Some insurance agents tell lies to sell their life insurance policies. They tell the clients that they can earn 9% per annum when they invest in an investment linked policy. The 9% is not an expected yield but is just used for illustration. It is too optimistic under the current economic environment. Even if it is achieved, the real return, after deduction of the charges, is below 4% per annum. This is explained here:
http://tankinlian.com/admin/file.aspx?id=250.
Consumers should be careful about the misleading or untruthful statements made by some insurance agents. Other agents, while not deliberately lying, will avoid telling the real facts to the consumers, i.e. that a large proportion of their accumulated savings is taken away to make excessive profits for insurance companies and large commission for the agents. The consumer could have bought the protection under a 5 years term insurance policy or critical illness policy (expiring before age 55) at a much lower cost.
That is what 99% of insurance agents do...tell only half truth and the rest lies. This is how they earn their living, qualify for mdrt and incentive trips.
ReplyDeleteImagine if you were afraid of selling ILPs in the past then the company announces all sales of ILPs will qualify for double commission and stand to win big prizes or in order to qualify for incentive trip you must sell some ILPs, you SUDDENLY become transformed into an investment expert and you become bold to sell ILPs like hot cakes. Can you beleive it?
No, I advise you stay away from these SALESMEN or conmen...they are going to con you and tell you lies . Please run as fast as you can... You sure to lose.
When these agents see you they see their incentive trip, mdrt, commission and the company sees APIs and market share. Your needs are very far from their mind.
The government should make it a law to have all sales pitches recorded.
ReplyDeleteIf there's one piece of advice that I could give you about purchasing insurance, it would be to compare rates before deciding. It is essential that you find multiple quotes to see what different companies are offering, and it may also serve as a bargaining tool. A great way to get started it to use this life insurance calculator to see what kind of coverage is best suited for you and your family. From there you can start collecting quotes to see what each company has to offer.
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