My new book will be launched in February. It will contain 20 case studies of actual life insurance policies bought by consumers. These are the policies that are most commonly sold in Singapore. If you have bought a life insurance policy previously, you are likely to find it featured among the case studies.
My analysis will show the effect of deduction taken away from the policy after 25 years. If the deduction is more than 20%, the consumer is getting a poor yield (representing a reduction in yield of 2% or higher). I also tell you what to do about your existing policy, i.e how to decide if you should continue or terminate the policy.
More importantly, it tells the consumer, especially the new entrants to the workforce, on how to manage their personal fiannces and insurance coverage. I describe a new policy that does not have any upfront deduction, i.e. 100% of the savings is invested from the first month. This is the type of life insurance policy that is suitable for consumers.
More details about my book will be given later. (I am now at the airport waiting to board the plane to Jakarta).
Tan Kin Lian
Not only you should educate the consumers on the products but to warn them of the salesmen and conmen disguised as Financial Consultants.
ReplyDeleteThe worse of them are those with MDRT , COT OR TOT logo on their name card. They are proof that these insurance agents are salesmen at best and at worse conmen and women. Educate them that these so called 'awards' are based on how much commission these agents earn and those who got these awards definitely sold or peddled a lot of the high commission products to the detriment of their cleints' interest.Warn them they are dubious awards.Tell them in US those with these awards dare not show it in their name card because it is like announcing to consumers that they are conmen or conwomen.
In other words the sellers and the products must be examined .
I agree with Zhummmeng on this one. These awards have nothing to do with professional competency, only commission earned, and only EFYC at that. Trailing or renewal commission doesn't count. Every year, must keep hitting the quota of new commission generated.
ReplyDeleteIt's an ego or peptalk organisation to pat on each others back for the so-called hardwork. You'd notice that no mainstream media reports MDRT events and ceremonies. It's purely self-congratulatory and designed to be motivational, but not for a professional purpose, only measured in how much is earned.
Well said, if my agaent gets on the million dollar list, I'll be very wary, perhaps would switch to another one, or another Company.
ReplyDelete