Wednesday, June 22, 2016

Paying too much for a Term Insurance policy.

A 28 year single lady told me that she just bought a term insurance policy with an annual premium of $1,700. I said that the premium is too high. I checked the MAS Compare First website and found that she could be adequately insured for a premium of only $224 a year.

The agent wanted her to buy a bigger policy than she really needed and to cover for a longer period and also to include critical illness cover, which produced a high profit margin for the insurance company.

The detailed figures are shown in the PDF attached to this article.
The figures can be obtained from the MAS Compare First website.

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