Things you should read before buying an endowment plan

[pew]

Har, then the agents do what. They have no skills no talent no work experience. If the industry goes automated and kick all of them out, it will cause alot of social problem.

May I ask what is your contribution to the society.

 

[pew]

I believe there needs to be a much stricter control over the agents, not a doubt. Today, anyone can be an agent, whether you have any financial knowledge or not.

Even my friends who know nuts about financial stuffs can sell ILPs. What sort of joke is that ? Of course, I avoid them like plagues.

MAS is working on it real hard now.

And are u sure anyone can be an agent. Do you even know what are the requirements and what does it take to be one.
I only know almost anyone can be a keyboard warrior.

 

[Perisher]

After that is a lifetime of regular updates and servicing.
This is the kind of commitment an agent gives to their client.

From commitment an agent gives to client to...

The insurance company will still have to commit to the client even when the agent is not around wor

The insurance company will still have to commit...?

And then this remark

.............

Company also will assign another agent, if not assign ghost ar?

And you still say...

Nothing to twist....
I believe I sent my meaning across very clear.

commitment by agent vs commitment by company.
It's 2 different thing.

If people want to play with words, that one is clearly to pick fault, discussion won't be meaningful anymore.

These are your own words... and you say others play with words?
Got twist or not, read it yourself.

 

[pew]

From commitment an agent gives to client to...



The insurance company will still have to commit...?

And then this remark



And you still say...


commitment by agent vs commitment by company.
It's 2 different thing.



These are your own words... and you say others play with words?
Got twist or not, read it yourself.

What you are trying to say is ...

If a husband tells his wife, 'I will love you till the end of time'. He is lying? Cuz he will die one day?

This is really not getting anywhere.

This is a supposed to be a thread on things one should read before getting an endowment in money mind forum, and it is really not getting constructive.

if you want to play, please copy and paste the above and start a new thread in edmw, I will slowly play with you,

 

[bibu00]

Robin Hood can live on fresh air, I can't.

Pardon me, but I can't find any breakdown anywhere.

I work on win, win, win. Client win, I win, company win.
If any party lose, there won't be a sustainable working relationship.

I don't see much ME in my post, I am giving the other side of the coin which many refuse to see.

Here
http://blog.moneysmart.sg/insurance...s-in-singapore-make-money-from-your-policies/

To get client to sign and buy policy, we have to do a comprehensive financial analysis, making sure that whatever we propose is in favor of the client, this process takes a lot of factors into consideration.

Easily done by robot advisors like wealth front. Check out videos in first post.
If any doubts with robots, call help desk to speak to a qualified financial advisor. Not just any A-lvl FFF/F ginna trying the easy way out.

After signing, policy will be delivered to client. We will explain to the client one more time to make sure they understand what this policy is all about and what are they committing themselves into.

With the increasingly educated population in Singapore, most people can read their own policy booklet and understand the policy they bought.
In doubt, call the call centre to speak to a qualified financial advisor.

If they have any doubts, there is a free look period which they can annul the policy and get a full refund.

This is the law, don't credit it to the agent. It's shameless.

After that is being done, we will set an appointment to do a annual ( or ad hoc if there is a need to ) review. And this will be for life.

Review liao can do what? Why need you to review when the company already send out bonus declaration? Will the agent be able to help in managing the invested funds?
Review liao the client also LLST, it's an illusion to make the client think they have control over the policy.

Not to mention when there is claims to be processed, or coupons that need to be collected from client and redeposited, etc etc.

Severely over paid for this role. Basically a dispatch only.
Are the agents able to decide if the insurance company would pay out?
The insurance agent sign the cheque to withdraw the funds from the company account?
I strap my policy claim form to a pigeon and get it to fly back to insurance HQ would be cheaper better faster.

May I ask what is your contribution to the society.

Im an aircraft engineer. I fix jets.

And are u sure anyone can be an agent. Do you even know what are the requirements and what does it take to be one.

Yes. Go thru the company's course, pass a series of 'test', do on job trainning to con a few folks, ezpz.

MAS is working on it real hard now.

Like I mentioned earlier, DPM tharman understand the social problem and the cost that useless agent brings to society.
I quote DPM tharman

"If we can take one percentage point out of the fees and charges that ordinary savers pay in many market-based pension schemes, that one percentage point makes a large difference in retirement savings. Taken over a lifetime of work, that one percentage point will mean at least a 25 per cent improvement in retirement savings. We have to think hard about the reforms that pool and collectivise savings, to reduce the costs for ordinary savers."

