Tan Kin Lian's Blog: Right approach towards insurance

Sunday, August 26, 2012

Right approach towards insurance

5 comments:

Chai said...: Yes I have met a fair share of bad insurance agents!

Just saw the report on Sunday Times about Supplementary Retirement Scheme. Is this a good scheme to join? Understand we can use the cash in SRS to buy stocks and other insurance products but there's penalty if we were to withdraw cash before retirement age.; August 27, 2012 12:02 AM
Anonymous said...: Mr. Tan,
your effort to educate the public is laudable but the public still suffers from the 'bochap' syndrome if not why a young undergrad with scanty knowledge, experience and skill can CON vince so many people to buy life insurance and made lots of money from them? If I were you I would leave these consumers to the wolves to be torn to pieces. They are not worth persuading.Let them cowpeh cowbu; August 27, 2012 12:23 AM
Anonymous said...: Mr Tan, this is very informative. Could you advise on those policies covering EARLY CANCER? It is not cheap and practically every agent is promoting this. I feel that is we have adequate medical insurance, this is not a good product. Insurers are out to make money
I hope you could comment on.; August 27, 2012 5:56 AM
Anonymous said...: Anon ,August 27, 2012 5:56 AM,
Early stage cancer insurance is a scam.Early stage cancer is very very difficult to detect. One has to spend a bomb on very frequent tests to detect and yet still very hard to detect. If there is none the money spent would have exceeded the claimable amount if it is there. Ask your doctor or doctors and everyone will tell you that it is very hard to detect.Very often it cancer is detected it is at 3rd stage. But all is not lost it can still be cured.
Insurance companies are getting unethical or they run out of new products for their salesmen to sell. Salesmen need new products to see their customers unlike planners or advisers.
It is better to have reasonable coverage using term insurance whcih is much cheaper and affordable for large amount.In this way then you can be adequately covered.This is important. Insurance is for protection against risks and NOT for so called saving which there is none. Wise up and be protected.; August 27, 2012 9:01 AM
Anonymous said...: Anon, August 27, 2012 12:02 AM,

Strange that you don't know about the SRS scheme when it was introduced long time ago.
This shows people are not well informed or people are still clueless and ignorant. This is proof that consumers need protection from all the rogue insurance agents out there.MAS must pretend that this is so and keep insisting that people make informed decision which almost all customers of insurance never had the ability to do so. They must be helped to make decision and therefore the onus of responsibility and liability must fall on the insurance agents and the companies.
There is NO WAY for people to buy based on their understanding of the products. It is trust. and trust is dangerous. Conmen use trust to con their victims.; August 27, 2012 9:14 AM