Published in Straits Times Online, Oct 30, 2010
I REFER to Ms Pearlyn Koh's letter ("Insurance clients have different needs"; Thursday). The different needs of the clients can be best met through term insurance, medical insurance, disability insurance and other protection products that are fairly priced and targeted at these needs.
The consumer should not combine the protection needs with the accumulation of savings in the whole-life and unit-linked policies where, in many cases, 50 per cent or more of the future savings could be taken away from them.
Ms Koh asked consumers to seek advisers to help them address their needs. Consumers should be careful to pick honest advisers. I have seen quite a few instances where dishonest advisers sold the wrong product to consumers using half truths and outright lies.
I urge the authorities to set up a hotline for consumers to address their complaints about being sold products that were not properly explained to them, and were unfair in their charges.
Tan Kin Lian
- ► 2013 (302)
- ► 2012 (1270)
- ► 2011 (1873)
10/24 - 10/31
- I don't know what I am defending anymore
- Singapore General Election Portal 
- Keep server in full service
- Buy insurance that you really need
- Looking for a good life insurance policy?
- Don't combine protection needs
- Work on Saturday
- Server is now up
- Relative and absolute
- T-shirt for unemployed
- When Is Gambling an Addiction?
- Singapore is 17th most prosperous country: 1st or ...
- Both boon and bane
- Termination of Financial Adviser Reps
- Minister should set a good example on volunteerism...
- Employee training and the Internet
- Five levels of communication in a connected world
- My Money, Their Profits
- On Wall Street: All Reward, No Risk
- BT: Jittery developers go low-rise on confidence
- FISCA Talk - Invest for the Long Term ($10)
- Land banking and law firm
- Asking for my advice
- Unable to trust the agents
- Nourishing the poor
- Is Google a monopoly?
- Cheers to SDP
- Warren Buffett's Philosophy
- The Blind Girl
- Beware miracle cure claims
- Insurance for premature baby
- Should I continue my existing life policy?
- SDP needs your help to step up campaign
- $8 bypass operation
- Consumer needs advisers
- Minister's $8 bypass operation
- SM Goh and Term Insurance
- Goh Meng Seng and Election
- Issues for the general election
- What needs to be insured?
- More Singaporeans covered by health insurance
- Why mortgage insurance is so important
- Why insurers, agents may turn a deaf ear to SM Goh...
- Higher inflation and higher interest rate
- Getting Revenge Against Your Insurance Company
- Insurers' barriers to health protection
- Big banks and Europe
- Benchmark for deduction - life insurance policy
- Pain of higher interest rate
- The less you know about finance the better
- The soft or confrontational approach?
- Dealing with Wall Street
- CPF Life - Make it attractive
- Retrenchment benefit for Singaporeans giving up th...
- Promotion at i-Shop
- Insurance woes of stroke victim's daughter .
- A Theory of Justice - Joseph Stiglitz
- Deceptive and predatory practices
- Structure of a Life Insurance Policy
- Conversation with a Job Entrant
- Life insurance - past and present
- A fair deal
- Layout for a Book
- TKL apps on Apple App Store
- Jail for Corporate Crooks
- ▼ 10/24 - 10/31 (67)
- ► 2009 (1655)
- ► 2008 (2105)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)