Tan Kin Lian's Blog: Suzy Orman on Life Insurance

Tuesday, September 09, 2008

Suzy Orman on Life Insurance

A friend recommends a whole life policy and earns $10,000 in commission.

Watch this video:
http://www.youtube.com/watch?v=6vnN9liFWaE

3 comments:

zhummmeng said...: They used to say never buy from friends, relatives because buying from them is like giving them a blank cheque to do anything they like and you dare not to ask questions.
And they turned out to be the worse than buying from strangers or enemies.
Friends don't sell you whole life and endowment products because they know that they are NOT GOOD for you...unless they are not qualified then it is dishonest to sell you insurance products that they don't know.
I have said 95% of the insurance agents are either dishonest, cheats or incompetent, sincerely incompetent. All of them do damages and the worse is from people whom you trust most but very incompetent because the damage is far more extensive and disastrous.
Play safe and avoid whole life and endowment products. Separate protection from investment or saving. WL or endowment are NOT saving products nor protection products. They are diluted products
because a huge chunk of your premium goes to paying the insurance agents the commission and the company's profit.
Long time ago the insurance companies conspired and conceived this scam and this was how the WL was born.; August 24, 2008 2:04 PM
Kelvin said...: I guess consumers should know thoroughly what life and term plans are down to the last detail and decide for themselves what's best for them.

http://politics.sgforums.com/forums/10/topics/325946; September 08, 2008 8:10 PM
zhummmeng said...: Kelvin, knowing the products to the last detail isn't going to help you see the truth if you don't want.I doubt you have and are able to.
The consumers are in NO POSITION to know what is best even after their needs are uncovered. They need an honest and competent adviser to help.They have only to make decision on the recommendation.
If the consumers insist on their WANT(wish) and reject their NEEDS it is the responsibility of the ethical financial planner to caution the consumers for making a bad choice and the danger of making that choice.If the adviser relents to the consumers' wish the adviser has to bear the responsibility which any decent ethical and competent financial planner will NOT do except insurance SALESMEN because the ethical financial planner knows that a product which cannot adeqautely address the customer's needs is a ticking time bomb.
Kelvin, i suggest that you study in detail about whole life products with an open mind .You will discover to your horror what whole life products are. Take them apart, decompose them and put them under your microscope you will discover that they are scams conceived long time ago. Check the MAS website for some of the symptoms of whole life.The insurers know them and in fact the whole life products are designed based on these 'favourable' symptoms or facts.Please read some of these 'favourable' symptoms that appeared on the 6th Sept edition of NEW PAPER about par products.
I make one more time the statement,
"consumers do not know and cannot decide INDEPENDENTLY what is best for them".If they can they don't need advisers; they don't need to pay commission to salesmen who do NOTHING but FILLING UP FORMS.They can buy directly and save all the money, DIY.
But alas, MAS knows the problem and has told LIA to warn their members' salesmen to change their acts. Since the last 100 years Singaporeans today are still under insured and covered only one fifth of their needs of $500K. What have the so called financial planners or consultants or what ever titles or awards or marks or logos they carry in their name card, have done for the consumers????/
If it is not cheating the consumers
of their protection needs by selling them whole life then what?; September 09, 2008 12:30 AM