Personal accident by telemarketing

Hi Mr. Tan,

I received a call from my agent. She is offering this limited promotion personal accident policy to selected clients. Currently, I have a Prime Life policy with them. She is offering me a personal accident policy: $36/mth for $200k, $29/mth for $100k.

With additional benefits like cash rebate per year around 1 month of the premium. I am currently schooling and will only be entering the workforce 3 years down the road.What do you think?

REPLY

The plan offered by the agent will cost about $319 (after rebate) for $100,000 cover. It is too expensive. A similar personal accident policy, available from NTUC Income and a few other insurers, will cost you only $72 a year (applicable to a student).

Read this FAQ:
http://www.tankinlian.com/faq/pa.html

Lesson: Avoid buying a product straight away from a commissioned agent. Always compare with similar products in the market before you buy.