The mas will act on insurance agents. But they will take a progressive approach so that FFF/F failure agents won't be roaming the streets and creating more social problems.

 

[Shion]

MAS is working on it real hard now.

And are u sure anyone can be an agent. Do you even know what are the requirements and what does it take to be one.
I only know almost anyone can be a keyboard warrior.

You sure ? Some of my friends have nothing, and yet they are agents. I also have nothing but last time some agencies tried to recruit me in, saying I am suitable.

 

[bibu00]

The thing is, I can see that you are very passionate and proud of your job.

Being an agent is prolly your first job and you bring home a decent paycheck to put food on your table. So its logical you are defensive and think that you are doing is right.

But the truth is you are leeching away from society with little value add.

You are able to enjoy whatever you have at the expense of others.
You might not see it today, but like DPM tharman said, 1% fees and comms that you take from people is 25% less retirement saving for people in the future.

Everyone you sold a retirement policy or helped plan their retirement is being bashed up by their future self, thanks to you.

 

[Shion]

To get client to sign and buy policy, we have to do a comprehensive financial analysis, making sure that whatever we propose is in favor of the client, this process takes a lot of factors into consideration.
After signing, policy will be delivered to client. We will explain to the client one more time to make sure they understand what this policy is all about and what are they committing themselves into. If they have any doubts, there is a free look period which they can annul the policy and get a full refund. After that is being done, we will set an appointment to do a annual ( or ad hoc if there is a need to ) review. And this will be for life.
Not to mention when there is claims to be processed, or coupons that need to be collected from client and redeposited, etc etc.

On paper, that is what you need to do, but how many really stick to this ? How many really do a comprehensive analysis ? How come got agents keep on pushing ILPs to me and asking me to sign without any analysis ?

Some policies are confusing, even if you repeat one more time, the clients might not understand fully. Whats more, many agents sell by spreading fear to the clients. Thats totally affecting the thoughts of clients.

I give you an example. Search the entire forum for PruFlexiCash complaints. That is one mis-sold product. What comprehensive analysis, what one more time so that clients understand ? End of the day, years later clients will find out they are screwed.

 

[pew]

On paper, that is what you need to do, but how many really stick to this ? How many really do a comprehensive analysis ? How come got agents keep on pushing ILPs to me and asking me to sign without any analysis ?

Some policies are confusing, even if you repeat one more time, the clients might not understand fully. Whats more, many agents sell by spreading fear to the clients. Thats totally affecting the thoughts of clients.

I give you an example. Search the entire forum for PruFlexiCash complaints. That is one mis-sold product. What comprehensive analysis, what one more time so that clients understand ? End of the day, years later clients will find out they are screwed.

can complain one.

I wouldn't commit on things I do not understand.

 

[bibu00]

can complain one.

I wouldn't commit on things I do not understand.

Complain liao then how? I was mis sold pruflexicash, complain got use?

 

[havetheveryfun]

To get client to sign and buy policy, we have to do a comprehensive financial analysis, making sure that whatever we propose is in favor of the client, this process takes a lot of factors into consideration.
After signing, policy will be delivered to client. We will explain to the client one more time to make sure they understand what this policy is all about and what are they committing themselves into. If they have any doubts, there is a free look period which they can annul the policy and get a full refund. After that is being done, we will set an appointment to do a annual ( or ad hoc if there is a need to ) review. And this will be for life.
Not to mention when there is claims to be processed, or coupons that need to be collected from client and redeposited, etc etc.

that's the "proper" and standard procedure. but like others said you may follow it, but do other agents do ?

most people do not even know about the free look period and the agents are supposed to tell them that when they deliver the policy. but very few do that. last time my friend signed a plan at a roadshow and the agent only asked him to collect the policy after the free look period was over.


and also.. you may do a "financial comprehensive analysis", which to you may be right. but to others it may be wrong. it is very subjective. for e.g. I was holding a life policy that my parents had been paying for close to 20 years. an agent suggested to me to cancel that life policy and use the surrender sum to pay for the premiums for a new policy that includes better coverage such as CI. which is the better option ?

