Sounds fantastic! For those who are familiar with Ntuc's products during Mr Tan's time, the proposed Flexi-life seems to be a combination of the best features of IB1, ID7 and FIP. Both IB1 and ID7 were low-cost and very low commission ILPs. Both have been removed from Ntuc.
FIP is still around, but no agent will sell it becoz the commission is too low. If you insist on term plan, the agent will pull a fast one and sell you iTerm instead, which is similar to FIP but pays higher commission to the agent.
I suspect for such a value-for-money policy and structure to work, there needs to be quite a big volume and large assets under mgmt. This is where education comes in; mass public talks, seminars, company presentations, public outreach in MSM etc.
I wish to ask readers of my blog to introduce this handbook to many people through facebook, twitter, etc. Let many people know that this is an option around the corner. They do not need to be ripped off by bad products (as explained in my book, Get Value from your Life Insurance).
I like the ID5 sold during TKL's time.This product was without advisory charge .The salesmen paid a fixed $300 commission regardless of the size of the case.It was the best regular ILP but unfortunately because the salesmen got very greedy and the new management got production and #1 obsessed that all the good ILP products were modified and substituted with Vivolink which is another scam product to emulate the industry best practice.. Beware of this Vivolink product. It has very high charges that it won't break even after 15 years. It is a big crap to say it is a saving plan .Worse the salesmen and women just sell it like selling magic stone. Recently the company made it a must to sell ILPs in order to qualify for the incentive trip to tango with the bull .You know what? Suddenly the salesmen and women became investment experts that they shared how they overcame fear with greed. This is very dangerous. Those ILP cases must be checked by MAS for mis-selling. I bet they were mis-sold. You see how salesmen because of greed they would compromise conscience .
Hi,
ReplyDeletePlease notice that the name "Flexi LIfe", some how similar to "Flexilife" from Great Eastern.
Sounds fantastic! For those who are familiar with Ntuc's products during Mr Tan's time, the proposed Flexi-life seems to be a combination of the best features of IB1, ID7 and FIP. Both IB1 and ID7 were low-cost and very low commission ILPs. Both have been removed from Ntuc.
ReplyDeleteFIP is still around, but no agent will sell it becoz the commission is too low. If you insist on term plan, the agent will pull a fast one and sell you iTerm instead, which is similar to FIP but pays higher commission to the agent.
I suspect for such a value-for-money policy and structure to work, there needs to be quite a big volume and large assets under mgmt. This is where education comes in; mass public talks, seminars, company presentations, public outreach in MSM etc.
I wish to ask readers of my blog to introduce this handbook to many people through facebook, twitter, etc. Let many people know that this is an option around the corner. They do not need to be ripped off by bad products (as explained in my book, Get Value from your Life Insurance).
ReplyDeleteI like the ID5 sold during TKL's time.This product was without advisory charge .The salesmen paid a fixed $300 commission regardless of the size of the case.It was the best regular ILP but unfortunately because the salesmen got very greedy and the new management got production and #1 obsessed that all the good ILP products were modified and substituted with Vivolink which is another scam product to emulate the industry best practice..
ReplyDeleteBeware of this Vivolink product. It has very high charges that it won't break even after 15 years. It is a big crap to say it is a saving plan .Worse the salesmen and women just sell it like selling magic stone. Recently the company made it a must to sell ILPs in order to qualify for the incentive trip to tango with the bull .You know what? Suddenly the salesmen and women became investment experts that they shared how they overcame fear with greed. This is very dangerous. Those ILP cases must be checked by MAS for mis-selling. I bet they were mis-sold. You see how salesmen because of greed they would compromise conscience .