Some insurance advisers have an unethical practice of "churning" the life insurance policies of their clients.
They advise their clients to stop their current policy and buy a "better" product. Being more knowledgeable, they are usually able to present a "convincing" case. Usually, the presentation is misleading.
The unsuspecting client take the advice of the adviser, who has the chance to earn a large commission on the sale of the new policy. The client is worse off, as they have to incur a large upfront cost, which may amount to two years of premium.
NTUC Income has measures to prevent the "churning" of life insurance policies. Our policies stay with us for many years.
Some other companies have policies that are churned every few years. The duration of their policies are usually much shorter.
Beware about churning. If your insurance adviser shows you how you can be better off by terminating an existing policy to buy a new policy, he is churning.
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