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Things you should read before buying an endowment plan

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Old 12-07-2016, 07:34 AM   #691
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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 ?
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Old 12-07-2016, 08:01 AM   #692
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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
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Old 12-07-2016, 08:01 AM   #693
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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?
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Old 12-07-2016, 08:06 AM   #694
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Btw, the prudential news is 200 agents tio buy over wo. Not 2. Ish 200. So tell me, can bash a not?
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Old 12-07-2016, 08:35 AM   #695
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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.
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Last edited by mrclubbie; 12-07-2016 at 08:43 AM..
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Old 12-07-2016, 08:35 AM   #696
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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.
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Old 12-07-2016, 08:41 AM   #697
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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!
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Old 12-07-2016, 08:50 AM   #698
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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.
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Old 12-07-2016, 10:27 AM   #699
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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.
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Old 12-07-2016, 10:31 AM   #700
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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/tus....nVqhVqyW.dpuf
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Old 12-07-2016, 10:44 AM   #701
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200 agents, each agent ~30 clients, total 6000 clients affected
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Old 12-07-2016, 11:24 AM   #702
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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.
Some of your words border on unreasonable. Chill.
Agents still have their place, it's just that the price paid for using them as you put it, is high.
Many folks, no matter which gen, still have no idea of what is what with regards to investment, savings, retirement etc.

There is a point for using them if they charge reasonable fees. Also, it's the company that sets the policy and fees, the agents has no say in that.
Or at least, agents won't tell the company to reduce the fees charged now would they?

Anyway, agents provide a point of contact, a convenient FAQ, help you with the sometimes complicated paperwork and settle your policy from start to claims.
But the price paid for that service is
When agents can do million dollar round table stuff, you know the fees is excessive.

https://www.ifa.sg/million-dollar-round-table-mdrt/

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Old 12-07-2016, 11:28 AM   #703
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Some of your words border on unreasonable. Chill.
Agents still have their place, it's just that the price paid for using them as you put it, is high.
Many folks, no matter which gen, still have no idea of what is what with regards to investment, savings, retirement etc.

There is a point for using them if they charge reasonable fees. Also, it's the company that sets the policy and fees, the agents has no say in that.
Or at least, agents won't tell the company to reduce the fees charged now would they?

Anyway, agents provide a point of contact, a convenient FAQ, help you with the sometimes complicated paperwork and settle your policy from start to claims.
But the price paid for that service is
When agents can do million dollar round table stuff, you know the fees is excessive.

https://www.ifa.sg/million-dollar-round-table-mdrt/

coming up with that mdrt thing is really putting clients' interest way back. All this nonsense serve to inculcate only sales, sales and more sales.

Someone joked with me that financial advisers are in the business of helping to plan for financial independence - not the client’s financial independence but the adviser’s own financial independence.

Agents thank you all for contributing to their maserati and condos
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Old 12-07-2016, 11:34 AM   #704
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Seriously I don't understand the hatred for commissioned based insurance. Shouldnt you guys be disapproving of the insurance companies instead? They are the one that have been lobbying against stricter regulations, they have lobbying against comparefirst, they are the one that come up with the incentive structure that misaligns consumers interest with the salesperson one, and they are the one that come up with the f-uped "entrepreneurship" structure to encourage driven, convincing people to "manage" salespeople to push sales.

Why the hell are you all so annoyed with agents who may just be a pawn on the chessboard, a poor chap trying to raise a family and pay bills like the rest of us? If you are so dulan go great Eastern agm and go gan the mgmt la.
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Old 12-07-2016, 11:43 AM   #705
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Seriously I don't understand the hatred for commissioned based insurance. Shouldnt you guys be disapproving of the insurance companies instead? They are the one that have been lobbying against stricter regulations, they have lobbying against comparefirst, they are the one that come up with the incentive structure that misaligns consumers interest with the salesperson one, and they are the one that come up with the f-uped "entrepreneurship" structure to encourage driven, convincing people to "manage" salespeople to push sales.

Why the hell are you all so annoyed with agents who may just be a pawn on the chessboard, a poor chap trying to raise a family and pay bills like the rest of us? If you are so dulan go great Eastern agm and go gan the mgmt la.
how to be a pawn when you know what you are getting?

are mlm pple considered pawns too?
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