Saturday, August 22, 2015

Helping a civil servant to get money back for her mother

A civil servant consulted me about her mother's case. She went to register in my consultancy website here:
She uploaded the benefit illustration for her mother's case and also provided her contact details. I called and spoke to her about the case.
Here is her reply to me.
Dear Mr Tan,
Thank you so much for your help as well as listening ear to my mother's insurance problem.
I am so glad I approached you and it has been amazing talking to you. I've learnt so much from you.

I hope to help her mother to get back the $80,000 that she had paid in two years' premium to the insurance company. The surrender value is now only $40,000. The insurance company swallowed $40,000 in profits and expenses - all at the expense of an elderly woman who is not savvy about this type of bad product.


Anonymous said...

Mr. Tan, should I report the case to MAS on her behalf? Should I direct MAS to your blog?

Anonymous said...

why the specific mention that the person who wrote in was a civil servant? it could have been anyone... it's just about understanding the insurance market and mechanics. if you ask me, i'm worried how the insurance market has evolved... it is now so complicated that no one really understands it anymore.

Anonymous said...

Hahaha, why make products complicated? It is obvious. Complicated so that insurance products have to be SOLD and NOT bought. So that customers need to see to learn from the conman/woman to 'understand' the products. And they, the glib tongue insurance agents or the conmen/women then can use his or her skills to say and do anything to CONfuse and then to Convince the customers into buying the products and if it doesn't work then CON the customers. This employing the 3 Cs of Conmanship of the life industry.The insurance salesmen are so well trained in the 3Cs that they can even CONvince birds to come down from the trees.
Remember, insofar as the insurers, the results justify the means. Or put it more bluntly, it is ok for the agents to do and say anything and it doesn't matter to the insurers so long they bring in the sales/cases.The senior management will close their eyes to vouch and to defend the results.
The insurance agents and the insurers work hands in gloves to divide the loots.
If it is not true why all the regulatory changes, like the FAIR; the restructuring of the product commission and the new standard of advice which is aka as "Balanced Score Card"? Also why the DPI or the direct channels?
Why is this happening? MAS might be also in cahoot with the industry stakeholders except the consumers, the cash cows.Enforcement is lacking.
Fair dealing outcome ? If there is fairness all the insurance CEOs would have been behind jail.

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