HWZ Forums

Login Register FAQ Mark Forums Read

Newbie Guide: How to Find a Good Agent for Investment & Insurance?

Like Tree78Likes
Reply
 
LinkBack Thread Tools
Old 02-07-2010, 02:09 PM   #16
Master Member
 
Join Date: Jan 2000
Posts: 3,102
thats a long one.. although i dun understand some part of it
the Mr Tan book able to download 1 anot??

btw, the disability insurance you mentioned about, just want to ask.. if now im working as engineer.. but at later stage of time, i change my career to teacher for example. what will happen to the policy? do i need to pay extra to change the policy as a form of penalty for changing job nature?

also, how does this type of policy determine what type of disability is claimable and whats not? like im an computer engineer.. if i loss a few fingers, i no longer can type keyboard.. do i consider my case as loss of ability?
RoLanTo is offline   Reply With Quote
Old 02-07-2010, 03:14 PM   #17
Senior Member
 
Join Date: Sep 2005
Posts: 2,393
thats a long one.. although i dun understand some part of it
the Mr Tan book able to download 1 anot??
No, I don't think he sells e-books. You can go library and borrow if you don't wanna buy.

btw, the disability insurance you mentioned about, just want to ask.. if now im working as engineer.. but at later stage of time, i change my career to teacher for example. what will happen to the policy? do i need to pay extra to change the policy as a form of penalty for changing job nature?
Honestly, I dunno cause I'm not working in the finance industry. You'll need to consult an IFA. However, I do think various occupations have different degrees of "hazard", so be sure to ask your agent what happens if you move from a more hazardous job. Also note that the most hazardous jobs are not covered by such DI insurance policy. Office jobs are covered.

also, how does this type of policy determine what type of disability is claimable and whats not? like im an computer engineer.. if i loss a few fingers, i no longer can type keyboard.. do i consider my case as loss of ability?
It's own occupation disability. Meaning that you need a doctor to certify that you are medically unfit to perform a vital aspect of your job and of course you will need to lose your job based on the medical reasons in order to start claiming. So for office workers, if you lose all your fingers I would think it would qualify (not 100% sure ok). If you lose a few fingers, maybe it might not qualify if you can still type. Also if next time workplace uses text-to-speech technology and if your boss doesn't fire you from your office job even if you lose all fingers in an accident, you can't claim too.

Last edited by Rommie2k6; 02-07-2010 at 03:17 PM..
Rommie2k6 is offline   Reply With Quote
Old 02-07-2010, 11:19 PM   #18
Supremacy Member
 
Join Date: May 2005
Posts: 7,340
Many thanks, so informative
nymous is online now   Reply With Quote
Old 04-07-2010, 02:29 AM   #19
Arch-Supremacy Member
 
jumpmanz's Avatar
 
Join Date: Feb 2005
Posts: 21,389
this is a bloody gd thread.
thanks.
jumpmanz is offline   Reply With Quote
Old 04-07-2010, 03:36 AM   #20
Member
 
Join Date: Jan 2008
Posts: 444
yeah good thread. thanks
chacosg is offline   Reply With Quote
Old 10-07-2010, 11:14 AM   #21
High Honorary Member
 
matchy's Avatar
 
Join Date: Feb 2007
Posts: 153,002
i jus wondering...since TS say IFA are fair and better than most financial advisor...den why are there still "All good financial advisers are IFA, but not all IFA are good financial advisers"..

lets put it this way, u are saying that if i approach a HP shop which offer all three telco services, that shop will be the better than the rest right?


what if these ppl bad luck, alway kena those bad IFA?

wouldnt they be better off taking up from tied or bank agent? chances are that they might perform better in term of service?
matchy is offline   Reply With Quote
Old 10-07-2010, 11:35 AM   #22
Senior Member
 
Join Date: Sep 2005
Posts: 2,393
i jus wondering...since TS say IFA are fair and better than most financial advisor...den why are there still "All good financial advisers are IFA, but not all IFA are good financial advisers"..

