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Things you should read before buying an endowment plan

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Old 12-07-2016, 11:45 AM   #706
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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.
I think most ppl dont have an issue the insurance agent just quietly do their job. The industry is structured such a way that there will always be conflict of interest, and it is only reasonable for agents to maximize their interest.... the issue comes when these agents come out and claim that they are working for the interest of clients. It may be the case for a minority of the agents (who probably wont survive long in the industry), but i highly doubt this is the case for majority of the agents.
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Old 12-07-2016, 11:46 AM   #707
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After I buy my whole life, endowment, H&S, etc insurance policies, i just keep the policies in the drawer. Only when I need to claim, then I look at it. I dun need the agents anymore!

Then when it matures, I get a surprise on what I received, huat ah! When I retire, I look at the surrender values online, huat ah!

I dun need the agents, I just deal direct with the insurance company.

Agents come and go, agent resign, company assign new one, i dun like, find my own, then resign again, find another one, resign again, back to head office. Do I need an agent? No need.


What am I dealing with? A win win solution with the insurance company. Just learn how to buy a good policy!

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Old 12-07-2016, 11:49 AM   #708
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After I buy my whole life, endowment, H&S, etc insurance policies, i just keep the policies in the drawer. Only when I need to claim, then I look at it. I dun need the agents anymore!

Then when it matures, I get a surprise on what I received, huat ah! When I retire, I look at the surrender values online, huat ah!

I dun need the agents, I just deal direct with the insurance company.

Agents come and go, agent resign, company assign new one, i dun like, find my own, then resign again, find another one, resign again, back to head office. Do I need an agent? No need.
never hear pple huat from insurance policies before

warren buffet and peter lynch must be wrong!
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Old 12-07-2016, 12:16 PM   #709
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Just learn how to buy a good policy!
Agreed, this.
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Old 12-07-2016, 12:45 PM   #710
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by the way, do you guys know why PTO had more than 200 people left? did anyone bothered to find out the story?
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Old 12-07-2016, 12:49 PM   #711
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by the way, do you guys know why PTO had more than 200 people left? did anyone bothered to find out the story?
tiagong tio buy over, no?

u in the industry shld know better?
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Old 12-07-2016, 01:24 PM   #712
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http://levoodoo.blogspot.sg/2005/03/...r-thought.html

http://www.pto-partner.com/

http://www.pto-website.com/

http://www.peter-tan-organization.or...peter-tan.html

http://www.tan-peter.org/

http://www.tanpeter.biz/
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Old 12-07-2016, 01:37 PM   #713
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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.
gangsters, drug pushers also do those things for a living. They're pawns on the chess board, poor chaps trying to raise a family and pay bills like the rest of us. So we're suppose to live and let live when it comes to them too?
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Old 12-07-2016, 02:17 PM   #714
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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.
You understand basic English right?
Ok now...take out your personal financial review ( or I don't know what document does prudential call it) scan the first few pages and post it here.
Is you don't want to do analysis or agent don't want to do for you. If agent don't want to do, u can complain, and I am 90 percent sure that you won't be short changed.

Don't understand u still commit?
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Old 12-07-2016, 02:18 PM   #715
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You understand basic English right?
Ok now...take out your personal financial review ( or I don't know what document does prudential call it) scan the first few pages and post it here.
Is you don't want to do analysis or agent don't want to do for you. If agent don't want to do, u can complain, and I am 90 percent sure that you won't be short changed.

Don't understand u still commit?
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.
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Old 12-07-2016, 02:29 PM   #716
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Totally legitimate argument bro. Suggest you let tharman/Heng swee keat know your views...



gangsters, drug pushers also do those things for a living. They're pawns on the chess board, poor chaps trying to raise a family and pay bills like the rest of us. So we're suppose to live and let live when it comes to them too?
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Old 12-07-2016, 02:37 PM   #717
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get the basic insurance jiu hao liao. get what you need, not what the agent wants

help spread the word. stop losing your hard earned money to these money-leechers
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Old 12-07-2016, 02:38 PM   #718
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Everyone here, listen up !

All of us must apologize to pew because he/she contribute a lot to the society based on his/her replies:

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.
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Old 12-07-2016, 02:46 PM   #719
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Here
http://blog.moneysmart.sg/insurance/...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
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Old 12-07-2016, 02:50 PM   #720
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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.
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