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.
http://fisca.sg/Info/358/Paying-too-much-for-term-insurance-policy
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.
http://fisca.sg/Info/358/Paying-too-much-for-term-insurance-policy
No comments:
Post a Comment