Tuesday, September 09, 2008

Suitable products depending on needs

Some readers argued that certain products are not inherently bad. They are suitable for certain people, according to their needs. This is only partly true.

Here are my points:

> A product is bad, if it is designed to "cheat" people. This type of product has high charges that are hidden from the consumer.

> These products are "pushed" by agents or marketeers, who mislead the consumer through their "marketing techniques".

Most life insurance "savings" products and structured financial products fall in this category.

The good products are those that do not need to be marketed. They are bought by the consumer, usually over the counter. They include:

> bank deposits
> government bonds
> low cost unit trust
> term insurance products
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2 comments:

Unknown said...

I would add to your list of "good" products, protection products, such as disability insurance and health insurance.

Of course, home & auto insurance are needed as well.

September 10, 2008 3:37 PM
zhummmeng said...

Whole life and endowment products are scams. Have you heard of products that are good for consumers are scams? of course , not. Scammers won't want to touch them. It is a waste of time. For whole life it is the worth the risk to use anything under the sun to scam somebody to buy.There is huge commission to be made, all in all 150% of the customers' premium. All the insurance salesman needs is a glib tongue which is able to twist and turn lies into truth, to waylaid customers and to be a master of illusion to vanish stark facts into the thin air and be unscrupulously greedy to churn an anticipated endowment cash refunds to buy a high commission whole life
to double the commission .
It is wonder that the medishield insurance will be spared.

September 11, 2008 10:42 PM

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