I meet with this situation a few times each week. The consumer send an e-mail to me, through my website, asking for my views about the life insurance policies that are being sold to them by an agent.
From the nature of the enquiry, I conclude that the consumer:
a) does not understand the product
b) did not read the benefit illustration
c) did not read the FAQ in my website or my financial planning book.
The consumer wanted me to spend time to analyse the policies that have been offered to them. I usually give this reply to the consumer:
a) read my FAQ and financial planning book
b) it is the duty of the agent to explain the product clearly to you, as the agent is earning a few thousand dollars in commission when you buy the product.
c) do not buy any financial product that is not clear to you - as you can give away a few hundred thousand dollars of your accumulated savings.
d) be wary of insurance agents and their half truths.
I advise consumers to make the effort to be educated through reading my FAQs, my financial planning book and attending the educational talks organised by FISCA. Do not rely on advice from other people, as some of them are untrustworthy and can cheat you. I do not have the time to analyse so many complicated policy plans that are introduced by the life insurance companies and their creative, highly paid experts.
Get ready to buy and read my new book, "Get value from your life insurance policy" which will be launched in January 2011.
Tan Kin Lian
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12/12 - 12/19
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