After looking through some popular blogs by Mr Tan Kin Lian and Mr Wilfred Ling, they often share stories about insurance agents lying and selling toxic products. I was inspired to take a look at the issue from a different angle.
Sales people deliberately cheating and lying is definitely wrong. However, they do not need to lie to make a sale if the product they are selling is inherently good. Of course, cheating to sell an unnecessary product is unethical but since most Singaporeans are under insured, buying more insurance, if they can afford it, will not be "unnecessary".
And since MAS has reviewed and approved the insurance product, can it still be considered toxic? Many bloggers consider Investment Linked Plans (ILPs) to be generally toxic. The commission from the product is high and hence many insurance agents are advocating it.
So, back to the source of the problem. MAS ......