumulate activity, and with it, reach.
Each small piece of coverage is valid for 360 days – about a year.
This means that as I continue to live my life for the year ahead, I will continue to accumulate coverage and maintain the policy.
Biological age is calculated daily
As someone who usually tries to stay healthy and active, I was thrilled to learn that I am receiving bonus coverage for all my efforts through a feature called SNACKFIT.
Every day, SNACKFIT tracks five key metrics: steps, calories burned, BMI, resting heart rate and sleep.
The younger your physique, the more bonus coverage you get, with a maximum of 20 percent bonus coverage for those whose biological age is five years younger than their actual age.
It’s definitely an incentive to get enough rest and exercise, and stick to those healthy habits, because the data is collected on a daily basis.
Another way to get Bonus Coverage and Investment Credits is to shop with SNACK Partner Merchants – or SNACKUP Merchants – where spending with a linked VISA card gets you Bonus Coverage and Investment Credits.
One of them is IJOOZ brand orange juice vending machine.
SGD 2 for four oranges prepared on the spot, SGD 100 free insurance and SGD 0.20 free insurance credits? I welcome this.
I also got bonus insurance by paying with Fave and ordering from foodpanda, both of whom are SNACKUP sellers.
This meal at Wafuken also got me SGD 100 free insurance and SGD 0.20 free investment credits.
At the end of one week, I had accumulated insurance coverage of SGD 46,333, of which I had a total of SGD 40.5 in premiums:
- Life: S$19,533 of which S$13.50 in total premiums paid
- Accident: SGD 13,400 of which SGD 13.50 in total premiums paid
- Critical Illness: SGD 13,400 of which SGD 13.50 in total premiums paid
A good part of the total – SGD 6,000 – is free coverage that I got by staying healthy and active, and through various giveaways and promotions from SNACK with their merchant partners.
Of course, I could sign one large policy with the same or even more coverage in just one day, but it could take more than a month to study and plan.
All in all, SNACK by Income is an inexpensive and effortless way to get involved in the insurance world, offering trials, bonuses and free coverage to help you stay involved.
I believe this would have been infinitely helpful to me when I was considering my first insurance plan.
It can also serve as a complement to existing financial products. At a minimum, I’m going to keep the accident policy since I didn’t have one before.
Start investing just as easily
SNACK is not just an insurance company.
It also allows you to start an investment with very similar mechanics to how SNACK insurance coverage accumulates.
Everyday activities (the same ones that trigger insurance premiums) can be set to trigger investment purchases of SGD 1, 2 or 3, with a weekly cap that you can set based on your investment budget. .
Just like SNACK Insurance, it is a “set it and forget it” mechanism that allows you to build your financial portfolio without having to constantly monitor it.
There is also an auto-invest feature that allows SNACK to automatically invest the remaining amount from the weekly limit you set.
You can enable or disable this depending on your preference.
Investment credits of SGD 80 for new users until December 31st.
If you are a new SNACK user, you can receive SGD 80 investment credits when you register a SNACK account with a referral code
You can also check out other exciting promotions and bonuses through the SNACK app itself.
Just follow these steps:
- Create a SNACK account with a referral code
- Go to “PORTFOLIO” and click “Start Now” in the “Investment” section.
- Set up your account and link your Visa card
- Complete a Customer Knowledge Assessment (CKA) and ensure you increase your investment
If you’re interested in trying it out, download the SNACK app and check out the SNACK step-by-step guide to help you get started with SNACK Investment.
This article, sponsored by SNACK by Income, allowed this writer to get extra insurance with no fuss.
The best images of Nigel Chua.