When a graduate starts work for the first time, he or she is likely to be targeted by an insurance agent who will sell a life insurance policy to protect against the loss of future income. The life insurance policy is likely to give a poor yield for the future savings, and the protection need is not really necessary. But, it is easy for the job entrant to be misled by the well trained agent.
Read this article about the uncomfortable experience of a job entrant in being sold a policy that he does not really want, but find it difficult to say "no" to an agent who is his friend.
Read this article to find out about the insurance that you really need. And read this article about the importance of having personal savings that you are kept in flexible form - which you may need for a future emergency.
I've come to realise that some insurance agents are taught the wrong things by their managers and essentially brainwashed to think that whatever they are offering is beneficial for the clients, and they really believe in it.
ReplyDeleteInsurance agents are highly persuasive. Even more so is a manager with many years of experience in sales and recruitment. I know of some decent people who continue selling because they genuinely think they are helping people with whole life plans, ILPs and savings plans. Of course, the incentive trips, high remuneration and job promotion further encourages them to work even harder.
I think even some managers are highly convinced that what they do is a win-win situation for their clients and themselves and feel no wrong in selling.
How do you talk about ethics with someone who doesn't even feel what he or she is doing is unethical??
Such is the sad state of affairs.