Dear Mr. Tan,
Please advice if it's good for me to terminate this policy (benefit illustion attached) which I hold since 1993. I intend to buy term and invest the cash in ETF STI. Appreciate what you are doing…
REPLY
Please follow this guide and let me have your preliminary conclusion:
http://www.tankinlian.com/faq/existinglife.html
I advise people who are not sure of what they bought should come to this blog to read and get the right advice and check their policies against what is written here.
ReplyDeleteIn fact you have seen many coming forward to reveal all the rubbish insurance agents sold to them. It is just the tip of the iceberg. The more mdrt, cot or tot agents the more of this miss-selling there will be be in the future.Believe me you, these agents have no qualms about selling useless products to you as long they get high commission.They are product pushers who you see at every corner, in the streets , mrt and I am surprised they may be seen at geylang soliciting for customers. They will do anything except the interest of the clients.
Despite holding it from 1993 you are prepared to cancel it. This shows that it is not too late if there is some time left to recoup all those wasted years. Before you do that let Mr. Tan assess the situation to see if is in your interest. Don't consult the ' consultant', they will be too eager to advise canceling so that you can buy another policy from them. All the best to you.
I hope this serves a lesson to other buyers. In fact this is not the only case where insurance agents didn't disclose or mis-sold . There were many cases.
ReplyDeleteHave your insurance policies checked by a competent third party for fraud, non disclosure mis-selling and other malpractices before it is too late.
PS.you remember the critical year debacle some years ago? This is only the tip of the iceberg.
Hi Mr. Tan,
ReplyDeleteIn your example, how is it possible for the target value to be greater than the cash value, when the target value = (cash value * 1.1593) + (annual premium * 5.4684). Please advise. Thanks.
Recently, I have heard of a local bank selling to retirees "fixed deposit" with free shopping voucher. They use the pretext of change in government policy and mislead old folks to sign on dotted lines into believing they are signing a 1-year fixed deposit at 2.5% interest per annum. It turned out to be an 15 years annuity, an insurance product! Throughout the entire sales pitch, the word "insurance" was never mentioned. I hope CASE and MAS can look into this. These old folks does not even know how to read and write English and sold by bankers using "Government" to gain their trust and "Freebies" to lure them.
ReplyDeleteCan you believe this?
ReplyDeleteAn old man was sold a Revosave by one ntuc woman agent. The old man has to pay for 15 years until he is 75 years old. How does he pay? he is not working. I heard he is paying from his savings . This terrible, unethical unscrupulous.This is mis-selling.