tag:blogger.com,1999:blog-11702093.post4922872235041739360..comments2024-03-28T22:56:40.743+08:00Comments on Tan Kin Lian's Blog: Avoid insurance agentsTan Kin Lianhttp://www.blogger.com/profile/00617069056914635271noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-11702093.post-2094568951867896422010-12-07T22:47:32.599+08:002010-12-07T22:47:32.599+08:00The insurance agents shouldn't be in this busi...The insurance agents shouldn't be in this business, ie selling financial products..As you said they are not qualified and not competent to recommend any of these products.They peddle and push and that is dangerous and worse they peddle whatever the products their company carries that might not be suitable for consumers. That is why MAS is tightening up the rules and hope the population of financial advisers will be reduced to 5000 competent and qualified in financial planning, insurance and investment. <br />Singapore will follow UK and Australia to ban commission. Australia in mid 2011, UK in mid 2012, perhaps Singapore in end 2012, followed by Hong Kong, Malaysia. India already started banning commission for investment products in 2009 and later insurance products..<br />From this scenario what can the insurance salesmen peddle? Fee driven will require them to show expertise , knowledge and skill and fee will depend on scope of service and advice to be rendered.<br />Insurance agents will soon follow the dinosaurs to the grave.zhummmenghttps://www.blogger.com/profile/11494903461266369989noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-68675063765806890832010-12-07T10:55:57.332+08:002010-12-07T10:55:57.332+08:00Ironically, my view is that KYC/FNA shouldn't ...Ironically, my view is that KYC/FNA shouldn't be used by tied insurance agents, or even shouldn't be allowed to be used.<br /><br />Insurance agents are in no position to provide comprehensive and unbiased financial planning advice, whatever qualification they may have. They'll have to recommend their companies' products. The KYC/FNA if answered at option 1 or 2, gives the agent more information for sales peddling instead of helping the client to make a good decision.<br /><br />The standard insurance proposal form with medical and financial underwriting questionnaire should suffice as to whether a client is insurable and the product is suitable and affordable.<br /><br />Allowing insurance agents to pretend to be financial planners with professional KYC/FNA make the product peddling process even more dangerous to unsuspecting clients.Vincent Searhttps://www.blogger.com/profile/12580152967824081914noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-60448901203045677682010-12-06T21:56:43.091+08:002010-12-06T21:56:43.091+08:00Insurance agents sell and peddle products on half...Insurance agents sell and peddle products on half truth..This is a fact and that is what selling is all about.<br />The line dividing Salesmanship and conmanship is blurred today. In fact they can be used interchangeably.<br />If you call an insurance agent a salesman or a conman there is no difference. Both use the same strategies......half truth, lies, misrepresentation, concealment of material facts etc., agree?<br />Is this your insurance agent? I bet your insurance agent is if he or she is a product pusher....tick option 3 product advice agents are all conmen and women. They breach section 27 of the FAA. MAS should discipline them, fine, suspension, revocation and jail.zhummmenghttps://www.blogger.com/profile/11494903461266369989noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-21416843201042078552010-12-06T20:41:57.456+08:002010-12-06T20:41:57.456+08:00I think that it's alright to look for insuranc...I think that it's alright to look for insurance agents if the purpose is to buy insurance, but not for savings and investments.<br /><br />The insurance industry is separated into general and life. The practices in both are very uncommon. General insurance (medical, accident, fire etc.) charges low level commission but same every year. Life insurance charges high upfront commission that tapers off guadually.<br /><br />General insurance is pure indemnity, except for personal accident based on sum assured. Life insurance is a composite of sum assured and investment returns, except for term.<br /><br />Settle all these insurance needs, if any, accordingly, and for savings and investment needs, look for bankers and stockbrokers.Vincent Searhttps://www.blogger.com/profile/12580152967824081914noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-6967965820346125622010-12-06T20:23:13.585+08:002010-12-06T20:23:13.585+08:00Also avoid all sales people who make a living out ...Also avoid all sales people who make a living out of commissions, and this include bank relationship managers and estate brokers, the latter if unavoidable never trust them, they lie with a straight face just to close a sale.<br />Before buying a house, bring along your trusted renovation contractor or engage a Company that gives advice for a fee charge, and ask these people to go through the place with a fine comb. Better pay for such services, then to be saddled with problems, better to ask about the history of the property from the neighbouring houses too.yujuanhttps://www.blogger.com/profile/09726993183726863734noreply@blogger.com