First Bank in Singapore to Offer Free Online Will Service
OCBC Bank has rolled out a free online service to help Singapore citizens and residents age 21 and above prepare their own wills within 10 minutes; in straightforward cases, that is.
The OCBC Online Will Generator was developed in-house as part of OCBC Bank’s Silver Years program, which launched in May 2018 to offer both banking and non-banking products and services. It offers financial advisory and lifestyle initiatives for Singapore’s seniors that aim to minimize the downside of the retirement risk zone.
“We have seen news articles reporting that people were put off making wills as they are worried about the complexity and costs. We want to change all that by making this seemingly tedious and costly process a fuss-free and free-of-charge online experience that is open to everyone, especially our pioneer generation citizens. The OCBC Silver Years program is our commitment to provide a holistic approach to planning for retirement, which includes elements outside the traditional banking products.” – Head, Consumer Financial Services Singapore, OCBC Bank, Dennis Tan.
In a pilot session conducted among a group of ~10 seniors from the NTUC Health Active Ageing Hub, respondents were given a hands-on experience at trying out the OCBC Online Will Generator on various devices such as tablets, smartphones and laptops. Mr Heng Gee Choo, one of the respondents and a retiree, 65, said: “The process is simple and easy to use. With this in place, there is really no excuse for me to procrastinate and delay the writing of my will.”
Did You Know? In a survey conducted by OCBC Bank in 2017 involving 200 respondents between the ages of 55 and 69, one in three indicated that they need more advice on after-life plans and leaving an inheritance for their family.
Recall end-of-life players here.