Things you should read before buying an endowment plan

pew

Arch-Supremacy Member
Joined
Aug 6, 2000
Messages
21,918
Reaction score
8
If you doubt my level of English, I can also talk to you in Mandarin or Malay if you wish to. Not an issue.

I am using PruFlexiCash as an example on how agents mis-sell this product and I was hoping to hear some explanations on the "comprehensive analysis" and "telling clients one more time on what they sign up for" which you mentioned what agents should do. But instead of tackling this 2 issues, you choose to avoid it and feed some other words instead.

So you mean we clients deserve it if we don't understand and commit ? Wow, clap clap for you. Another typical agent on the road.

The way you put your words is like as if everyone in this world possess high financial literacy from the day they are born. Just to remind you, every single person who is in this Money Mind section, we all have our own fair share of the mishaps with our insurance policies. But take a look around you, I bet most of them are doing even better than you when it comes to financial stuffs.

I find it hilarious you have so much time to the forum when you talk like as you have a lot of commitments and have a lot of things to do for your clients.

Just take out your financial review and post the first few pages, then we talk

I Don't draw a basic pay from anyone, I can spend my time however I want, u Huan Lo ?
 

pew

Arch-Supremacy Member
Joined
Aug 6, 2000
Messages
21,918
Reaction score
8
Come on guys, lets apologize to someone here because we have hurt his/her profession, ethics and ego.

We also must admit our command of English, our process of thoughts and our understanding of finance is too low and too weak.

It is all our fault, agents and insurance companies bear no fault.

They contribute a lot to the society unlike us, who only contribute to kpkb over the internet !

If they mis-sell a product, so what ? Clients' fault for not reading and not understanding !

Clients deserve it if they commit to a product and then kpkb years later because the product is not what they thought to be.

If u really think you are mis sold, please go thru proper channel instead of kpkb here

Like a person Kenna rob....kpkb to the whole world but don't want to report police
 

Shion

Senior Mentor
Joined
Oct 24, 2008
Messages
320,290
Reaction score
80,704
Just take out your financial review and post the first few pages, then we talk

I Don't draw a basic pay from anyone, I can spend my time however I want, u Huan Lo ?

I am so sorry but I find it hard to communicate with you because you question my level of English. If that is the case, how am I suppose to communicate with you ? Even if I flash out every single policy, and you explain it to me, how am I going to understand ?
 

Perisher

Greater Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
84,276
Reaction score
10,137
Come on guys, lets apologize to someone here because we have hurt his/her profession, ethics and ego.

We also must admit our command of English, our process of thoughts and our understanding of finance is too low and too weak.

It is all our fault, agents and insurance companies bear no fault.

They contribute a lot to the society unlike us, who only contribute to kpkb over the internet !

If they mis-sell a product, so what ? Clients' fault for not reading and not understanding !

Clients deserve it if they commit to a product and then kpkb years later because the product is not what they thought to be.

Stop trolling. Thank.
 

Perisher

Greater Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
84,276
Reaction score
10,137
Here
http://blog.moneysmart.sg/insurance...s-in-singapore-make-money-from-your-policies/

So u think that is easy money, welcome to join the industry and try.
see people doing better than u, u eye red....so u want to see whe whole world eating grass and serve you?


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. P

Nobody is pointing a gun at you to buy anything or to speak to anyone wor, if u think u rather trust a robot, please go ahead


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.

U bought the policy, u read the policy contract, and u understood, and u did not practice the free look. Y are u whining

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

People ask what we do, I tell....what is so shameless


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.

People's life stage change, thinking change, needs change.
Past years participating fund bonus is being published on the net, there is no secret, no big fluctuation. Try asking a robot to show u.
If the funds are going the wrong way, there is always an option to switch funds.

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.

Like what was mentioned, please go ahead and do it. If u bought something from a robot, I think a more reliable way would be to send it via registered mail.


Im an aircraft engineer. I fix jets.

So u are a mechanic....cost centre to your company.


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

Isn't that the same thing for most of the profession out there?


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


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.
Then they go fix aeroplane lor, read manual can fix Liao mah, cannot fix call help desk lor, maybe some far away call centre in Philippines or India, at night those people got nothing to do, flip manual...maybe they have better understanding.

If u find it insulting.....u point one finger at others, four fingers are pointing back at your ownself

There is a multi quote function... Your this post is quite messed up, totally dunno who is saying what. :s11:
 

Shion

Senior Mentor
Joined
Oct 24, 2008
Messages
320,290
Reaction score
80,704
If u really think you are mis sold, please go thru proper channel instead of kpkb here

Like a person Kenna rob....kpkb to the whole world but don't want to report police

You think I never do it before ?

Do I need to sedi-a outside the door and hentak-kaki 1st before reporting to you on the timeline ?

I did mention before in this forum, I did some research after knowing what happened, and I went to the agent to complain and question her, but I got smoking through answers. I called up the company multiple times and I did not get any satisfactory answers for some reasons or so.

Please, if you still think I did nothing, go ahead and do your fanciful assumptions here. Let your imagination run wild. Need me to teach ? No need right ?
 

T H I N K

Member
Joined
May 27, 2016
Messages
166
Reaction score
0
Wow! Guess who is "donating" more money to the agents!

Those who buy Term Plans!

