I am insured with NTUC. Seriously. I am naive and ignorant, how I should address my concerns (of the poor return) to the management board? Do you still have NTUC policies?
REPLY
I had about 15 life insurance policies during my time with NTUC Income, including policies taken for my children. Many of them have matured. Some were transferred to my children.
I cancelled four whole life policies (on my life) during the past two years, due to the reduction in bonus rate and the increase in management expenses. As I am past 60, I do not need the insurance protection.
I have only a few investment linked policies left. I shall cancel them at the right time.
16 comments:
In the Sunday Times yesterday an agent from manulife was featured. She declared that she works "for the mission and not JUST for the commission" and she wants to see every family taken care of. What she means is every family will have an insurance policy and NOT have enough and adequate insurance. No wonder Singaporeans do have insurance policies but NOT enough, grossly not enough; only $100K for death benefit.Or that statement can mean every family has enough money from insurance proceed to bury themselves and pay the funeral expenses.
To illustrate her mission and not just the commission she cited a case study of a 40 old family man whom she 'helped' insured with term coverage of $100K sum assured with $50 a month.
With qualification of ChFC, I question her competent analysis of the man's need of $100K only. And she thought she was great that she was happy to boast about it. With $50 this family man can have at least $500K SA for death and $100K for critical illness and this is what the family man needs to adeqautely address his concerns.This shows her noble mission is NOT competently demonstrated and accomplished..Competence is missing despite qualification.
As she got her ChFC in 2001 I presume she has financial planning skills now, which I doubt from my take of the interview, but prior to that was she peddling and pushing high commission products to where she is now.Only peddling and pushhing high commission products can one acheive financial success of this quantum. Walking the talk? I don't think so. This is just for the interview to show her noble mission is different but not true.
Her mission is the same as any insurance agent to rob to squeeze as much out of every client.From what she owns shows she is confused what is right or good or optimal.
The situation will not change unless MAS steps in to overhual the whole system.
1.Change the way consumers' need are approached
and not being product pushed or sold
2.agents liable and accountable for advise given and if it fails to meet reasonable basis it is a breach of section 27
3.commision must be removed and reward should be based on scope of advice, conplexity and difficulty.
4.There should be strict enforcement with frequent audit.
From time to time there will be an agent who will talk cock and bull story. The problem is they do not know when to talk.It is better not to talk because when they say nothing they say it best
Zhummmeng
You know why the agent from Manulife sold only $100K ,although a term?
Ah, she is strategising, she is not stupid and she wants us to beleive that she is concerned for the client. So, do you see that manipulation here?
What she did is to make sure that she still has business to do in the future. She laid the trap first and then in the future , and where the money is coming, she will do a 'review' and 'identify' the gap she left open before and sell him a WHOLELIFE.
It is a good strategy. All greedy and depicable insurance agents must learn this despicable trick.This is how to build your future business. Don't sell all the cheap term now but leave some for future, more lucrative ones.
Hi zhumeng,can u tell me which insurance company or plan I can get for $500K death and $100K for critical illnesses (premium only $50)?
I think there is something wrong with the numbers quoted by zhumeng. I had long discussions with Manulife agent a year ago to discuss their Term policies. The payout for 50 year old range is around $200,000 for $50 a month coverage based on my memory. It is impossible to get $500,000 for $50 per month, i would have bought it straight away.
In the end i took up term insurance with Aviva, the payout is something like $200,000 for 76 dollars a month. I paid a bit more beccause they give free medical checkup every two years and i didnt feel so safe with manulife. Please check your figures, i dont believe you, $500,000 for $50 a month is too good to be true..
NTUC.... but they depend on your age and also the advsier who advises you
I took up I-term with NTUC in Apr this year for S$150k sum at S$95/month. But when received the thick policy booklet with all the terms and conditions and detailing, I felt NTUC was unreasonable and heartless, I terminated the policy within a month after received the policy.
$50/mth for 500k death and 100k illness?
which company? I can't get that price for a 26 yr old...which is myself.
Dear Anonymous at 10:17 Aug 10
From my research last year, the best deal is still Manulife. They payout is the highest for the same premium (Term Assurance), compared to the other companies. Yes NTUC is expensive always, not just personal insurance. Even for car insurance they are the most expensive, i did a comparison recently when i renewed my car insurance. I though NTUC is registered as a cooperative society which i learned in high school economics, is supposed to give fair price and value. But it is a terrible price they are charging and you are not getting value for money, for most products they sell!!!.
By the way you should not terminate your Term policy just like that. It's better to be protected than not to be protected. Go for the cheapest and buy a new policy if you cannot tahan NTUC, that's my advice to you.
Actually everyone just say buy term. But nowadays with so many people aging, wait one day term may get even more expensive as whole life. Then investments in stock market even on a long term basis also cannot guarantee anything. See... big institutions like Lehman Brothers also fail. And they are much more richer.
Though I may not like NTUC, but i think it is a local company, better get something which is local and if got issues, I can find MP or something.. u know
If you trust ntuc agents to take charge of your future then go ahead. Yes , you may not lose but you get almost the same as you put in long time ago in real term. This is waht salesmen can do for you at the most. I am sure you are no better than 20 years ago if your agent was a salesman from ntuc
That was what I thought when I bought my policies from NTUC twenty years ago. Wrote to Lim SS also no use. They don't care. Now I have to write off my loss and move on. Took twenty years to learn that what you said about going to MP if there are issues is not true, go to minister also no use.
20 years ago, Mr Tan is in charge. You should have seek Mr Tan's help.
I bought my insurance plan from NTUC Income under Mr. Tan. Have been holding it till now.
So far, I think NTUC Income is still the lowest cost insurance provider and they have been a strong cooperative company.
Prudential not bad too.
But the new management screwed you up on your annual bonus. Now you don't even know whether you will get it or not.These policies have become more risky now.
The old policies taken up during Mr. Tan's time are aslo screwed up by the new management.
NTUC products are ONLY CHEAPER, comparatively, and they are cheaper than the expensive.If compared to the old products they are VERY expensive and poor return.
Dear Mr Zhumeng,
which company offers me 500k death and 100k disease at $50 every month?
Please reply fast fast.
To Anonymous August 12,
Any good planner can help you to get them for $50
from any company. Ntuc perhaps can give lower.
I said, 'any planner' not salesman or company because they are the ones who can come out with the best solution for you from ANY COMPANY.
This $50 applies to people below 40.
Get a good planner he or she should be able to get you the coverage for this price.
Zhummmeng
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