1. Why is NTUC offering this Capital Plus? A non-NTUC agent said that NTUC is trying to raise funds. I am afraid they will drag for a few months and the interest will become lower than 2%
Reply: I do not know the answer.
2. Is the Growth policy a safe product ? I read NTUC has been over declaring the bonus in the past years .
Reply: It should be quite safe.
3. I had a NTUC life policy for 5 years. The surrender value stated in BI is $2200, but when I surrendered it, it was $1900. I surrender the policy to change to a limited pay whole life like Vivolife.
Reply: It is better to keep the life policy. Do not surrender it to buy another life policy, as you will be incurring the upfront cost again.
4. I am afraid the same thing may happen to the Growth policy, i.e. overpromise, under deliver. I think without you, Ntuc income has changed to be more sales oriented and have more tendency to tell lies. Don't know whether they really want to help people?
Selling is 90% lying, 5% relationship and 5% truth.
ReplyDeleteIt is as good as cheating. And in insurance selling it is definitely used to its fullest.
Worse,cheating in insurance can be discovered many years later unlike other goods they are discovered after a test.
So cheating in life insurance is far more damaging and wide ranging. Therefore there is an urgent need to tighten the screw. Red cards must be issued to errant agents. MAS must be responsible for this role.
Don't fall for the limited premium payment term whole life. Hope it is not your sincere agent's idea. You stand to lose. You will end up having lesser coverage and higher premium and it will become more burdensome for you in bad times. 10 years can be a long time. With your current plan and if you wish to stop paying in later years you can convert to paid up with reduced sum assured and you stop paying the premium but continue to be insured. In this way you don't lose.
ReplyDeleteIf this is your agent's idea, i suggest that you sack him or her right away. It is unscrupulous to ask you to do this.
Insurance agents are wileful, full of deceit and trickery. They will stoop to anything to get your hard earned money. In this case he or she stands to earn a high commission. This is churning. It is replacement without valid reason and it is illegal and it breaches the FAA.
You should report to MAS if it true.
I heard the capital plus is to improve their single premium production. It is so bad that it is taking risk to guarantee. It might have loaned out at slightly more than 2% in sibor market to create this product. It is a waste of time and resources.
ReplyDeleteCan you see all this manipulation? Looking good is all that important for the company and not for the consumers.
What is so good about 2%? If you buy if you are putting the last nail to the coffin, sure die with current inflation at 6-7%....
Consumers must understand that the risk in the market is so much lower now. Consumers would be better off with a diversified portfolio to fend off inflation and reap a real return.