Consumers write to me from time to time to ask about the insurance policy that they had bought. Usually, it was too late to do anything about the policy, which was unsuitable for their long term needs and gave a poor return on their savings.
To avoid this risk, consumers should learn about the different types of policies, BEFORE THEY GET COMMITTED! There is a talk on insurance organised by FISCA ,scheduled for 25 August. Do not miss it.
http://easyapps.sg/assn/Org/Staff1/Event.aspx
To avoid this risk, consumers should learn about the different types of policies, BEFORE THEY GET COMMITTED! There is a talk on insurance organised by FISCA ,scheduled for 25 August. Do not miss it.
http://easyapps.sg/assn/Org/Staff1/Event.aspx
When they decide that the policy is bad, and want to terminate it, they have to lose half of their premiums. It can be quite painful to put (say) $6,000 in a life insurance policy and say goodbye to $3,000.
ReplyDeleteAttend the talk now, pay $30 and avoid losing $3,000!
The best tips for consumers is NEVER NEVER buy or be sold life insurance with cash value from insurance agents.
ReplyDeleteNever never even buy or be sold by an agent whose name card has a lot of logos like MDRT, COT or TOT and other funny logos. You should why they got these titles. Do you they got these titles because they helped you? Fact is they got these titles because they sold a lot of products that earn them high commission.They are awarded these titles for ripping you off.
Never never buy or be sold by an insurance salesman who has title like Financail Consultant and with prefixes like senior or executive before the title. First they are no consultant but product peddler and secondly, they got the 'Senior" or Executive" prefix before the title Finanical consultant because they earn high commission from pushing you these high commission products and high API for their company and the company gives them the title for being very clever at ripping off customers of their money for themselves and their company.
Avoid the above salesmen and women and you will be safe financailly.
Ask them how they got these titles.
And none will tell you they helped a lot of people to be financial independent.
But are you people financial independent NOW? I guess no, right?
It is reported times and again that you people are grossly under insured and unable to retire.Who caused them? Of course the insurance agents!!!! they are supposed to help you but instead they helped themselves and their company. The salesmen got rich and the company grew bigger with sales growth every year but NOT YOU. So do you still trust them? Well, if you are stupid to continue to trust them no one can help you.
If you want to protect yourself from these rogues , please attend FISCA talk on insurance.
So , remember that those prefixes, 'senior or executives' before the title 'Financial Consultant' of insurance salesmen are awarded to them for cleverly ripping off customers' into buying those par products with high commission and high API and so are MDRT, COT or TOT.
ReplyDeleteJust think about it. Are these successful awards? Yes, they are.....for ripping you off.
Unfortunately, MAS doesn't regulate this. In Australia,soon advisers who are not qualified as consultant, or planners will not be allowed to use title they like to mislead and cheat their customers. MAS should do likewise to stop salesmen from having financial titles if they are not financial experts, either in life insurance or investment.They should be called a 'rep or sales rep or even sales champion like the social enterprise company ceo passionately calls his agents.
Hope that the FAIR review panel will realise all these irregularities.
MDRT, COT or TOT are dubious marks that consumers should be aware and avoid. They ate the marks of commission robbers, ie. they robbed you of your financial needs and goals.
ReplyDelete