A policyholder, aged 65, was offered a life annuity policy. She pays a single premium of $100,000 and receives an monthly income of $843 (guaranteed) from age 70 for 10 years. There is a non-guaranteed income that varied from $38 to $343.
Malaysia, Indonesia, Philippines are renowned for being full of corruption. Here we are famous as a dubious country in sales(more so in 2nd-hand cars), and business dealings. Conscience, integrity, and honesty are very rare nowadays. Money is first, centre and last. People are living on the edge.
CPF Life has killed the market for insurance companies' annuities products, as none can match CPF Life, let alone beat it.
What agents & FAs are selling are actually cashback endowments, with payouts from 10-20 years. Most of the monthly cash is actually your own money being returned to you.
Calling endowments as annuitites is misrepresentation.
Salespeople, insurance companies & banks love to sell you endowments & wholelife as they have the largest profit margins & hence the biggest commissions too.
Most millennials & zillennials won't buy such expensive and yet low yield & low cover endowments or wholelife. Hence agents, FAs & RMs are targeting older people & retirees. Also easier to con.
If the 65 yo lady put her $100K into CPF Life & start payouts at 70, she'll get $710/month for life.
No insurance company annuity can beat this payout yield, unless she can live longer than 95 yo i.e. you need to keep collecting payouts from insurance company annuity for longer than 30 yrs to beat CPF Life.
One thing is for sure if Lee Kuan Yew is in charge he would not put up with what is happening to the people now. You know people used to say, this is Singapore, things like that wont happen here. I am not lying and I repeat that I am not lying, nowadays people do not say that anymore. In fact whatever people are buying they do not have a piece of mind. Some properties more than 40 years old, advert selling tenure as Unknown pricing more than a million dollars. Got such thing meh? The image that the foreigners used to have about Singapore is now making us a laughing stock. When you make a complaint or give feedback to the agencies involved, they washed their hands and direct you somewhere else. You go to the somewhere else, they said it is not their problem, to go to the police. The police said not their problem, civil case. And so the people end up sucking it up. As much as I like LHL, and would be sad to see him go, I think it is best that we need an overhaul of those lip service useless washing hands government agencies.
Someone had written to Great World City shopping centre regarding an accident waiting to happen. There is 3 side by side travellators going up and down to the carpark. The first one is the one B2 going up to B1. The centre one is Level 1 going down to B1. The third one is B1 going up to Level 1. The first one had to pass by the middle to the third to go up to level 1. Meanwhile, the middle one comes down with a supermarket trolley and at the bottom of the travellator had to pull back the trolley because people are walking in front to pass by in front from after reaching the landing from 1 to 3 to go up. As the travellator is moving machine the one behind the one with the trolley collided when the one with the front trolley tried to pull the trolley because someone walked right in front of them. The one who had written and the reply received had stop patronising the mall.
Dear $$$$$$
Thank you for your feedback.
With the removal of safe entry requirement, it is now a more spacious and comfortable area for shoppers.
Alternatively, you may consider using lift lobbies to access the carparks.
Thank you and take care.
Yours Sincerely,
Great World
Marketing & Communications
Great World
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Malaysia, Indonesia, Philippines are renowned for being full of corruption.
ReplyDeleteHere we are famous as a dubious country in sales(more so in 2nd-hand cars), and business dealings. Conscience, integrity, and honesty are very rare nowadays. Money is first, centre and last. People are living on the edge.
Annuities give payouts for life.
ReplyDeleteCPF Life has killed the market for insurance companies' annuities products, as none can match CPF Life, let alone beat it.
What agents & FAs are selling are actually cashback endowments, with payouts from 10-20 years. Most of the monthly cash is actually your own money being returned to you.
Calling endowments as annuitites is misrepresentation.
Salespeople, insurance companies & banks love to sell you endowments & wholelife as they have the largest profit margins & hence the biggest commissions too.
Most millennials & zillennials won't buy such expensive and yet low yield & low cover endowments or wholelife. Hence agents, FAs & RMs are targeting older people & retirees. Also easier to con.
If the 65 yo lady put her $100K into CPF Life & start payouts at 70, she'll get $710/month for life.
No insurance company annuity can beat this payout yield, unless she can live longer than 95 yo i.e. you need to keep collecting payouts from insurance company annuity for longer than 30 yrs to beat CPF Life.
From a former insurance insider.
One thing is for sure if Lee Kuan Yew is in charge he would not put up with what is happening to the people now. You know people used to say, this is Singapore, things like that wont happen here. I am not lying and I repeat that I am not lying, nowadays people do not say that anymore. In fact whatever people are buying they do not have a piece of mind. Some properties more than 40 years old, advert selling tenure as Unknown pricing more than a million dollars. Got such thing meh? The image that the foreigners used to have about Singapore is now making us a laughing stock.
ReplyDeleteWhen you make a complaint or give feedback to the agencies involved, they washed their hands and direct you somewhere else. You go to the somewhere else, they said it is not their problem, to go to the police. The police said not their problem, civil case. And so the people end up sucking it up. As much as I like LHL, and would be sad to see him go, I think it is best that we need an overhaul of those lip service useless washing hands government agencies.
This reply has been forwarded around.
ReplyDeleteSomeone had written to Great World City shopping centre regarding an accident waiting to happen.
There is 3 side by side travellators going up and down to the carpark.
The first one is the one B2 going up to B1.
The centre one is Level 1 going down to B1.
The third one is B1 going up to Level 1.
The first one had to pass by the middle to the third to go up to level 1.
Meanwhile, the middle one comes down with a supermarket trolley and at the bottom of the travellator had to pull back the trolley because people are walking in front to pass by in front from after reaching the landing from 1 to 3 to go up. As the travellator is moving machine the one behind the one with the trolley collided when the one with the front trolley tried to pull the trolley because someone walked right in front of them.
The one who had written and the reply received had stop patronising the mall.
Dear $$$$$$
Thank you for your feedback.
With the removal of safe entry requirement, it is now a more spacious and comfortable area for shoppers.
Alternatively, you may consider using lift lobbies to access the carparks.
Thank you and take care.
Yours Sincerely,
Great World
Marketing & Communications
Great World
Follow Great World
Magnify your shopping experience with Logo
Description automatically generated
All advertising spaces are subjected to availability, contract & regulatory licences