My friend asked my advice on the following case.
a) His relative, aged 50, bought a life insurance policy. The annual premium represents more than 20% of the annual income. The policy has a 50 year termb) The policy projected a return of 8% per annum. The policyholder signed a declaration that she was aware of the high risk. But in actual fact, she did not understand what she was signing. She trusted the agent and signed blindly.
c) The policyholder would not be able to pay the premium after retirement. How could the agent sell such an unsuitable policy?
https://fisca.sg/ArticleDisplay.aspx?ID=1226
2 comments:
Obviously an ILP and obviously the cash value is going down due to bear market & stock volatility this year. Is this why customer having buyer's remorse?
Impossible for her to claim mis-selling. Her best bet is to reduce the sum assured to the minimum to reduce monthly premiums. And wait for markets to recover before selling.
ILP is the worst insurance product in Singapore -- lousy at providing insurance & lousy at providing investment returns.
Up to this point, it only seemed that one of the few leaders doing something worthwhile was Ong Ye Kung. The Alexandra place for dementia patients, the proactiveness of extra beds in the event of high Covid inpatients and a few times he came out that he is looking into the matters of the patient's complaint.
He was not selected by his peers because he is not overly nice in sugar-coating in his talk. Those unmotivated ones prefer bosses who are nice doesn't matter their effectiveness.
By contrast, those insecure, don't know their job well, and have no expertise in their profession(Which is common in today's market) their one and only was putting out how good and smart they are with selective political propaganda.
One agency is MAS. If they are so good and smart as they have been claiming all along, how did the biggest OCBC scam even happened here is beyond believe. The unbelievable part was MAS even got away with it!
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