I gave a talk on financial planning on Saturday.
During the question time, a customer asked for my advice. She has been paying premium for many years to an insurance company (not NTUC Income) that provide a poor return. What can she do now?
My reply is that there is nothing much that can be done now. The poor return is due to:
* high commission paid to the agent
* profit to the shareholders
It is quite sad that she has been locked into a long term insurance contract with a poor return.
My advice for the future:
* buy a decreasing term insurance to provide the coverage
* invest in a large, well diversified, low-cost fund
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