Some customers bought more insurance than they really need. They were over-sold by insurance agents who are keen to make the commission.
Here are some tips:
1. Buy insurance for the risks that you need to cover. Do not buy insurance for risks that you can shoulder on your own.
2. Buy low cost insurance. Do not bundle it with savings. Invest your savings separately.
3. Do not over-insure. Do not take several medical insurance policies. You are paying too much premium for no value. You are allowed to claim up to the amount that you spent only.
4. Find an honest adviser who help you to pay less on your insurance, and find the lowest cost.
I shall be making a separate posting to talk about the risks that you really need to insure, and the risks that you do not need to insure (i.e you can take on your own).
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09/02 - 09/09
- High distribution cost
- Be fair in your views
- Encourage more people to use public transport
- Insure against real needs
- Life Insurance sales in France
- Over selling by insurance agents
- Keep your living policy
- Career prospects for an actuary
- People are living longer
- Legacy of Goh Choo San
- Investment in a degree or continuing education
- Buying a HDB resale flat
- Commission payable on life insurance product
- Investing CPF savings
- Investing after a market correction
- Commission payable to the agent
- Suitable products
- Reverse mortgage
- Whole life and endowment policies sold by NTUC Inc...
- High cost products
- Suggestion: CPF to provide investment funds
- How to get better advice
- Licencing of financial advisers
- Save energy
- ▼ 09/02 - 09/09 (25)
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