Dear Mr. Tan,
I had just got a quote from the insurance agent, the sum assured for $200,000 decreasing term of 20 years, the monthly premium is $50 (female). Please advise whether it is expensive.
REPLY
The premium rate quoted is very expensive. You can get the benchmark premium rate from this FAQ.
http://www.tankinlian.com/faq/term.html
It is best for you to get a few insurance companies to quote the premium rate, rather than depend on one agent to quote you an expensive rate. Do shop around.
http://www.tankinlian.com/faq/termd.html
I agree too. The premium is quite high. However, if the person is near 50 years old, the premium looks reasonable.
ReplyDeleteThe agent has to quote higher rate so that his commission will be high.
ReplyDeleteI do not think that the agent quoted higher for his benefit. Commissions are fixed by their companies. It is the company, especially if it is a co-operative, to work out a fair and reasonable and sustainable( for both the company and the policyholder) rate.
ReplyDelete