lets put it this way, u are saying that if i approach a HP shop which offer all three telco services, that shop will be the better than the rest right?


what if these ppl bad luck, alway kena those bad IFA?

wouldnt they be better off taking up from tied or bank agent? chances are that they might perform better in term of service?
The phrase "All good financial advisers are IFA, but not all IFA are good financial advisers" basically means that you just because you engage an IFA you cannot straight away assume that he/she is competent or ethical and not trying to rip you off. However, all good financial advisers in reality must be IFA, because one of the condition to be "good" is the ability to provide impartial advice, and you cannot do it when you are only selling a product from one insurance company (like a tied agent or bank).

If you don't understand the phrase let me you give you an another analogous example which may help make more sense "all guys are humans, but not all humans are guys" (there's girls also who are human). Hope that clears things up

Never engage a tied agent or bank relationship manager. These people are confirmed to give lousy advice that only serves their interest NOT yours.

Last edited by Rommie2k6; 10-07-2010 at 11:38 AM..
Rommie2k6 is offline   Reply With Quote
Old 10-07-2010, 11:39 AM   #23
High Supremacy Member
 
Cashcow's Avatar
 
Join Date: Feb 2008
Posts: 36,930
I can't help but feel that ts has a great prejudice and misunderstanding on insurance.

But I leave it to the rest to decide.
Shikuan91 likes this.
__________________
http://www.facebook.com/pages/What-about-Tomorrow/213367998693741
Cashcow is offline   Reply With Quote
Old 10-07-2010, 11:46 AM   #24
Senior Member
 
Join Date: Sep 2005
Posts: 2,393
I can't help but feel that ts has a great prejudice and misunderstanding on insurance.

But I leave it to the rest to decide.
Care to back it up with some evidence? Perhaps you would like to make a correction to anything you disagree with?

Anyone with a vested interest in selling high commission insurance products would obviously say that. I have not yet met any financially savvy and financially educated person who claims silly stuff like "use insurance for investment".
P.S. I'm not implying that you are making this claim, just giving a general example.

AND... if you realized I did highlight the good insurance products. The thread is not about "don't buy any insurance at all".

EDIT: And I have already challenged many insurance agents (in other posts) on this board to upload a benefit illustration if they think and insist that the product they are selling are good ones (especially on endowments, wholelife, ilp). So far nobody has uploaded a sample benefit illustration.

Last edited by Rommie2k6; 10-07-2010 at 11:50 AM..
Rommie2k6 is offline   Reply With Quote
Old 10-07-2010, 04:17 PM   #25
Master Member
 
Join Date: Jan 2000
Posts: 3,102
TS, how to invest stocks in 210/mth in your example?

BTW, the 2 types of insurance you mentioned are the most impt (HS).. kind to do product vs product comparison?
RoLanTo is offline   Reply With Quote
Old 10-07-2010, 06:25 PM   #26
Senior Member
 
Join Date: Sep 2005
Posts: 2,393
TS, how to invest stocks in 210/mth in your example?

BTW, the 2 types of insurance you mentioned are the most impt (HS).. kind to do product vs product comparison?
You would need to draw out a portfolio before investing in stocks. However, for such small amounts you are probably left only with unit trust since ETF you need at least three figure sum per transaction if not the commission cost is quite high.

Last I checked, there's not alot of variations between H&S Shield Plans and their Riders. So not much diff. I would probably just go for the leading ones on the market, e.g.
- NTUC Enhanced Income Shield with Assist Rider
- Aviva MyShield with MyShield Plus Option A (not Option B)

And make sure it is a medisave-approved shield plan (i.e. can use medisave to pay premium). And a few general criteria to check:
1) Shield plan is on "as charged" basis with no individual limits
2) Shield plan is guaranteed renewable for life (i.e. they won't take you off the plan after a certain old age like 85 yrs)
3) Shield plan rider helps to cover cost of co-insurance but not both co-insurance & deductible
4) Shield plan rider does not need to cover misc stuff like hospitalization cash, CI payout, whatever stuff the insurer comes up with that sounds good but is not value for money

Examples of stuff not to get:
- GE SupremeHealth with TotalShield rider (The basic SupremeHealth policy is OK but the TotalShield rider offer first dollar coverage which is not value-for-money and not affordable in the later years of one's life).

