Saturday, November 24, 2012

Beware of financial traps

Most consumers are not aware that an investment linked policy or an universal life policy can be a financial trap. Beware!

1 comment:

zhummmeng said...

The insurers and their agents are in collusion to fleece their customers and share the spoils.
The agents get high commission and the insurers get high APIs and life time revenue and profit and the CEO gets fat salary from the products the agents push.
Consumers should know they are alone against the whole life industry. The industry is only interested in your hard earned money and not your goals.Why do you think averagely Singaporeans are grossly UNDER INSURED? The industry has been around for 60, 70 years and yet consumers are under insured. Strange isn't it? The truth is the industry and agents have never been interested to help you but only your money unless something happens and changes happen. Let's hope MAS will bring about the changes and then there is hope that consumers get fair dealing and their interest put first..
There is one company that pays their agents life time commission as long the customers keep the policies in force. Is it a wonder why their policies never break even , let alone make any gain?
Before anyone buys insurance it is to their interest to consult only qualified advisers and attend MR. TanKL's talks or buy his book to understand why agents want to sell you only certain products .

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