Mrs Tan bought a life insurance policy and paid premium for 20 years. The projected surrender value was $260,000. She wanted to surrender the policy on the 20th year and was told that the bonus had been reduced and the surrender value was only $120,000. This was a big shock for her.
If you want to learn about a better way to invest your long term savings, you should attend this talk.
Don't trust the insurance companies and their dishonest agents. They exist not to help you but to fleece you.The companies are profit oriented and they use the greedy dishonest insurance for their purpose.They are both in cahoot..
ReplyDeleteIs MAS also in cahoot with them? It looks like it.
Nothing shocking or surprising... Par insurance plans (i.e. wholelife and endowment / savings plans) are only paying 2.5%-3% at most even if you continuously pay premiums for 30 years.
ReplyDeleteIt's even worse now with ZIRP or even NIRP practised by central banks all over the world. Insurance companies are forced into low-yielding investment-grade assets, or junk assets paying only slightly more but can explode anytime. Worse of all, compensation & rewards to insurance companies staff are getting bigger & bigger, leaving even less for policyholders.
The old advice of never mixing your savings, investment & insurance has never been truer.
If u must buy life insurance buy from the following and get a rebate of 30% from the commission..
ReplyDelete1. Fundsupermart
2. diyinsurance (Providend Financial advisory)
except
3.www.comparefirst.sg u don't pay COMMISSION for products.
NEVER never buy fro life insurance agents. They don't put your interest first.
Another approach is to sell the policies to investment companies. There are few in town, Approach all to get the best price.
ReplyDeleteDon't surrender to the insurer.
She can always sell her policies to investment companies. There are few in town. Visit all to get the best price
ReplyDelete