Someone attacked me for giving a bad name to the life insurance industry.
In my view, there are two segments of the industry:
1. Bad segment. This segment offers products that give poor value to consumers and pays high commission to agents to sell the products often through misleading means. This has been a problem of the life insurance industry for decades and continue to be a big problem today.
2. Good segment. This segment offers products that give good value to consumers, e.g. low cost term insurance. They give a good return to consumers on their long term savings, e.g. no load mutual funds. This segment represents a smaller share of the market. I hope that it will grow in the future.
In my articles, I wish to educate consumers on how to identify and avoid the bad segments. The agents involved in this market segment have caused disappointments to hundred thousands of policyholders over the years. These agents, and their insurance managers, have been giving a bad name to the life insurance industry.
I encourage consumers to find out and go to the good segment of the market. You need life insurance to provide financial security for your family. You need to grow your savings for your retirement.
I also encourage more insurance agents to move to the good segment of the market. You can earn an honest income (i.e. not at the expense of your customer) by selling good products in bigger volumes at lower margin.
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05/04 - 05/11
- Buy Term Insurance directly
- Register a Google account
- Posting in this blog
- Jakarta 11-14 May
- Signature for Collective Protest
- Difficult questions
- Well done, DBS
- NTUC Income is a cooperative
- A philosophy in people management
- New management style
- Post comments in this blog
- Choosing options in a Shield plan
- Pre-existing condition
- Endowment or Limited Pay Whole Life?
- Non-core business has been profitable
- More than Insurance
- Delay in notifying affected policyholders
- High departure of staff
- What is my motive?
- The Truth About Life Insurance
- Continue with the Ideal (ID2)
- Write to email@example.com
- My life insurance policies
- Effect of deduction
- Exotic Terminal Bonuses
- Lack of transparency and accountability
- Fair distribution of bonus
- Annual and special bonus
- Views from the management of NTUC Income
- Bad name to the life insurance industry
- Charges of unit trusts
- Invest to earn 5% to 8%
- Saving for a child's education
- Reasonable Expectation
- Transfer back to retirement account before 62
- Nearly 3,000 visits on Tues 6 May
- Get several quote on your motor insurance
- Buy a life annuity
- Write to ask the CEO of NTUC Income
- Insurance agents of NTUC Income
- AGM of NTUC Income
- Lack of reply to a letter
- Guts and honour
- Reply to Today: Cut in Annual Bonus
- Prepared to lose the premiums paid
- Is there room for welfare in Singapore?
- Buy unit trusts with Fundsupermart
- Personal attack
- Right and just will prevail
- Increase in motor insurance premiums
- Restructuring of bonus
- Give fair value to consumers
- Leadership - lesson from India
- Apply new bonus structure to new policies
- Prefer higher annual bonus
- Terminal bonus is not guaranteed
- Bonuses reduced by a significant amount
- Does the Growth policy still give good value?
- The less I drink, the more drunk I get
- Silent majority and bonus cut
- More than 1,000 visitors on Saturday
- Letter on Bonus Cuts
- Annual General Meeting of NTUC Income
- Indexed funds or unit trust?
- Smoothing or bunching
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