Thursday, November 19, 2020

MAS allows the bank to sell this bad product

 An elderly lady went to a bank. The bank officer introduced her to a "retirement policy". It is a 16 year policy issued by a foreign company.

The bank officer told her that she can get out her money at the end of 5 years and enjoy an interest rate of about 5% for the 5 years. The interest is about 1% a year.
The lady invested $100,000 into this policy.
She does not understand how the policy works and the potential risks.
I explain them here.
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2 comments:

  1. AnonymousNovember 19, 2020 3:36 PM

    Manulife???

    ReplyDelete
  2. hiren patilJune 25, 2021 10:56 PM

    It's a great blog about finance thanks for sharing the blog to know more about banking..
    New Bank Account Opening App

    ReplyDelete