I was told that some young people bought too much life insurance. They bought policies for themselves, for their children, to save for their eduation, for their medical expenses, etc.
The total insurance premium that they have to pay takes away half of their salary. They face some financial difficulty in managing their expenses.
I was asked by their counsellor, on what are their options. If they terminate some of the policies, they would have to suffer a loss. But, if they continue, they find it difficult to cope.
Here is my frank view. The insurance adviser has over-sold and gave bad advice to the customer. The customer can make a complaint to the authorities for the bad advice, and ask for a refund of the premiums that they have paid.
I hope that the adviser is made responsible for the bad advice that has been given. Do not let them get away with it.
- ► 2013 (306)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
- ► 2008 (2105)
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)
- ► 2006 (696)
- ► 2005 (159)