This week’s The Edge Magazine Personal Wealth discusses that in a 2011 AIA Singapore Nationwide Protection Survey, it highlighted that only one in 10 Singaporeans is deemed to be adequately insured while nearly one in 4 perceived insurance is too costly.

The article interviewed Christopher Tan from Providend, who is a proponent of term insurance. (For a detail understanding of whole life versus term insurance read here.)

Agents have an incentive to sell costly products but not cheap and viable ones

I tend to agree with that. I talked to my friends and this is my conclusion.

I am only adequately insured to the maximum amount I can spared for my insurance agents.

A lot of the folks on the streets have limited understanding on insurance and financial planning. As long as you present a tight story with few loopholes, chances are their limited understanding will work towards the ...