They are recommended to buy a whole life, endowment, critical illness or a specially designed plan (marketing under branded names) that have high hidden cost and gives a poor return on their savings.
This FAQ explains the true cost of life assurance. It will help you to make a better choice in buying your life assurance in the future. It does not help the policyholders who already bought the life assurance and the past and has already paid the high upfront cost.
Read this FAQ and pass it to the younger people to be educated, before they buy the wrong life assurance policy.
I am puzzled why people are still buying limited payment whole life and endowment and anticipated cashbacks and regular ILPs.
ReplyDeleteDon't they know that these products short change their needs for protection and saving?
I think the reason is they trust their agents and unknowingly kenna conned by them.
Wake up, your agents are con man and women and never or don't know how to help you and that is why whole life and endowment are dumped on you.
The dishonest agents will push these rotten products because they can earn high commission and also to aim for mdrt.
The honest agents are too unqualified and incompetent and because of earning will also push whole life and endowment.
Open your eyes big to see what your so called trusted insurance agents are doing to your financial life.
Maybe a few questions will help you realise that your agents are dishonest or incompetent.
1. Do you have at least $500,000 to provide for your family if you were to die TODAY?
2.Do you have an insurance that covers you 5 times of annual salary plus treatment cost plus a medical insurance in case you are diagnosed with one of the dread diseases TODAY?
3. Do you have an insurance that provides you your current salary till 65 years old if you are disabled permanently TODAY?
If your answer to the above is NO you are in danger and you are NOT a responsible and loving bread winner.
If your answer is NO it is time to change and sack your beloved insurance agents. Tell him or her to Fxxx because it is either they are incompetent or dishonest, greedy and never put your interest first and there is a likelihood that you were dumped with expensive limited whole life , endowment and those anticipated cash back endowment craps. TODAY,you are a walking time bomb and your family will have to eat grass if you should die NOW.
You are destined to work until you drop death because the rate of saving is far too slow and low to retire comfortably in your rotten (golden)years.
While your agents are basking somewhere in exotic resorts with your hard earned money and living life to the fullest while you toil behind a fast food counter thinking when is the next meal coming from.
Wake up, fellow consumers. Get to know about insurance and retirement planning from FISCA. Before it is too late,have your current policies checked for mis-selling and inappropriateness and to see whether your agents have cheated you of your life. Join FISCA and live life knowingly and not blur blur and let your insurance agents plan their life at your expense.
NOW, TODAY is the time.
The Terminator IV
Consumers are nuts. clueless about whole life and endwoment.
ReplyDeleteThey do not know the operating cost of insurance has eaten and lowered the return of the product.
These are the costs.
* higher commission; this explains why only WL & endwoment are pushed
* incentives for agents to push them for more sales; they are money driven and not the desire to ensure clients' interest first.
gifts, incentive trips to long and short trips all year round.
* higher salary for ceo and senior managers, eg, NTUC has so many GMs and senior manages
* low annual or reversionery bonus
* low interest rate
* low investment return
You see the cost? How to give good return and high protection ?
You only get abt. 2% for WL after 30 years and 3% for endwoment.
Sure die, loss due to inflation.Are they good as saving plan like your dishonest insurance agents have been touting?
Ask your 'trusted' agent to explain and disclose all facts and NO LIES.
Hi Mr Tan,
ReplyDeletefrom my understanding term plans have no cash value at 'end of the day'
so how do we earn higher returns if we subcribe to term plans?
Buy term and invest the rest. Term premium is only a fraction of WL premium.
ReplyDeleteDid you ask your insurer whehtehr your car insurance has casg value?
or ask whether your incomeshield got cash value or cash backs? or your maid insurance has refunds or cash backs?
Be realistic!!!Insurance is not free
Try rainbow at http://www.rainbowgrp.co.uk/Insurance/LifeInsuranceMain.aspx. They seemed to give me honest advice and numerous different options for me to choose from
ReplyDeleteMr Tan,
ReplyDeleteAccident Insurance only pays out on accident. It is poor insurance to buy. It's cheap because the probability of dying in an accident is quite low.
Buying term, which will pay out on dying of accident and illness is much better advice.
PA has a role to play because it helps to provide some cover for disability due to accidents.
ReplyDeleteIf someone were to die from an accident, a normal term plan will pay out.
But what happens if you lose the use of one limb due to accident? A major adjustment to your lifestyle might be required and the lump sum will definitely come in useful.
Unless you have a disability income plan, you can't really claim from your traditional plans.