PRUDENTIAL SAVINGS SAGA

[akwl88]

How many threads do we need to clone for 1 incident?

have to let more pple know and become aware

 

[Alpha_Hippo]

Most people rely on what friends/relatives/forum says, what agents says and sign up for some plans and don't even know what they have signed up for. When expectations vs reality mismatches years down the road, then finger pointing starts.

And most of the time, the documentary does state the returns not guaranteed but the stupid agents said otherwise but no recourse against the agents because the buyers more stupid listen only but no ask for black and white when they say the return is consistently high .agent win , consumer and company lose

 

[akwl88]

I'm curious to know how you come to the conclusion that such plans are designed to beat the index?

The aim is preservation with 1-4% growth for people who are unwilling or not financially literate enough to enter investments and make a profit. What they want is the guaranteed amount plus any extra when given, I don't think anyone is expecting 6%+ returns when they get into such plans. Most also feel the coverage is a bonus, they don't actually want the coverage.

We could also discuss the impact of CI and ECI waivers attached to plans which waive of future premiums upon diagnosis of one of the above. These are low cost riders. These are things that an investment will never provide, but somehow or other people always just look at absolute returns when trying to compare the two.

when you invest, you are not investing for profit???

what are you investing for?

the pple are paying you premiums so that you can help them invest, not to get back the same amt of money back after donkey years

put under mattress better?

 

[akwl88]

Expect more of such cases in the future. There's no other more ingenious money making scheme than endowments, ILP, life policy. Package insurance together with other financial investments that the buyer doesn't know about to give them a false security that they are buying into insurance, pay your downlines whatever you want, pay exhorbitent fund management fees to your fund managers, and leave scraps to the buyers on the excuse of bad years.... simply genius.

It's like handling your monies to a stranger to manage and getting back less at the end of the day.

The industry here needs a real overhaul. Insurers should condense all the BI, T/Cs into a single, simple to understand context. But oh wait, this will mean it will be more difficult to mislead people so why take the effort to do that.......

yes kindly share and let your friends and families know

stop feeding the agents' lavish lifestyle

you can check out newspapers and social medial

all wasting money on those advertisements haolian their top agents, mdrt, awards ceremonies

while agents are gg holidays monthly and buying new cars and AP watches

when the premiums can be used to generate higher returns than index for consumers

DO NOT MIX INSURANCE WITH INVESTMENTS!

 

[soneat]

And most of the time, the documentary does state the returns not guaranteed but the stupid agents said otherwise but no recourse against the agents because the buyers more stupid listen only but no ask for black and white when they say the return is consistently high .agent win , consumer and company lose

That's true. Regardless of what type of policies, policyholders must do due diligence to read and understand the contract. Policies are ultimately legal contracts. Policyholders need to understand what constitutes the legal contract.

 

[Shihtzu]

the advise now to give now might be, buy term, invest the rest in the monthly saver plan

 

[Mecisteus]

That's true. Regardless of what type of policies, policyholders must do due diligence to read and understand the contract. Policies are ultimately legal contracts. Policyholders need to understand what constitutes the legal contract.

In short, stay away from insurance companies if you plan to save or invest. Only buy non--participating policies from them.

20 or 25 years later, new stories, new shocks and new saga will emerge.

 

[soneat]

In short, stay away from insurance companies if you plan to save or invest. Only buy non--participating policies from them.

20 or 25 years later, new stories, new shocks and new saga will emerge.

Participating policies will always be subjected to controversy due to the non-participating nature which means insurer will always win. Heads they win, tail you lose.

Non-participating and non-investment linked policies have no such problem in this aspect.

But regardless what type of policies, Policyholders need to know what they are buying.

 

[oceanicmanta]

top part of the page says sum assured: 20k

sum assured is the amount payable when an insured event, like death or TPD happens, when policy is in force

it is different to maturity value.

 

[Lewis.T]

sum assured is the amount payable when an insured event, like death or TPD happens, when policy is in force

it is different to maturity value.

Sum assured could mean different things, depending on the plan, not necessarily for insured events.

 

[oceanicmanta]

Sum assured could mean different things, depending on the plan, not necessarily for insured events.

I am just making the point that Sum Assured is not Maturity Value in this case.

For an endowment, what else could Sum Assured mean ?

 

[akwl88]

if insurers cant beat this benchmark, their products are totally useless

 

[Perisher]

I'm curious to know how you come to the conclusion that such plans are designed to beat the index?