Last edited by Rommie2k6; 10-07-2010 at 06:37 PM..
Rommie2k6 is offline   Reply With Quote
Old 10-07-2010, 07:32 PM   #27
Junior Member
 
Join Date: Apr 2007
Posts: 62
I agreed with most of what you have researched. However, I have to point out you've probably overlooked the fact that the $2000 fee charged by providend actually cost less than those commission based "adviser" who supposedly give you "free" advice. Take for example a $30,000 ILP, a comms based adviser will get 50% comms for the first year just by selling the product, that's $15,000! You're paying more by engaging them and you don't even know. I have no association with Providend, but I do know they'll refund you whatever commission they get from their recommended products. I still think a fee-based structure is the way to go, as far as the financial well-being of the market is concerned.
monoceros is offline   Reply With Quote
Old 10-07-2010, 07:50 PM   #28
Junior Member
 
Join Date: Apr 2007
Posts: 62
I can't help but feel that ts has a great prejudice and misunderstanding on insurance.

But I leave it to the rest to decide.
Perhaps the question should be why the prejudice against insurance agent? In most (not ALL but majority) cases, a simple term insurance is sufficient enough coverage, and it's cheap. Why isn't it recommended? Because agents don't earn much by selling them. I could go on, but I simply want to say so far, I've not seen a single insurance agent recommending term insurance. You probably have, you're the lucky few.
monoceros is offline   Reply With Quote
Old 10-07-2010, 08:53 PM   #29
Arch-Supremacy Member
 
focus1974's Avatar
 
Join Date: May 2007
Posts: 14,073
2. Providend http://www.providend.com/
Personal Experience
I cold-called Providend and asked for an IFA referral. The "Emissary", Ms Madeline Chong (what's with the big sounding "Emissary" term btw?) informed me that Providend charged $2000 for Comprehensive Financial Planning. Look, I'm not a high net worth client and at this stage of my life, no financial advice is worth $2000. So, I said I am looking for product specific advice... but no no, the $2000 fee is non-negotiable. Needless to say I hung up since this wasn't getting anywhere. My impression is that Providend caters only to high net worth and serious clients. See, poor guy like me was turned off by the $2000 fee. While I think a fee-based renumeration system is ok, I think $2000 is excessive, especially when they charge me even before I get to see the IFA. What happen if the IFA is the "Wolf in Sheep Skin" type? Do I get a refund them?
Quite Right on this Emissary.
I have a bad run-in with her too when I was searching for some firm to manage my money. She sounded arrogant when I called in to request for an appointment(which was what their website told me to do if I want to know more about their service). Without responding to my request for the appointment, she told me in a condenscending tone the appointment will be made if I have minimum $200k to let them manage. I can't remember the exact conversation but let's say I had trouble making an appointment with them even when I sounded like I was begging for it.

Anyway, the good thing is the CEO Christopher was very customer-service oriented and call back to apologised.

In the end, I put all my money in the swiss banks and is happy ever since
focus1974 is online now   Reply With Quote
Old 10-07-2010, 09:00 PM   #30
Senior Member
 
Join Date: May 2000
Posts: 1,747
I can't help but feel that ts has a great prejudice and misunderstanding on insurance.

But I leave it to the rest to decide.
An ex ceo of insurance company can also start to whack insurance companies and claim that most insurance plans are bad......

Well, personally I feel that although they seems righteous and enlightening ppl, they can simply cause financial disaster to those who follow accordingly but mess it up due to lack of knowledge.

I wonder if they would sleep well...
zhiz22 is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On