Saturday, August 08, 2015

Should I continue my life insurance policy?

Hi Mr. Tan
I took a life insurance policy a few years ago from a friend. I now realized that my savings is earning a terribly poor return. Can you advise me, should I continue the policy or terminate it? If I terminate it, what about the life insurance cover that I will be losing.
You can read this book to find your answer. If you still could not get the answer, you can send the policy for me to look at, but I would need to see the benefit illustration.
I am not able to give an assessment based on incomplete information. You will need to gather the relevant information before approaching me.


Anonymous said...

Bite the bullet and cut losses instead of prolonging the pain.
But if you are not insurable then this is a big question to consider.
Maybe consider suing your friend and the insurance company. Consult and expert to see if there is any mis-selling, or misrepresentation .
Next time buy your insurance direct (DPI) or from companies that offer huge discount or rebate of commission.
They are
1. Providend offers 30% discount WITH advice
2. offers 50% rebate with advice
Don't ever trust the insurance salesmen and women..Don't be fooled by the titles they carry.They are no financial consultants or planners, they are all salesmen and women if not conmen and conwomen...It serves you well to pay heed to this statement.

Anonymous said...

Cancel it before you lose more. Go buy those term insurance without the commission. Report your friend to MAS of mis-selling.

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