Many young adults, after starting to work, are approached by a lief insurance agent and advised to buy a life insurance policy to get protection against premature death and critical illness and to save for the future.
They are not aware of the negative aspects of the policy and will usually regret their purchase decision a few years later. When they terminate the policy, they will lose several thousand dollars in their savings.
To avoid this loss, they should get an independent review of the policy, before they buy it. Read this article.
http://tankinlian.com/admin/file.aspx?id=791&IID=798
Always seek second opinion before making a decision. This is the advice to consumers when MAS FAIR recommendations are implemented.
ReplyDeleteAnother protection for consumers is
the direct channel to be introduced. Direct channel will sell NO LOAD insurance, ie insurance without commission. If insurance salesmen pitch you products without advise or financial planning you should go direct. Why pay the agents commission when they don't give advice or financial planning advice?
The product web aggregator provided by MAS will help you to choose the 'right' product from various companies. The product advice is much better than the product advice by agents.