I do not wish to be anti-anything or anti-anybody. My purpose is to educate the public, so that they can make the right choice for their future.
In recent years, the right choice is:
1. Buy Term insurance to provide the protection
2. Invest in a low cost fund, for its flexibility and better return
3. Avoid buying unneccessary insurance.
I hope that insurance advisers will remember your duty to give the right advice that is beneficial to your customers. Do not sell them the wrong products that make them poorer. Do not enrich yourself at the expense of your customers.
During my past three decades as head of NTUC Income, I have always promoted products that are good for consumers. Even the endowment and whole life plans that were promoted during my time give 15% to 20% better value to consumers, compared to similar products in the market.
Someone commented that I worked hard to strick a balance between the interest of the consumers and the need for advisers to make a living. During my time, the advisers can hold their head high, that they have acted in the interest of their customers.
Today, there are insurance products that are good for consumers, including the Flexi-Link and i-Term that were introduced during my time. They are still being marketed by NTUC Income. There are other good investment products, such as low cost unit trusts.
Source: tankinlian.comBy: Tan Kin Lian
Dear Mr. Tan,
You spent three decades promoting insurance. Why are you now posting anti-insurance articles in your blog. Why?
REPLY
I do not wish to be anti-anything or anti-anybody. My purpose is to educate the public, so that they can make the right choice for their future.
In recent years, the right choice is:
1. Buy Term insurance to provide the protection
2. Invest in a low cost fund, for its flexibility and better return
3. Avoid buying unneccessary insurance.
I hope that insurance advisers will remember your duty to give the right advice that is beneficial to your customers. Do not sell them the wrong products that make them poorer. Do not enrich yourself at the expense of your customers.
During my past three decades as head of NTUC Income, I have always promoted products that are good for consumers. Even the endowment and whole life plans that were promoted during my time give 15% to 20% better value to consumers, compared to similar products in the market.
Someone commented that I worked hard to strick a balance between the interest of the consumers and the need for advisers to make a living. During my time, the advisers can hold their head high, that they have acted in the interest of their customers.
Today, there are insurance products that are good for consumers, including the Flexi-Link and i-Term that were introduced during my time. They are still being marketed by NTUC Income. There are other good investment products, such as low cost unit trusts.
Source: tankinlian.com
I do not wish to be anti-anything or anti-anybody. My purpose is to educate the public, so that they can make the right choice for their future.
In recent years, the right choice is:
1. Buy Term insurance to provide the protection
2. Invest in a low cost fund, for its flexibility and better return
3. Avoid buying unneccessary insurance.
I hope that insurance advisers will remember your duty to give the right advice that is beneficial to your customers. Do not sell them the wrong products that make them poorer. Do not enrich yourself at the expense of your customers.
During my past three decades as head of NTUC Income, I have always promoted products that are good for consumers. Even the endowment and whole life plans that were promoted during my time give 15% to 20% better value to consumers, compared to similar products in the market.
Someone commented that I worked hard to strick a balance between the interest of the consumers and the need for advisers to make a living. During my time, the advisers can hold their head high, that they have acted in the interest of their customers.
Today, there are insurance products that are good for consumers, including the Flexi-Link and i-Term that were introduced during my time. They are still being marketed by NTUC Income. There are other good investment products, such as low cost unit trusts.
Source: tankinlian.com
