Where to buy Term Insurance? - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property and building net worth




Where to buy Term Insurance?

 Citibank Cash Back Card - up to $350 cash back* - Click to Apply Now 
Reply
 
Thread Tools
  #1 (permalink)  
Old 18-04-2008, 03:59 PM
Salary.sg
Guest
 
Posts: n/a
Default Where to buy Term Insurance?

Much has been said about the benefits of term insurance.

However, even though I'm a proponent of term insurance, I find it hard to buy term insurance.

Why?

I'll explain in a moment.

Meanwhile, did you read the recent Sunday Times article that was sort of promoting term insurance?

It's a good article (read it here if you haven't), BUT the author completely misses the mark when she said "changing mindsets (of customers) is not easy".

Come on. It's the mindset of insurance agents that needs changing!

When I asked about term cover, all my agents seemed uninterested in selling these low cost products. They either talked about the downside of term insurance (no return, temporary protection, blah), or happily ignored my queries and continued marketing their investment-linked products with high projected returns.

I literally had to force my agent to sell me term insurance. Why is it so hard?

Do you think these agents genuinely care for you when they say term insurance is not as good as life or endowment policies?

Come on. 9.5 out of 10 agents care about their commissions more than anything else. The other 0.5 will learn that naivety leads to nowhere.

That's why term policies are still not common. People who don't do their own research won't get such info from their commission-driven agents, and these agents won't volunteer such info unless forced to.

And Sunday Times writers wonder why consumer mindsets are so fixated...

You don't believe that insurance agents are reluctant to sell term policies? Want proof?

Here's a comment on the Sunday Times article from an ex-insurance agent (link):
Quote:
"I once used to be an insurance sale rep.with one of the major American ins. company.WE were told to emphasize mainly on whole life ins. policy to our clients than term ins. policy even though the latter is much cheaper and has a higher coverage.This is because,we could have earned a much higher commission for myself if we sell more of the previous.After a thorough research and analizing the difference Btw. whole-life and term life,I myself and my family members are also sold to the idea of term ins."
Want more proof? Try asking your own agent about term cover.

If you know where to buy term insurance easily, let me know.

http://www.salary.sg/2008/where-to-buy-term-insurance/

Reply With Quote
  #2 (permalink)  
Old 18-04-2008, 06:08 PM
tc---
Guest
 
Posts: n/a
Default 1423

I went directly to NTUC Income and skipped the insurance agents. You can try this site as well http://www.insupermart.com/term_insurance.html

Reply With Quote
  #3 (permalink)  
Old 19-04-2008, 02:05 AM
Kevin---
Guest
 
Posts: n/a
Default 1428

My last good insurance agent told me that term insurance became very popular. I bought it from him from 2001.

Term insurance is only good if you are investing the leftovers.

Reply With Quote
  #4 (permalink)  
Old 19-04-2008, 01:05 PM
JC Ho---
Guest
 
Posts: n/a
Default 1433

Aviva has an SAF-Aviva scheme too


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #5 (permalink)  
Old 23-04-2008, 10:55 AM
SP---
Guest
 
Posts: n/a
Default 1470

Just for the info.
Ex-agent comments:
Insurance companies are operated on their agency levels & each agency have their own way of operating. MAS also step up the regulations on insurance. Hence, the past agent comment may not be the whole correct at this age.

Term vs whole
Term is good for protection but not good for attaching riders as the chance of lapsing policy is high (rider follows term). It would be sad if the the riders lapsed when you need it most. It would be even better to buy some ILP products which offer coverage similar to whole life but give the freedom to the owner to increase or decrease the sum assured during required period. Do not place high hope on the Non-guaranteed portion with big surrender return.

Each insurance company favour to different markets just like Ferrari vs QQ cars. Both could bring us to the same destination. Backpack hotels vs 5-star hotels which also offer place to rest & sleep at night. Or closer to life insurance, just compare the claim procedures & times on your car insurance.
Reply With Quote
  #6 (permalink)  
Old 29-04-2008, 12:47 AM
Colin---
Guest
 
Posts: n/a
Default 1539

There are people out there who are good and bad. For me, as a real professional, it's our duty to highlight the pros and cons of each product and recommend the plan that fulfill the client's most. Unless the client know exactly what he wants. Individuals needs are varied from each other. Some know how to invest and they have discipline in their investment planning. Of course,buy term and invest strategy will work. However, Need to bear in mind that, the rest of the money invested are meant to provide the coverage when the term plan is no longer in force.

Some don't want to pay till old and want coverage for life. then whole life is suitable for them. Well my company never trained me to promote particular products and in fact Manulife has strict policy to advise on client's need. Planner have their own professionalism to advise the client needs, thus in my point of view it's unfair to hold the old school perception for planner.

