Tan Choon Hong said:
When I started out in my working life, I had several friends in life insurance, which in those days, was a highly lucrative career without professional qualifications like a degree and such. All that was needed was the gift of the gab and persistence.
I was closed out by two classmates. One sold me an endowment policy which upon maturity was not particularly profitable as its value was eroded by inflation especially in the last 3 decades. The second policy was a whole life plan and it turned out to be a dud too. Somewhere along the way I used the deemed proceeds to pay the premiums and eventually discovered I could surrender as fully paid for a reduced sum assured. Of course one should look upon insurance as protection first and investment second, and understand the protection part is a bell curve that rises as one heads towards middle age with family and responsibilities, and drops thereafter.
Thanks to your incisive and insider information on the workings of the insurance business I have advised my children not to make the same mistakes as I did.
When I started out in my working life, I had several friends in life insurance, which in those days, was a highly lucrative career without professional qualifications like a degree and such. All that was needed was the gift of the gab and persistence.
I was closed out by two classmates. One sold me an endowment policy which upon maturity was not particularly profitable as its value was eroded by inflation especially in the last 3 decades. The second policy was a whole life plan and it turned out to be a dud too. Somewhere along the way I used the deemed proceeds to pay the premiums and eventually discovered I could surrender as fully paid for a reduced sum assured. Of course one should look upon insurance as protection first and investment second, and understand the protection part is a bell curve that rises as one heads towards middle age with family and responsibilities, and drops thereafter.
Thanks to your incisive and insider information on the workings of the insurance business I have advised my children not to make the same mistakes as I did.
My comment:
To understand a better way to plan your financial future, without being ripped off by bad financial products and sales practices, attend this talk
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