Many insurance products are too complicated. The agent does not spend time to explain the product to the policyholder. They are trained to sell the products to the customer, using emotive reasons.
As a result, many policyholders, including those that are well educated, do not understand the product that they have bought.
This is an unsatisfactory state of affairs. It has been the case for many decades.
I personally share some of the blame for this state of affairs, as I had been involved in running an insurance company for 30 years. At least, I tried to offer simple products at low cost that give better value to the customers. And I did try to give simple explanatory leaflets.
I hope that, in the future, the insurance industry will put more effort in the following:
1. simplify the product
2. educate the customers
3. empower customers to select the product that best suit their needs.
4. reduce the upfront and operating costs, and disclose them to the customers.
- ► 2013 (302)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
- ► 2008 (2105)
09/16 - 09/23
- China stocks are too expensive
- Choose the right fund
- Educate the customers
- Need for financial discipline
- Longevity insurance - What are the Options?
- Life annuity pays out more
- Does an independent adviser give better value?
- Purchase additional insurance
- Write a will
- Distribute your assets early
- Reaching age 55
- Coverage under Medishield and hospitalisation plan...
- Selecting a Shield plan
- Avoid over-lapping insurance policies
- Pooling of risks
- Insure against big losses
- People are living longer
- Funds with Low Upfront Charge
- Diversification and liquidity
- Retirement Planning
- Education in Singapore.
- Questons on Life and medical insurance
- Questions on Investing in funds
- Questions on Overseas property
- Questions on Life Annuity
- Talk to teachers on Managing your Finances
- Waive legal fees of $45,000
- Simple facts about life annuity
- Future bonus of NTUC Income
- ▼ 09/16 - 09/23 (29)
- ► 2006 (696)
- ► 2005 (159)