A former colleague in NTUC Income was unhappy to read several postings which he consider to be "bashing insurance agents". This is an unfair comment.
1. I "bash" bad insurance products that are unfair to consumers, such as taking away a large part of their savings for most duration. This is like "highway robbery".
2. I "bash" insurance agents who know the products to be bad, but hide these bad features from their clients. These agents only want to make the sale and earn the commission, but do not care about the interest of the client.
3. I know that some insurance agents, especially those who recently joined the industry, are not aware about the bad features as the training is defective. I do not wish to "bash" these agents, but ask them to learn more about the products and make a balanced recommendation to their clients.
4. I encourage consumers to buy a good insurance product, even if the premium rate is slightly higher than the lowest offer in the market. The insurance agent need to earn a living and the insurer need to cover their expenses and make a profit. Be willing to pay a fair price, even if it is slightly higher.
5. Life insurance, if properly designed, is good for consumers to save for the future and to provide protection for their family. I urge the insurers to offer the products that are fair to consumers.