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Where to buy Term Insurance?

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  #1 (permalink)  
Old 18-04-2008, 03:59 PM
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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.


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):
"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.


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  #2 (permalink)  
Old 18-04-2008, 06:08 PM
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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

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  #3 (permalink)  
Old 19-04-2008, 02:05 AM
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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.

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  #4 (permalink)  
Old 19-04-2008, 01:05 PM
JC Ho---
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Default 1433

Aviva has an SAF-Aviva scheme too
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  #5 (permalink)  
Old 23-04-2008, 10:55 AM
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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.
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  #6 (permalink)  
Old 29-04-2008, 12:47 AM
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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.
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  #7 (permalink)  
Old 29-04-2008, 06:43 PM
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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.
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  #8 (permalink)  
Old 04-05-2008, 11:30 PM
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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!
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  #9 (permalink)  
Old 20-05-2008, 03:38 PM
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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...
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  #10 (permalink)  
Old 18-06-2008, 03:35 PM
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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
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