Tan Kin Lian's Blog: 9 things to ask your insurance adviser

Wednesday, December 05, 2007

9 things to ask your insurance adviser

Before you pick your insurance adviser, read Dr Money's article:

http://newpaper.asia1.com.sg/columnists/story/0,4136,110603,00.html?

6 comments:

Anonymous said...: glenngenserkoffler.blogspot.com/; December 05, 2007 7:33 AM
Anonymous said...: Ask him or her, are you qualified to give advice on this area. What is your credential?
How much commission do you receive from this product? Is there a better and less costly alternative? Why are you recommending this product?
You can call it off if he or she gives you no chance at all to raise questions and does not look into your needs .; December 05, 2007 2:51 PM
Anonymous said...: 3 lawyers were suspended for touting under the legal profession act. The use of entrapment to snare the 3 lawyers into committing the misconduct was admissable in court and as evidence against them.
This should be used too to catch errant insurance salesmen. To entrap them for unethical and
incompetent conduct of the business MAS and CASE should use mystery shoppers to gather evidence to prosecute them.
Send a strong warning to the agents to stop the malpractices . MAS should also conduct audits on the insurance agents for poor and inappropriate recommendations often. The agents should be licensed and pay a fee. The revenue from the fee can be used to employ auditors to check on the cases closed by agents.
If MAS is serious about professionalism the conduct of insurance agents should be stringently supervised and regulated.Currently the life insurance code of ethics is a joke and sham.Very few insurance agents abide by the ethics. Ethics is very important. Without ethics and without stringent enforcement like the legal and medical profession the life product consumers are in danger of falling victims to all the rogue and incompetent agents.; December 05, 2007 11:19 PM
Anonymous said...: Singapore is too dependant on foreign workers to grow. There is a social price to pay. Over the long term it may not be good for Singapore. They come and go. There is no allegiance.
There are sources of human capital that Singpore can tap and among these the insurance agents. There are too many of them and up to 80% are not qualified to advise on personal finances.Many join the industry for wrong and to get rich quick reasons. They are not interested in the clients' needs. If we can chop the current population of 13,000 to 5000 we can free up for the other
industries.There is no better time than now when things are good. MAS should broach this matter once again. It is a good time to weed out the incompetent , unethical and dishonest insurance agents. It is less painful by tigthening the screw.; December 06, 2007 8:20 AM
Anonymous said...: One more question to ask the insurance agents is" Did your father buy a limited premium from you?'; December 06, 2007 6:19 PM
Anonymous said...: Did you buy one for yourself,eg revosave is supposed to be good for anyone, therefore it is also good for the agents If he or she says yes ask them to show you the proof.
Otherwise,he or she is a liar.; December 07, 2007 11:42 PM