 

[Magickiller9]

One of my friend ask me to join him as a insurance agent. He explain that you don't need any qualification just need to take some test and pass will be given 1.5k etc. the test is just few weeks. . Obviously he explain his commission etc. but meh I'm not interested in a career built by cheating people. The reason I entertain him is I'm interested to know how much the agents are really charging. And 20-50% plus annual

 

[akwl88]

To get client to sign and buy policy, we have to do a comprehensive financial analysis, making sure that whatever we propose is in favor of the client, this process takes a lot of factors into consideration.
After signing, policy will be delivered to client. We will explain to the client one more time to make sure they understand what this policy is all about and what are they committing themselves into. If they have any doubts, there is a free look period which they can annul the policy and get a full refund. After that is being done, we will set an appointment to do a annual ( or ad hoc if there is a need to ) review. And this will be for life.
Not to mention when there is claims to be processed, or coupons that need to be collected from client and redeposited, etc etc.

Sally low got did all this? Or just in for the money?

 

[akwl88]

Btw, the prudential news is 200 agents tio buy over wo. Not 2. Ish 200. So tell me, can bash a not?

 

[Shion]

I can think of a Chinese saying for this (maybe not too suitable) - 牵着鼻子走 - for many, what the agents say is always correct and accurate.

 

[Witwit84]

in the end, endowment with good returns are a result of the insurer's good investment execution, nothing to do with the agents. The agents merely sold a product. Why can't we buy direct from the insurer such endowments and use the 20%-25% comm fees that is paid to agents to further invest into the endowment. With the younger generation more financially savvy now, they will be able to read through the endowment policy themselves. What's more everyone now does research online and compare the different endowment policies by the respective insurers before they make a decision.

 

[T H I N K]

in the end, endowment with good returns are a result of the insurer's good investment execution, nothing to do with the agents. The agents merely sold a product. Why can't we buy direct from the insurer such endowments and use the 20%-25% comm fees that is paid to agents to further invest into the endowment. With the younger generation more financially savvy now, they will be able to read through the endowment policy themselves. What's more everyone now does research online and compare the different endowment policies by the respective insurers before they make a decision.

Good for u (as highlighted above), but are u sure they are, otherwise this thread will not be created!

Instead of "educating" people how to read endowment policies and how to do research to compare before making a decision!

 

[MikeDirnt78]

I already mentioned before. Post more real life facts and data for everyone to see.

All the arguments are not going to end. I don't expect FAs to criticize the products that they sold for a living. So their opinions will be biased.

Actually i have 1 endowment from HSBC bought 10 years ago. Since the monthly is $100 only, this is the only one I keep. Maybe I should get the latest BI and share here. This plan is the only one that guarantees slightly higher surrender value than premiums paid. The other one is of course TM but monhtly premium is higher.

 

[Perisher]

What you are trying to say is ...

If a husband tells his wife, 'I will love you till the end of time'. He is lying? Cuz he will die one day?

Agents don't do the till death do us part, doesn't make sense to compare.

Agents can quit any moment and can't be committed to their client. This much should be clear. It's like any other job except an endowment project is 10-20 years long, so clearly one can't expect an agent to commit for that length of time.

This is really not getting anywhere.

This is a supposed to be a thread on things one should read before getting an endowment in money mind forum, and it is really not getting constructive.

if you want to play, please copy and paste the above and start a new thread in edmw, I will slowly play with you,

I have no interest in playing with you, just correcting a small thing you said.

Many agents here are better at accepting that they may have said something wrong and correct it instead of arguing with twisted logic.

You need to chill.

 

[akwl88]

Btw, the prudential news is 200 agents tio buy over wo. Not 2. Ish 200. So tell me, can bash a not?

THE simmering war for experienced insurance agents or financial advisers in Singapore could boil over, following mass resignations at Prudential Singapore's agency force.

It is acknowledged in the industry that it is a costly business for an agency or financial advisory (FA) firm to poach agents - especially the star performers - from rival firms; only the most deep-pocketed can do so.

However, the resignation of about 200 out of the more than 400 agents from Peter Tan Organisation (PTO), one of Prudential's largest group of agency units, has put a significant number of agents out on the job market - opening the way for smaller insurers and FA firms to enter the bidding fray for talent as well.

The Business Times reported on Monday that a number of these agents and advisers are expected to join Aviva Singapore's new FA firm, although the situation is fluid, given that there are other eyes on this pool of agents, say market sources.

- See more at: http://business.asiaone.com/news/tu...al-advisers-intensifying#sthash.nVqhVqyW.dpuf