Tuesday, November 16, 2010

Choose a good life insurance company

You can recognize a good life insurance company as follows:
  • Provides a service to you to manage your long term investment and risk
  • Charge you a fair fee for the service
  • Gives you a fair return, after deducting the fee
  • Helps you to achieve your goal, i.e. better yield and risk management
A bad insurance company takes advantage of your ignorance and takes away a large amount of your accumulated savings, i.e. fleece the consumer.

Be educated - so that you can recognize a good company and a bad one, a good policy and a bad one, a good adviser and a bad one.
Educational Talks

If you remain trusting and ignorant, you will be ripped off, sooner or later. And you deserve it (sorry to be blunt)!

Tan Kin Lian


zhummmeng said...

In Singapore NONE of the companies have products that help you to achieve your goals.The insurance salesmen don't too. Instead consumers are helping the agents to achieve their goals by buying those so called par products with high commission.

Bai Hu said...

I must agree with 'zhummmeng'. There are so many hidden cost inside a typical policy. The agents shows u some fantastic potential earnings in your policy. But never account for stuffs like short & long-term management fee deduction, increasing portion of investment as the policy holder ages, market conditions, etc. I even encountered one agent who hides important info like the level of risk & non-principal guaranteed information. Yes, like what Mr.Tan said, it is the buyers fault for not doing their research. But why should be pay them agent fees if they did not do a good job? Most of the clients who are in my same shoes will feel screwed & still have to pay these dishonest agents.

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