Insurance
Victim of “Financial Consultants”
By Sethisfy  •  July 12, 2011
I came across someone asking for help with regards to his insurance portfolio. I have helped many clients to sort out their portfolios after they have bought all kinds of financial products that were not only lousy, but did not suit them at all. I felt compelled to offer some help to this individual as he was really paying a lot from his monthly income and was still poorly insured. Here is his insurance portfolio:

The most astounding thing is that he is still a student with a monthly income of around $500. He was already paying almost 40% of his income on various policies until last year where he was sold an investment-linked policy (ILP) of $150 a month, making a whopping two-third of his income spent on insurance. The worst part is that he is far from being adequately insured. This problem may well follow him after graduation ......
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By Sethisfy
As an adult, I’ve been through many ups and downs in my career path and personal finance journey, not unlike many Singaporeans. From my years as a tied insurance agent turned independent financial adviser, I realised that there are very few sources of proper, unbiased financial advice for working adults to access. Worse, self-styled “financial consultants” are selling products like savings plans and ILPs to the detriment of the clients whose interests they were supposed to serve.
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