Personal banker are the one whom are forced to sell the product without having analysis of client's need and no one complain that much. Thus, it's time to change the perception of client.
Reply With Quote

  #7 (permalink)  
Old 29-04-2008, 06:43 PM
Gene---
Guest
 
Posts: n/a
Default 1544

I guess it's a matter of client's preference and that as professional, we have to outline the pros and cons and they themselves decide. I don't think it's fair to say the 0.5 percentile who does sell term insurance will learn that naivety leads to nowhere. I personally will buy term for myself but only in certain short term situation whereby I feel my family needs it during those important period. I have many clients about age 40+ who rejected term insurance when i offered to them to at least cover till age 70 because they felt it is just washing money down the drain. When they saw the high premium for Whole Life, they also procrastinate. I guess educating the clients is more important in these aspects. They must understand that delaying the idea of insurance will only lead to heavier premium in older age and they have to accept that if they want some cover.
Reply With Quote
  #8 (permalink)  
Old 04-05-2008, 11:30 PM
Sharon---
Guest
 
Posts: n/a
Default 1587

I do not agree on the remark where insurance agents are trained to sell whole-life or ILP over term insurance. Nowadays, MAS & companies emphasize on providing client centric service where client's needs are at top priority over our own interest. As part of the sharing, a good mix of term and life insurance would be better than putting all of your $ into just term OR whole-life/ILP insurance. This ensures sufficient coverage throughout your life stages (with term expiring at age 70) and your whole life plan can provide you with suffice coverage from age 70 till your demise. I am currently covered for $250k life and $400k term and I am from Manulife.
Happy insuring!
Reply With Quote
  #9 (permalink)  
Old 20-05-2008, 03:38 PM
Joy---
Guest
 
Posts: n/a
Default 1682

I went to ur recommendation www.insupermart.com and found that it is quite easy to buy term insurance online. I am pretty surprised how easy it was going thru the steps...
Reply With Quote
  #10 (permalink)  
Old 18-06-2008, 03:35 PM
Joe---
Guest
 
Posts: n/a
Default 1978

Yeah... good recommentation...
Me too went to www.insupermart.com to buy my term insurance. Realised that they also sell Travel insurance and went there to buy my Travel insurance for my recent trip too... Quite a hassle free process
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buy term insurance Salary.sg Investments and Net Worth 1 27-08-2008 12:45 AM
Avoid whole life insurance policies Salary.sg Investments and Net Worth 0 22-05-2007 10:50 PM

» 30 Recent Threads
How to avoid giving pass salary...
6 Replies, 228 Views
Lawyer Salary ( 1 2 3... Last Page)
8,966 Replies, 2,909,507 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,374 Replies, 1,972,158 Views
ST Electronics ( 1 2 3... Last Page)
767 Replies, 233,071 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
720 Replies, 360,673 Views
Compare civil service salary ( 1 2 3... Last Page)
10,574 Replies, 5,798,040 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
78 Replies, 117,200 Views
Job Application with MOE... ( 1 2 3... Last Page)
218 Replies, 215,840 Views
Civil/Public Sector -... ( 1 2 3... Last Page)
401 Replies, 216,292 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,515 Replies, 1,068,299 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,376 Replies, 950,474 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
120 Replies, 27,955 Views
How much are you earning per annum? ( 1 2 3... Last Page)
11,992 Replies, 3,800,214 Views
How much to ask for starting pay... ( 1 2 3... Last Page)
76 Replies, 5,716 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
3,090 Replies, 1,311,003 Views
How much do you earn and save? ( 1 2 3... Last Page)
128 Replies, 22,517 Views
Career as Teacher ( 1 2 3... Last Page)
2,817 Replies, 1,700,216 Views
Queries about Cpib application ( 1 2 3... Last Page)
1,119 Replies, 520,519 Views
Software developers salary outlier
9 Replies, 1,659 Views
technical role in pharmaceutical...
8 Replies, 2,307 Views
UOB Management Associate Program ( 1 2 3... Last Page)
264 Replies, 172,537 Views
Roles in accenture singapore ( 1 2 3... Last Page)
397 Replies, 261,481 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
1,625 Replies, 1,324,624 Views
ITE lecturer ( 1 2 3... Last Page)
137 Replies, 128,320 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
2,984 Replies, 1,126,484 Views
Finding freelance web developer...
2 Replies, 396 Views
need some info on CNB ( 1 2)
18 Replies, 1,827 Views
UBS Financial Services Industry... ( 1 2 3... Last Page)
151 Replies, 18,131 Views
How much do you need to retire...
8 Replies, 906 Views
Whats your net worth ( 1 2 3... Last Page)
2,757 Replies, 818,014 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 12:44 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2