As a shareholder, I'm also happy, cos that will increase the bottomline and give me more dividends every year! Huat ah!

Thanks to pew for sharing the article!
 

akwl88

Arch-Supremacy Member
Joined
Feb 15, 2016
Messages
10,696
Reaction score
1
Wow! Guess who is "donating" more money to the agents!

Those who buy Term Plans!

As a shareholder, I'm also happy, cos that will increase the bottomline and give me more dividends every year! Huat ah!

Thanks to pew for sharing the article!

term plan: low premiums, high coverage

not sure where the donations come from :s11:

maybe endowment/WL/ILP? they require higher premiums :)
 

pew

Arch-Supremacy Member
Joined
Aug 6, 2000
Messages
21,918
Reaction score
8
term plan: low premiums, high coverage

not sure where the donations come from :s11:

maybe endowment/WL/ILP? they require higher premiums :)

Are u sure low? The only term plan I see before that I dare say is low premium would be Avila SAF GTL and DPS

Different stroke for different folks,

Term plan is are usually for people who wants the coverage but cannot afford. So they get a convertible term to lock in their good health, and convert along the way.

The other common category of people who get term would be those who can or who think they can generate better returns than life or endowment policies.
 

akwl88

Arch-Supremacy Member
Joined
Feb 15, 2016
Messages
10,696
Reaction score
1
Are u sure low? The only term plan I see before that I dare say is low premium would be Avila SAF GTL and DPS

Different stroke for different folks,

Term plan is are usually for people who wants the coverage but cannot afford. So they get a convertible term to lock in their good health, and convert along the way.

The other common category of people who get term would be those who can or who think they can generate better returns than life or endowment policies.

$996 annual premiums till 65 for 500k coverage of death and tpd, 200k ci, plus premium eraser considered low or high? :s11:
 

pew

Arch-Supremacy Member
Joined
Aug 6, 2000
Messages
21,918
Reaction score
8
$996 annual premiums till 65 for 500k coverage of death and tpd, 200k ci, plus premium eraser considered low or high? :s11:

Age?
Sex?
Smoker or non smoker?
Renewable after 65?
Is the term convertible? If it's convertible, only Death and TPD is convertible or CI also convertible?
What is premium eraser?
 

akwl88

Arch-Supremacy Member
Joined
Feb 15, 2016
Messages
10,696
Reaction score
1
Age?
Sex?
Smoker or non smoker?
Renewable after 65?
Is the term convertible? If it's convertible, only Death and TPD is convertible or CI also convertible?
What is premium eraser?

Age? 27
Sex? M
Smoker or non smoker? Non-smoker
Renewable after 65? Yes
Is the term convertible? If it's convertible, only Death and TPD is convertible or CI also convertible? Yes, all 3
What is premium eraser? tio ci, no need pay anymore premiums onwards
 

Witwit84

Senior Member
Joined
Sep 30, 2005
Messages
756
Reaction score
123
Wow, the article posted by pew really opened my eyes. First year comm for the agent for term policy is close to 50%? Why do we need to pay so much when a term policy does not even require servicing... Just buy and only claim payout if suay suay hit by any misfortune, but if not, the policy is just left in the drawer there's no need to look again. I tried to look at buying term direct from the insurer but it seems they only have coverage up to 200k? I'm looking for 500k coverage, if anyone knows how I can buy it direct please advise. Thanks so much.
 

Nystalia1990

Senior Member
Joined
Dec 8, 2004
Messages
1,812
Reaction score
7
Wow, the article posted by pew really opened my eyes. First year comm for the agent for term policy is close to 50%? Why do we need to pay so much when a term policy does not even require servicing... Just buy and only claim payout if suay suay hit by any misfortune, but if not, the policy is just left in the drawer there's no need to look again. I tried to look at buying term direct from the insurer but it seems they only have coverage up to 200k? I'm looking for 500k coverage, if anyone knows how I can buy it direct please advise. Thanks so much.
For direct max u can buy is up to 400K per insurer. If u want 500K, u can try to buy from different insurer to make it 500K.

U may ask agents to give u quotation then compare the premium or get Aviva MINDEF/MHA which is the cheapest in the market.
 

Witwit84

Senior Member
Joined
Sep 30, 2005
Messages
756
Reaction score
123
For direct max u can buy is up to 400K per insurer. If u want 500K, u can try to buy from different insurer to make it 500K.

U may ask agents to give u quotation then compare the premium or get Aviva MINDEF/MHA which is the cheapest in the market.


Thank you. I did a comparison between GE DPI and GE term from an agent, in DPI, it seems that the critical illness coverage is only for 30 illnesses + terminal illness = 31, compared to the policy sold by the agent, it's covering 37 illness (Terminal illness included) as defined by ILA.

DPI section 6 shows the 30 illnesses covered:
https://www.greateasternlife.com/sg...ct-great-term/frequently-asked-questions.html

Compared with the term policy from the agent, 6 illnesses, namely:
Apallic Syndrome
Loss of Independent Existence
Other Serious Coronary Artery Disease
Poliomyelitis
Progressive Scleroderma
Systemic Lupus Erythematosus with Lupus Nephritis

are not covered in DPI. I'm not sure how many % of the population strikes the 6 illnesses, but should this be something to be concern about when buying the CI rider from DPI?
 
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 Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top