Saturday, June 10, 2017

How to avoid being assaulted

Rachel Ash asked:
If you being the CEO then in the insurance business cannot eliminate these issues then we lay people who knows nuts what can we hope to achieve but to be repeatedly assaulted.

Many of the life insurance products being sold in the market now are bad for consumers. They take away too much of the savings. Many of these policies are sold to consumers through deceptive means.

The advisers did not explain the policies correctly. If the advisers had explained the correct facts to the buyers, the buyers would probably not buy these products anyway.

What can consumers do, when they were "assaulted" ?

They should come forward and lodge a complaint. If the Monetary Authority of Singapore receives many complaints, they will know that there is a real problem that need to be addressed. But if many people keep quiet, MAS will think that the problem is isolated.

I personally believe that the problem is quite rampant. Sadly, not enough people are coming forward to lodge their complaints.

Actually, there are already sufficient evidence for MAS to be concerned and to look into this matter. They should know that the consumers are being taken for a ride and the incidence of misselling is quite rampant. However, they are still not willing to act on this issue. I blame MAS for their apathy as much as I blame the consumer.

To avoid being "assaulted", the consumers should learn what to look out for. They should spend the time to understand the issue. They can watch the videos in my website or attend the talk organized by FISCA (

Otherwise, one day, the "assault" will be successful and the consumer would suffer a large painful loss.

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