Life settlement is still not popular here and if it is securitised and sold as unit trust this will signal the collapse of the life insurance industry, they will all go bankrupt. This is when you will see all filth, the rubbish and the unethicalness of the life insurance company pouring out into the street.. The life insurance industry fears this because the wholelife products are NOT designed to be kept for wholelife and to be held until a claim.Imagine every policyholder's policy ends up in a claim. If the life settlement market is established the life industry will shiver and you will see premium going up sky high or you see the demise of par products . This will be the greatest scandal of all time, far worse than Lehman, when the life industry collapses due to this. Then the insurance industry will revert to its original objective and that is to insure against a life calamity and no more those crappy so called wholelife policies which are NEVER held for wholelife.This has been secret of life insurance companies. They know that WL is never held until claim and therefore they have plenty to gain from this, like orphaned money and saving from claim. Do you know why life insurance companies offer extra benefits to some basic products like wholelife, eg. like option to convert to annuity and generous 5% top up? They are roadblocks along the journey and annuity option is the last roadblock to stop you from holding beyond until death when they have to pay much more than they give you. Imagine the saving(70%) for the insurer if you take up the offer of annuity with 5% extra. Life settlement offers higher. The life insurance companies have never been sincere about giving you the peace of mind. They only want your money and they use the greedy agents to help them. The intensive training the agents recieved is intensely focused on how to make the consumers part with their money and NOT help you to build up your nest egg and financial security as they have you believe.These are just a front for the motive. You can see the ads, the press release the ceo's statement , lying through their teeth without even batting an eye lids, so well trained as good actors.Some can pretend to cry hoping to wrench your heart string. In other words they will do and say anything to achieve their goals and that is to steal your money. Anyway they are licensed to do that.
Yes, the life insurance companies have never been truthful. There is a conspiracy to cheat consumers.There is no transparency. Thye often cite best practice which is not properly defined or a legal requirement by MAS. This is where manipulation takes places.Policyholders must demand the disclosure and account for them.
Once again, the snake oil salesmen of Wall street invent a financial gimick designed to make a lot of money for very few at the expense of many, while offloading the risk to others. And what do they call this ; innovation ! No doubt they see it has the additional virtue of being unregulated.
Have we not learned anything from the lessons of credit default swaps, structured investment vehicles, and credit default swaps ? We are about to find out just how short a memory investors have.
Life settlement is still not popular here and if it is securitised and sold as unit trust this will signal the collapse of the life insurance industry, they will all go bankrupt. This is when you will see all filth, the rubbish and the unethicalness of the life insurance company pouring out into the street..
ReplyDeleteThe life insurance industry fears this because the wholelife products are NOT designed to be kept for wholelife and to be held until a claim.Imagine every policyholder's policy ends up in a claim.
If the life settlement market is established the life industry will shiver and you will see premium going up sky high or you see the demise of par products .
This will be the greatest scandal of all time, far worse than Lehman, when the life industry collapses due to this.
Then the insurance industry will revert to its original objective and that is to insure against a life calamity and no more those crappy
so called wholelife policies which are NEVER held for wholelife.This has been secret of life insurance companies. They know that WL is never held until claim and therefore they have plenty to gain from this, like orphaned money and saving from claim.
Do you know why life insurance companies offer extra benefits to some basic products like wholelife, eg. like option to convert to annuity and generous 5% top up? They are roadblocks along the journey and annuity option is the last roadblock to stop you from holding beyond until death when they have to pay much more than they give you. Imagine the saving(70%) for the insurer if you take up the offer of annuity with 5% extra. Life settlement offers higher.
The life insurance companies have never been sincere about giving you the peace of mind. They only want your money and they use the greedy agents to help them. The intensive training the agents recieved is intensely focused on how to make the consumers part with their money and NOT help you to build up your nest egg and financial security as they have you believe.These are just a front for the motive. You can see the ads, the press release the ceo's statement , lying through their teeth without even batting an eye lids, so well trained as good actors.Some can pretend to cry hoping to wrench your heart string. In other words they will do and say anything to achieve their goals and that is to steal your money. Anyway they are licensed to do that.
The Watchman
Yes, the life insurance companies have never been truthful. There is a conspiracy to cheat consumers.There is no transparency. Thye often cite best practice which is not properly defined or a legal requirement by MAS. This is where manipulation takes places.Policyholders must demand the disclosure and account for them.
ReplyDeleteOnce again, the snake oil salesmen of Wall street invent a financial gimick designed to make a lot of money for very few at the expense of many, while offloading the risk to others. And what do they call this ; innovation ! No doubt they see it has the additional virtue of being unregulated.
ReplyDeleteHave we not learned anything from the lessons of credit default swaps, structured investment vehicles, and credit default swaps ? We are about to find out just how short a memory investors have.
- Tom from Life Ant