Wednesday, March 17, 2010

Postings on Benefit Illustration

I have made over 20 postings about the benefit illustration that comes with a life insurance policy. I have collected them together under the label "Benefit Illustration" shown on the right. I urge consumers to follow my tip and understand what to look for in the benefit illustration.
Posted by at
Labels:

2 comments:

Anonymous said...

2 problems that need to be removed.
1. commission....you can't get objective advice and recommendation if insurance agents are only interested in the commission.That is they don't put consumers' interest first.Remove it and that is nothing to motivate them and no unethical selling is committed.
2.ban product pushing....becuase of commission insurance agents push product hoping that they don't need to justify the product.
Make need based compulsory and make the agents responsible for the recommendation on reasonable basis otherwise it is breach of section 27.
Once you tweak these 2 areas it gives more time to the agents to examine and consider the needs of the consumers in an objective manner and not 'anyhow come' which is the norm today.
So banning commission and product pushing will result in responsible financial planning. I hope MAS will seriously implement and enforce them.

March 17, 2010 8:58 AM
Anonymous said...

To protect yourself against unscrupulous agents don't buy wholelife and endowment products or their variations and you need not worry about the BIs.
I know agents hardly go through the BI with the clients which is against the law but nevertheless agents commit this breach. The customers are made to sign that they have read and they understood the BI. In this case the clients are to be blamed.Don't understand why they cheat themselves?
Anyway, these products are bad products and if you don't buy why worry about the BI?
Only those who have these products they need to consult another adviser to review for them and also to spot the mis-selling in the fact find forms.

March 17, 2010 10:44 AM

Post a Comment

Subscribe to: Post Comments (Atom)

Blog Archive