I found this excellent paper from Bank Negara, Malaysia. It explained the method of using asset share to ensure that policy owners get cash values that are fairly computed:
http://www.bnm.gov.my/files/publication/dgi/en/2004/08.box2.pdf
Here is the FAQ from the Life Insurance Association of Malaysia:
http://www.liam.org.my/cms/general.asp?whichfile=English&productid=237&catid=13
Here is another article printed in The New Paper:
http://newpaper.asia1.com.sg/columnists/story/0,4136,167015,00.html
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2 comments:
Waa, didn't know Malaysia is better than us in this respect and their regulations. I thought that our regulators and policy makers, being the best paid in the world, must be also best in formulating policies and regulations. The myth in this has been shattered and also other areas.
Sometimes, I cannot 'tahan' consumers. They have themselves to blame for the mess.
You know I have been trying to educate the consumers that buying insurance is unlike buying an electric processing appliance. The appliance is tangible; you can see, touch and test. You immediately know whether it works or not. There may be features that you are unsure and have been conned by the salesman because you may not use or hardly use and you are paying for it too. Still there and there you can make an informed decision. Even you have made a bad decision the implication or 'damage' is not extensive and is one off.
Example; if you only need to squeeze juices the salesman sells you other features like mixing which you are persuaded to think that you might use in the future. After buying and at home you realised that you had never baked a cake in all your past life .You have been conned, right? but no big deal the loss is small and one off.
With insurance if you make a bad decision you won't even know until many years down the road.Just like what we are in right now, don't know whether to terminate or not, our ntuc policies. Too bad, right?. Therefore It serves you well to have an honest and competent adviser.It is very important that the negative benefits are told to you and the adviser helps with the decision.
Insurance salesman or product pushers don't look into your needs. They sell you products that can make the highest commission for them to achieve awards like MDRT, COT,TOT and other incentives like trips to Ho Chin Min.
What is selling? Selling is manipulating your emotions and senses and pressuring your guilt until the consumers cannot 'tahan' and surrender and sign.How? Lies and lies and bullshits and empty promises until your brains are numbed to resist.
Ladies and gentlemen and consumers , open your drawers and cupboards to let out all the garbages and skeletons that you have keeping all this time without your knowing them. Seek second opinion, independent competent adviser to uncover the garbages.Likely you have wholelife, limited premium or some dressed up anticipated endowment with refunds but called coupons or cashbacks.
Get an adviser to help before it is too late, and not after you have lost your precious time or you may
encounter a situation which calls for large amount of cash..
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