Unfortunately in Singapore, if you want to insure yourself properly, you need to first spend time & effort to educate yourself, such as going thru TKL's blog and reading his books.
Never seek help or "education" or "advise" from insurance agents, financial advisers, RMs, IFAs, financial consultants or what not. Their purpose is NOT to educate you, but simply to SELL you high-commission products that give you poor deals. I have been in the insurance industry, and believe me, the overriding aim is to sell as much wholelife, endowment, regular ILPs and other high-commission products as quickly as possible. I have been scolded by General Managers and Vice Presidents, and threatened with termination for "poor performance" when I focused on using low-cost term insurance for my clients.
Do your own sourcing of plans from the various insurers first. As much as possible, buy direct from the insurance companies. Some insurers insist you have to buy from their agents. Be firm with the agents and specify NO PAR PLANS. You need to understand that the mentality for all agents & RMs you meet is either you die or I die. If you buy an expensive par plan, you die slowly over 20 years. If you don't buy the high-commission & high-profit plans, he may die a quick death when he gets terminated end-of-the-month.
Unfortunately in Singapore, if you want to insure yourself properly, you need to first spend time & effort to educate yourself, such as going thru TKL's blog and reading his books.
ReplyDeleteNever seek help or "education" or "advise" from insurance agents, financial advisers, RMs, IFAs, financial consultants or what not. Their purpose is NOT to educate you, but simply to SELL you high-commission products that give you poor deals. I have been in the insurance industry, and believe me, the overriding aim is to sell as much wholelife, endowment, regular ILPs and other high-commission products as quickly as possible. I have been scolded by General Managers and Vice Presidents, and threatened with termination for "poor performance" when I focused on using low-cost term insurance for my clients.
Do your own sourcing of plans from the various insurers first. As much as possible, buy direct from the insurance companies. Some insurers insist you have to buy from their agents. Be firm with the agents and specify NO PAR PLANS. You need to understand that the mentality for all agents & RMs you meet is either you die or I die. If you buy an expensive par plan, you die slowly over 20 years. If you don't buy the high-commission & high-profit plans, he may die a quick death when he gets terminated end-of-the-month.