Martin Lee @ Sg
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What is Industry Practice For Insurance Bonus Statements?

In response to the letter from Tan Aik Meng about misleading insurance bonus statements, Great Eastern Life has replied that their statement follows industry practice:

Bonus statement is industry practice

It is industry practice for insurers to provide an illustration for the death benefits and surrender values of the policies, which are usually projected over a 20-year duration.

So what exactly is the industry practice?

what-is-industry-practice-for-insurance-bonus-statementsDo other insurers provide only projected values, or do they also provide current values as well?

Are their statements clear, or do you have to locate and read the fine print to know what they are referring to?

I’m also curious to find out how the other insurance companies do it. If I can get hold of samples of bonus statements from the other insurance companies, I will be able to do a comparison and share with everyone here.

This open comparison might encourage the insurance companies to improve on their statements.

Perhaps we can even ask MAS or LIA to comment and come up with a minimum standard.

If you have any life insurance bonus statement (whole life or endowment policies but not investment-linked) of the following companies and wish to help me in this research, please email your attachment to me at [email protected].

Of course, you can remove your private information first. This can be easily done by covering sensitive portions with a piece of paper before you scan the statement.

  • AIA
  • Aviva
  • AXA
  • Great Eastern Life
  • HSBC
  • Manulife
  • NTUC
  • Prudential
  • Tokio Marine Life

Hope to get some response from all of you!

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Leave a Comment:

7 comments
henry says 9 years ago

I would like to send PDF of my AIA statement 2014.. but there is no option to have attachments included in the “contact me” facility.

Thanks anyway!

Reply
    Martin Lee says 9 years ago

    Dear Henry,

    I have sent you an email. You can reply to me there with the attachment. Thanks!

    Reply
    Martin Lee says 9 years ago

    Ops, your email address bounced. Is your yahoo email address correct?

    Reply
      henry says 9 years ago

      Hello Martin

      Yahoo sometimes fails. Sorry about that… lets try this one instead
      Thanks for following through!

      Reply
xyz says 9 years ago

Some of my older relatives have GE & NTUC wholelife, endowment….

I see their latest NTUC statement don’t even tell you projected or current values.
Just tell you accumulated bonus and last bonus.
Ask you to call your agent if you need more info or want latest updated BI.

Might as well don’t send statement.
For 2 of my closer relatives, I will ask NTUC to send the updated BI every 3-5 years. I will analyse for them and calculate their IRR, both actual & projected. This is the only way for them to know what is happening, and roughly how much their policies are accumulating.

Reply
AM Tan says 9 years ago

So is tokio marine bonus statement for WL similiar to GE ?
I can confirm that Aviva is same as GE as I have seen one myself

Reply
    Martin Lee says 9 years ago

    Dear AM Tan,

    I will share my findings after I have consolidated all the statements.

    Reply
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