I gave a talk to some students on financial planning. I showed them examples of benefit illustrations of life insurance policies that took away 40% or more of the accumulated premiums. They were shocked. They never thought that it was possible for so much of their savings to be taken away. They also assumed that the life insurance company had to offer the best terms through market competition. In reality, some life insurance companies were not ashamed to take away a lot of the savings because the consumer was not aware about it.
Usually, the insurance policies are sold by newly appointed agents who approached their classmates. These new agents were not even aware that they were causing a big financial loss to their friend by selling them a bad product. When they know about it a year later, the agents are likely to give up this job.
As I get to know more of these cases, I intensify my effort to educate the consumers. I urge you to attend my talk on financial planning organised by FISCA. You should also encourage your children (if they are about to start work) to attend the talk, so that they do not make a big mistake by buying the wrong product.
Tan Kin Lian
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10/10 - 10/17
- Third party motor insurance
- Time to buy a property?
- Drop in sale of private properties
- Taking a bus - SG Bus Timing
- Excessive charges
- Google Driverless Car
- Banks banned from selling credit insurance
- Gmail and multiple inboxes
- Currency linked investments - AVOID
- Ask Mr. Tan
- Huge profits of life insurance companies
- Half truths about Life Insurance (3)
- Preparing for the General Election
- Donate to philantrophy
- How to produce billionaires
- Client sues private banker
- General Election Issues
- Is insurance good or bad?
- FISCA Talk on Financial Planning
- Increase in premium for Private Shield
- Branding and Trust (2)
- Hong Kong Suspends Property From Residency Plan
- US housing crisis
- Easy to buy, hard to claim
- Singapore President
- GIC IPO - Global Logistics Property
- Reasonable charge for incidental service
- Information about shares
- Swimming Team at Commonwealth Games
- Too big to fail?
- The Sleep Test
- Shield claim - change of insurer
- HOTA vs HIPA
- Restructure the Global Economy - a comment
- Unaffordable housing
- Cruise ships and sampans
- Case study - to invest or wait?
- Globalization - benefits and harms
- Rebranding and trust
- Fake insurance policy
- Benefit illustration
- Rejected claim under Private Shield Plan
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