Saturday, August 13, 2011

Tips on buying insurance

This article contains some useful tips. Read them, before you buy any insurance.

6 comments:

Anonymous said...

Hi Mr Tan,

Do you have any advise for couples with young children (less than age of 3) to take up insurance for their children?

Many of times parents like me insured term insurance, accident insurance etc but neglected our children.

What type of insurance are suitable/recommended for our young children/baby? I have a daughter who is 10 months old.

I have read from papers that young children are more prone to illness/accident than death/critical illness. Hence a hospitalization insurance are recommended for them.

What are you thoughts?

Thank You Sir.

Alex Tan said...

Mr Tan Kin Lian you should take advantage of your close ties with Mr Ong Teng Cheong. Please tell us more stories of you and him (:

Tony Tan can have Nathan to himself all he want hahahah

Anonymous said...

To protect yourself do the following,
1.don't buy from salesmen..how to know that he or she is salesman.When he or she pitches a product upfront and rattles off the features and benefits , you can start running as fast as you can.
2. ask for his or her credentials.If they are tikam tikam ones just thank you and walk away.BUT even he or she has recognised credentials doesn't mean he or she has your interest at heart. Look out for step #1 or step #3
3.What if he or she doesn't but pretends to look into your needs?
To uncover your needs needs lengthy fact find and calculation only then salesman will know what you need and the products to meet your needs. If there is none also run or ask the salesmen what is the commission he or she gets from the product .
3.Remember ALL par products like wholelife or endowment or anticipated endowment are NOT good for you.Only good for the salesmen.
What is good for the salesmen is NEVER good for you. Look out for disguised products like limited payment WL or endowment , you may think they are new products they are worse than the plain vanilla ones. That is why they are wrapped in new wrappings or packaging to fool you.
5.Always insist that protection and saving are separated so that you don't have any of the problems that these traditional par products have.

The Insider

Anonymous said...

Don't buy con products like vivolife, Reach, Revosave and you will be safe. Protect yourself from the salesmen of these products.

Anonymous said...

Anon August 13, 2011 10:12 AM,
buy a medical H&S using your medisave first.
You can buy for her a critical illness SAF term plan if you and your wife have a SAF term coverage . I beleive it won't cost you more than $130 for all of you to have $200K death benefit and $200K critical illness each. Isn't this way affordable? Peace of mind is important and this comes only from FULLY insured. Call Aviva for this plan.( this is direct)
The objective of insurance is to insure against personal risks and to be insured adequately and fully.
Keep saving plan separate from insurance so that no problems like what you will have with wholelife , limited payment wholelife etc in the future.
You can focus on saving ONLY after you have all your risks, your family insured.
Put the horse infront of the cart and don't let insurance salesmen screw it up.

Anonymous said...

So long you avoid similar products like ntuc's vivolife, reach, revosave, sail and annuity you are safe.Just belive us. They are NO good for you. They are good for the salesmen because these products pay high commission to them.This is the reason why you NEVER hear of other products other than these.
Also to protect yourself ask the agents how much commission do they get from the sale of these products. You have the right to ask. In fact it is compulsory for agents to disclose the commission to you , without your asking.
Be smart and don't let salesmen con you.

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