The aim is preservation with 1-4% growth for people who are unwilling or not financially literate enough to enter investments and make a profit. What they want is the guaranteed amount plus any extra when given, I don't think anyone is expecting 6%+ returns when they get into such plans. Most also feel the coverage is a bonus, they don't actually want the coverage.

We could also discuss the impact of CI and ECI waivers attached to plans which waive of future premiums upon diagnosis of one of the above. These are low cost riders. These are things that an investment will never provide, but somehow or other people always just look at absolute returns when trying to compare the two.

You don't understand your clients.

 

[Lewis.T]

You don't understand your clients.

And you do? K.

Not everybody is hard up over returns, some people are more afraid of losing money than potential returns, this is where different capital guaranteed plans may come into play if they're looking at longer term.

 

[akwl88]

And you do? K.

Not everybody is hard up over returns, some people are more afraid of losing money than potential returns, this is where different capital guaranteed plans may come into play if they're looking at longer term.

you are alr losing money if you are looking to break even

since when pple are not hard up over returns?

got pple niam own salary too high one?

 

[Perisher]

And you do? K.

Not everybody is hard up over returns, some people are more afraid of losing money than potential returns, this is where different capital guaranteed plans may come into play if they're looking at longer term.

Who would wanna buy a so-called long term product of 23 years that didn't make any money at all? Or worst, lose $$.
When one can easily put it in fixed deposit and get higher returns?

In other words, you think people buy the policies to preserve their cash 100% when a simple fixed deposit/bond would do the trick?

Wow, such understanding agent.

 

[Lewis.T]

Who would wanna buy a so-called long term product of 23 years that didn't make any money at all? Or worst, lose $$.
When one can easily put it in fixed deposit and get higher returns?

In other words, you think people buy the policies to preserve their cash 100% when a simple fixed deposit/bond would do the trick?

Wow, such understanding agent.

Don't be a captain hindsight la, I expected more from you.

Obviously he wanted the policy to turn out as projected but it failed, this does not mean all policies have the same fate. What about those that got more than projected? Will they flaunt here?

And yes, there are periods of time were we gave more than projected at maturity.

I didn't know you can do $100/mth fixed deposits. Want to argue also take a look at the timeline of events please.

Just because one stock didn't perform all stocks are bad?

 

[akwl88]

Don't be a captain hindsight la, I expected more from you.

Obviously he wanted the policy to turn out as projected but it failed, this does not mean all policies have the same fate. What about those that got more than projected? Will they flaunt here?

And yes, there are periods of time were we gave more than projected at maturity.

I didn't know you can do $100/mth fixed deposits. Want to argue also take a look at the timeline of events please.

Just because one stock didn't perform all stocks are bad?

why wont they flaunt?

agents can flaunt their wealth from their clients premiums

have yet to see/read/heard pple huat from investment in insurance policies except the agents and insurers

 

[koja6049]

I am just making the point that Sum Assured is not Maturity Value in this case.

For an endowment, what else could Sum Assured mean ?

The one page is very vague, I wonder if there's a full tnc document accompanying the plan

 

[Perisher]

Don't be a captain hindsight la, I expected more from you.

Obviously he wanted the policy to turn out as projected but it failed, this does not mean all policies have the same fate. What about those that got more than projected? Will they flaunt here?

And yes, there are periods of time were we gave more than projected at maturity.

I didn't know you can do $100/mth fixed deposits. Want to argue also take a look at the timeline of events please.

Just because one stock didn't perform all stocks are bad?

So you admit, people buy for capital preservation and projected growth now?
Do you see the point now?

And here you are, promoting what give more than projected etc etc... whatever happens to people buy for capital preservation?

You are just contradicting yourself.
Know your clients well.
They want capital preservation with growth, that's the only reason they park their $$ in these savings/endowment/ilp plans over decades.

For pure capital preservation, fixed deposit will do. Why must they do $100/month fixed deposit? To follow a plan that fail like that one in TS's post?

I understand it's not your 20 year so you can defend it like you do now as an agent. If this happens to you when you were expecting it to be 42k, then I see if you can still come here and defend it.

Anyway, now they have such plans, $500/month in SSB. So would you ask your company to stop those savings/endowment/ilp?

It's not captain hindsight, even for the past few years I'm here, I have never promoted buying any such savings/endowment/ilps from insurance companies.

That has always been the case. You think it's captain hindsight because you think I'm only here to dissuade people from buying such policy now? Now that the policy has turn sour?