Sunday, February 26, 2006

Agents still selling critical year

Some agents are still selling the "critical year" concept. They tell the customer that after paying for 10 to 12 years, they do not have to pay any more premium, and that this is guaranteed.

The agent ask the customer to read 50 pages of policy illustration that are written in vague language.

Here is my advice to the customer.

Write to the insurance company. Ask them to confirm the guarantee in writing. Ask them to specify that this guarantee does not depend on the future bonus rates and investment return.

You will get a different answer from the company.

Here is a better advice. Contact NTUC Income. We will give you our Ideal plan with a decreasing term rider. It is a better plan. It offers you the coverage and a better return.


Dennis Lim said...

Selling critical year concept nowadays is like giving a promise that is almost impossible to materialise, as the investment return is hard to predict when compared to the past.

Aragorn said...

isnt critical year policies banned already?

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