Comments on: Insurance Policy Fee

By: Roger

Roger — Sun, 20 May 2012 12:46:14 +0000

Nuts, you mention that charges increase for whole life policies so I enquired with ntuc income but they say that it will not so I am confused but I tend to believe you, guess no way to confirm as ntuc insist it will not go up

By: SW

SW — Mon, 20 Dec 2010 16:32:46 +0000

Ha, for some companies, it doesn’t even matter if you switch agents as the person who sold you the policy still earns the commission and does not have to suffer any persistency losses if you lapse the policy.

By: The Watchman

The Watchman — Mon, 20 Dec 2010 14:59:01 +0000

Insurance salesmen sell on half truth and half lies. It surprises me consumers still trust these liars. I am NOT trying to malign them. It is the truth.
Wake up consumers.

By: Nuts

Nuts — Mon, 20 Dec 2010 09:55:55 +0000

Actually they should be asking the insurance agent from whom they bought the policies. After all, they are paying about 18 months of premiums into that agent’s pocket. If agent cannot answer, then fill in a standard form to the insurance company for change of agent. That agent will suddenly go into damage-control mode and be very attentive to your queries.

Btw, mortality fees or charges increase for wholelife and endowment policies as well, even though it is not disclosed in the yearly statements. You think that you’re just paying a fixed amount for X number of years. For limited-premium wholelife, agents can even tell you no need to pay anymore after the initial 10 years or 20 years. Half-truth — you don’t need to pay from your pocket, but the insurer takes from the annual bonus / asset-share that is due to you.

You can easily see this from the BI of a wholelife policy. The rate of increase in your cash value goes down as you age, especially after the critical 60 yr old mark. Of course you need to do some simple computation on your own from the BI figures. Which no agent will ever do, and anyway 95% of agents don’t know how to calculate.

By: SW

SW — Mon, 20 Dec 2010 06:51:51 +0000

It sounds odd to me that these people are buying insurance policies from who-knows-where, and then asking for advice online.

Shouldn’t they be making an informed decision first before purchasing the policy? Makes me wonder if they really know what they are getting themselves into.