Dear Mr, Tan,
I am looking at the product by Income, the Vivolife. How would you rate this product?
REPLY
Please read the various comments (from me and other people) about this product in my blog:
http://www.tankinlian.blogspot.com/
My advise is "Buy Term insurance and invest the difference".
Read this FAQ
http://www.tankinlian.com/faq/savings.html
I have received a few negative postings about Vivolife. They appear to come from the same source, i.e. someone who is anti-NTUC Income.
ReplyDeleteAs the remarks are quite unfair to the product and to the insurance agent, I have decided to remove these postings.
Vivolife is different from its predecessor in that it is a water downed version with features spread thin.It has unnecessary frills , which are useless and are seen as marketing ploy to beguile the unwary.
ReplyDeleteThe return is very poor which is expected ,as much of your premium goes to pay the unnecessary and the agents' commission.
You are better off with term living and invest the rest for much higher return.
You have read many adverse comments about this product. The verdict is the product is lousy. Of course, to the agents promoting it, it is a damned good. Why don't you visit one of the roadshows and get yourself pitched.
ReplyDeleteJust mark my words, they will tell about retrenchment, triple time benefits, the first 15 years and so forth except the return and premium and the coverage. They don't know even the return. Get the agent to calculate he or she will be fumbling and you never get the answer.You will be shocked that they don't know how to use the financial calculator.
The answer is, the return after after 25 years is about 1.5%. Good?
You might as well buy term and invest on your own. Those retrenchment and triple stuffs are meant to distract you. If you look carefully at them they are useless.
I was a mystery shopper at one of NTUC roadshows. That was this female agent promoting to me "buy one and get one free".I was curious and sat down for the presentation. To cut the whole story short, it was to buy a revosave and finance the vivolife with the cash backs. I was amuzed when the agent kept saying the other policy became free. When I asked how would that work to my advantage. The only answer was "vivolife became free"
ReplyDeleteCommon sense is when you have two the benefits should be doubled but not in this case. My benefit is siphoned off into another one, leaving the first dry. The whole presentation was full of contradictions and misleading and misrepresented the objectives of the products. You can see that i have to pay 2 commissions. The agent gave the impression that it was one commission. This is deception or illusion. The agent stands to earn 2 commissions if she is successful in conning a customer. That is a lot of money. I gathered they are paid 40% first year and smaller commissions for next 6 years.
Insurance selling has become like other businesses. The objective is to sell or to get as much out of the poor customers. By combining products, with some giveaways or offers they try to divert the customers into belief that they are getting more for less. This is deception on closer examination. Nowadays buying insurance has risk. You may unwittingly fall into a trap like what i would gotten myself into.
So look before you leap into an insurance contract.