Saturday, August 26, 2006

Good points of other insurance company's products

A person called "Truth Seeker" asked me to post good points of other company's products. This is to prove my "unbiasness".

I do not know of any of my competitor's products that give good value to the customers. Most of them pay high commission to the agent and make a good margin for their shareholders. They charge more to their customers to cover these additional expenses.

They give a return to their customers of 10% to 20% less than NTUC Income, due to the difference in expenses. This has been the experience over the past many years.

Most insurance agents and financial advisers like to sell the products of insurance companies that pay higher commission to them. I will let these agents convince their customers of the value of their advice. I am not able to do this work for them.

If you think that my views are biased, you can disregard them. If you wish to have some independent analysis, I suggest that you check this website: www.askdrmoney.com.
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2 comments:

James Ong said...

Dear Sir,

I agree with you that NTUC Income policies have one of the lowest costs. But that does not mean the products of the other companies do not give good value to consumers.

I also disagree with this paragraph:

"...Most insurance agents and financial advisers like to sell the products of insurance companies that pay higher commission to them. I will let these agents convince their customers of the value of their advice. I am not able to do this work for them..."

In my earlier comment, I wrote:

"...Sometimes I may not agree with your views entirely, but I always see ourselves(everyone in the financial services sector) as one big "family", regardless of which company we belong too..."

and,

"...Other agents or bank staffs who sell unethically or based on commissions belong to the minority...Perhaps we should be clear to acknowledge that when we make such comments in order to be fair to the majority who are professional and passionate about their jobs..."

Please refer:

http://tankinlian.blogspot.com/2006/08/i-give-my-honest-views.html#links

Many young people like me can learn many things from your blog. I am just as passionate as you are, if not more, in giving the best for our consumers. Over the years, regulations have been tightened and the level of professionalism has increased.

I would like to take this opportunity to stand up for all the professionals you have wronged.

Unethical selling belongs to the minority.

In my short 3 years of experience so far, I have met and worked with many inspiring individuals and all of us share a common passion - to give the best to our consumers.

This industry is changing rapidly. We will never tolerate those who sell based on commission.

If you see any agent or financial advisor selling unethically, please kindly name that person or report them to their respective companies or MAS. I am sure they will be dealt with accordingly.

I do not post anonymously and I am responsible for my comments. On a positive note, I hope to learn more from you in future from this blog.

Thank you and best regards...

August 26, 2006 5:14 PM
Truth Seeker said...

Mr Tan,

No other product that gives good value to customers? It is good to be proud of Income's achievements, but to make such a sweepign statement does have seems an overdosage of "misplaced arrogance".

Everywhere there are black sheeps, whether Income or any other financial institutions. It is unfair to tarnish the reputation of so many others who are diligently and professionally doing their work.

Dr Money gives independant analysis? Maybe so but unfortunately, the accuracy is in question.I will leave to the experts who read Dr Money to determine his credibility in this field.

August 27, 2006 1:15 AM

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