Someone told me, "If you are not insured, you stand a 5% chance of being poor. This is the chance of suffering from an uninsured event. If you are insured, you stand a 95% chance of being poor. This is the likelihood of buying an expensive product that takes away too much money from the customer and gives a good commission to the agent. "
If you buy the right insurance product, e.g. low cost term insurance, you avoid the 95% chance of being poor, and avoid the 5% chance of suffering an uninsured loss.
But majority has bought the wrong product because they succumbed to convenience and personalised selling by agents. And also not easy and convenient to get the right low cost term insurance product because of vested interest(commission, profits etc) of insurance companies and their agents. It is a fundamental problem of the system, and this will persist unless the system is changed.
ReplyDeleteIt's like if you want to have a capitalistic and open economy, there will also be a big income gap and not easy to narrow.
If you are poor and you consult an insurance salesman you get poorer...Look at them . Do they look like a financial consultant who can help you with your finances? They may have a name 'consultant' but can they consult? What do they know? With 2-3 months of reading and passing a multiple choice licensing exam and you dare to put your future into these snake oil salesmen's hand? Something is wrong with you. You are abetting them in their crime against you.
ReplyDeleteNo wonder you are a die hard fan of wholelife and endowment insurance.
You don't know how much of your money went into their pockets. You don't even know your cash value after 20,30 years has lost real value.THey told you about making your hard earned money work harder..Do you believe wholelife products can? In fact you work harder than the whole life product. Beware of them.. be like rich.. the rich won't touch them with a 10foot pole.