Tan Kin Lian's Blog: Treat Policyholders Fairly

Tuesday, February 10, 2009

Treat Policyholders Fairly

Article.

7 comments:

Anonymous said...: MAS must come out to warn the insurance agents against malpractices. In this bad time unethical practices will definitely rise.
Consumers must be careful not to fall for the traps. They must take their time. More importantly to ensure the right product being sold to you, insist that your needs be analysed.Beware of product pushers. These agents are going for quick sales.; February 10, 2009 9:16 AM
Anonymous said...: This warning is not issued by MAS but by a body in another country. Strange, they do not have the caring PAP government and yet there is this caring attitude without prodding from the policyholders. Why in Singapore with such a caring government all the complaints from policyholders seem to fall on deaf PAP ears? Are they really that caring as they say?
More Good Years?; February 10, 2009 12:55 PM
Anonymous said...: Hi Mr Tan, what do you think of the latest offering by NTUC, the SAIL plan?

Thanks & Regards; February 10, 2009 9:49 PM
Anonymous said...: The SAIL is an endowment on one side and annuity on the other.
Both sides are not gauranteed and is subject to risk which has gone up because of the recent bonus restructure. This means there is uncertainty of the projected amount. If you take a longer term than 10 years the risk gets higher as there is no bonus.. The risk will be entirely due to investment in equities, bond and properties.
Make sure you understand and make the agent to disclose fully the risk.
Other than the risk that you may not get the projected amount, you have risk of long lock in,and the inflation risk which might get higher than the projected return of 4%.
If you are young person below 50 years old this product is not suitable. You can get higher return in other investment and perhaps lower risk than investing in this product if portfolio properly constructed.; February 11, 2009 8:38 AM
Anonymous said...: Don't let ntuc agents bullshit you about the SAIL.. Ask a lot of questions especailyy about the risks.
I was told no risk.I then asked the woman agent to guarantee the projected return in writing ,she was scared. You see , they will say anything and hope you don't remember. Like the minibond case the salesepeople deny what they tell you. But before you give them the business they are willing to say anyhting, lie and con you. ntuc agents where got conscience any more/; February 11, 2009 9:37 PM
Anonymous said...: Anonymous of February 10, 2009 9:49 PM.

Take a look at Golden Saver by AXA. This is a regular retirement saving plan with guaranteed payouts after a number of years.
OTher plus points of this plan are 1. potential higher return than ntuc SAIL.
2.You choose your investment portfolio instead of same portfolio with all other policyholders. In other words you can choose the risk that you are comfortable with. You have no choice with SAIL and the risk is quite high considering the low return of projected 4%.
3.the insurance coverage is whole life(99 years)
Check out with any of the qualified FA advisers or retirement planner.; February 12, 2009 12:22 AM
Anonymous said...: Yes, Golden Saver from AXA is better than the SAIL with guaranteed payouts. Higher return and whole life coverage.; February 17, 2009 12:34 AM