Dear Mr Tan,
I am a recent graduate and have been in the job market for about a year now. I would like to thank you for your advise with regards to insurance and fianncial planning which have been very insightful. I have had many friends over the past year who have tried to sell me ILPs from the various insurance agencies. Your blog has truly been a good guide in making the right decisions.
I am interested in the flexilink plan and ID7 plan from NTUC. Could you please refer me to NTUC Income agents who are still willing to offer these plans? I had written directly to the NTUC business centre with regards to my interest in ID7, but I had not received any reply from them.
Your advise is much appreciated.
REPLY
I suggest that you visit the business center and talk to a salaried consultant. You should insist on ID7. Do not allow them to sell you another product.
Just buy ID7 and perhaps term insurance protection and medical and nothing else.
ReplyDeleteThe other products are lousy products and you need not consider.
They are likely to propose revosave and vivolife. Don't touch them with a 10 foot pole even. You will be poorer and under insured.
you can just walkin to the business centre to take up ID7, the salaried consultant can only sell you ID7 instead of ID2 (with high charges).
ReplyDeletemy personal experience with the salaried consultant @ bras basah is quite good, prompt to reply via email, introduce me to flexicash, ID7 and the shield plan. (took up both flexicash & ID7 with him)
Yes, ID7 is definitely a better plan than ID2.
ReplyDeleteHowever, most of the policyholders out there are still buying ID2 from the insurance agents.
They have no ethics at all. There is ID7 and they did not tell them about it becos ID2 will earn them higher commission.
For those out there who bought ID2, please go back and contact NTUC Income and tell them you want to switch to ID7. Tell them you should be informed out the choices and the agents should not hide the better and lower cost product from them.
This is what NTUC greedy insurance salesmen have been doing. They sell what can make high commission for themselves.They just dump products on them exploiting the trust of their customers. Like revosave there are other better products in NTUC to sell and better than revosave in term of return and protection but they choose to sell revosave because of higher commssion and some bullshit features and options. Similarly, the vivolife limited premium whole life gives the agents high commission when term products can do better job in term of protection and at low coast.
ReplyDeleteThis is not in the best interest of the clients. This is non disclosure. This is hiding the truth . This is conflict of interest. This is cheating. This is dishonesty.
Where is your conscience, ntuc agents or financial consultants or whatever name you are known? Where have you left it? Is money turning you into monsters and that you no longer care for your fellow human beings? Isn't life insurance business considered a noble profession? Isn't life insurance business about helping people? Is it that you lack the necessary skills and competence that you have to resort to lying and hiding and trafficking to make a living?
ReplyDeleteWhere are the cooperative values that we heard in the past and that you bragged so much? What happened? Were you not different from the other insurance companies? Oh, I forgot that you have joined the 'crowd' and that you are now one of them.
What a shame. The household name, the icon, that is 30 years old, good upbringing, that identified with the 'have nots' has decided to abandon and go for the hip and chic 'HNWIs'. Don't be a fool, they don't want you . You are not qualified in their eyes.
It is not too late if you realised.
It is not too late to upgrade your skills and competence and change your ways of advising your clients, that puts your clients' interest first, the best for your clients.
Don't be driven by commission but by the needs of your clients to achieve win-win outcome and not what you are doing now which is win-lose. You always win and the clients always lose. Examine your revosave and vivolife and ask yourself honestly and truthfully whether they are good for your clients. The clients you meet at MRTs, the malls are the ordinary folks who trust and depend on you for good and competent advice, do you have the conscience to dump these products on them and create havoc in their lives in the future. Re-examine your conscience if you still have it with you.
Alamak, just signed up ID2 with my wife a few months ago during roadshow. We also do a single premium top-up cos the agent says it was a good time to do so.
ReplyDeleteIf we to switch to ID7 now, we still need to pay the agent's commission (15%) for 3 years based on original premium paid! So is it still advisable to switch? Anybody any advise?