This problem of bad conduct of life insurance companies happens in many countries, including Singapore. New Zealand is acting to deal with this problem.
What is the problem? The answer is - aggressive selling or rather misselling.
The underlying flaw is the structure of the life insurance policy. It is designed to take away a large part of the savings during the first one or two years from the policyholder. This is given to the sales agent, or used for marketing expenses.
http://www.fisca.sg/ArticleDisplay.aspx?ID=624
What is the problem? The answer is - aggressive selling or rather misselling.
The underlying flaw is the structure of the life insurance policy. It is designed to take away a large part of the savings during the first one or two years from the policyholder. This is given to the sales agent, or used for marketing expenses.
http://www.fisca.sg/ArticleDisplay.aspx?ID=624
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