Buy insurance for PROTECTION only!!!

Buy insurance for PROTECTION only!!!

problem is many people are uninformed and agents go around promoting such crappy policies like there's no tomorrow. These agents are thinking of the HUGE PREMIUMS thus the HUGE COMMISSIONS.  Majority of these agents are UNQUALIFIED and have NO PROPER FINANCIAL TRAINING OR BACKGROUND.

to be an insurance agent, all you need is 18 years old and SPM. the PCE exam to be an agent is about rubbish, even standard 6 students can do it. Now imagine an 19 years old kid with no experience and no financial training selling to you a plan for your financial future. That's absolute rubbish. (Evdenice by the posting of dreamerkid1986, I assume he's 25)
These agents know nothing about the economy, inflation, unemployment, interest rates and even simple stuff like unit trust. And these are the agents who commits the worst sins as they put others people's life in deep shit, like selling education plans and retirement plans where by the time the money is needed, the returns are  peanuts compared to the premiums paid and compared to money in the bank.

We have a seller ask whether this is an endowment plan or not..., speak the situation.

I wonder how accurate the info can be passed to potential customers then.

It is speaking the situation. .a seller asking about his products. Shouldn't the seller knows his own products? Given he is asking in a public forum shows his lack of knowledge.

What knowledge u expect from a seller if he want to promote u a saving plan?

lesson 1 - Endowment policy is NOT savings plan and savings plan is NOT endowment policy.

lesson 2 - Investment linked policy is NOT savings plan and savings plan is NOT investment linked policy.

lesson 3 - Education policies and Retirement policies are NOT savings plan and savings plan is NOT education policies and Retirement policies.

lesson 4?example for endowment policy?

Hongleong assurance

Year 1 save RM28000 ---------------------------guarantee yearly income RM 3600(wont affected by interest rate, can be cash out on next year or
Year 2 save RM28000 --------------------------- RM 3600 accumulate into account to hv 5.5 % interest for GYI)
Year 3 save RM28000 --------------------------- RM 3600
Year 4 save RM28000 --------------------------- RM 3600
Year 5 save RM28000--------------------------- RM 8400 <--------------GYI increse to RM8400 on 5th year
Year 6 save RM28000 --------------------------- RM 8400
Year 7 save RM28000 --------------------------- RM 8400
Year 8 save RM28000 -------------------------- RM 8400
Year 9 save RM28000 --------------------------- RM 8400
Year 10 save RM28000 --------------------------- RM 8400
Year 11save 0 -------------------------- RM 8400<------- no need to save in money, but still hv GYI on year 11 onward
Year 12save 0 -------------------------- RM 8400
Year 13save 0 -------------------------- RM 8400
'' RM 8400
''
''
''
year 30save 0-------------------------------- RM8400
------------------------------------------------------------------------------------------
total capital = RM280000 total GYI RM 232800
bonus + RM100000 + 5% interest if accumulate in accont
-----------------------------------------------------------------------------------------------------
RM38000 + RM520000
TOTAL for money for 30 year accumulate= RM900000                       
plan selection: 1 lot RM 28000
                          half lot 14000~ 28000
                         RM5000~ 14000

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Added on December 18, 2011, 3:50 pmIs this a endowment?

No, it is not a substitute of FD.

You cannot compared it with FD.
Apple and orange comparison.

Endowment plan is forced saving, miss the annual premium, be prepare to burn the previous premium paid, disregard how difficult your financial situation or whatever situation you are facing.
Also, even you have million worth of saving plan, but you have no cash in hand (FD can be instantly converted in cash whenever you like just lose some interest only), you also can "die" because of starving due to no cash to buy you foods. 

Each product got its purposes.. Diversify your $$$, make sure you earn money, not loss money

Endowment plan as below.
Do you know why your Agency Manager ask you to promote this blindly as in your case?

Cuz the HUGE PREMIUM = HUGE COMMISSION = HUGE OVERIDING COMMISSION + you need to look for water fish. When your water fish understand how this works, guarantee they will curse you HKC.

lesson 1 - Endowment policy is NOT savings plan and savings plan is NOT endowment policy.

lesson 2 - Investment linked policy is NOT savings plan and savings plan is NOT investment linked policy.

lesson 3 - Education policies and Retirement policies are NOT savings plan and savings plan is NOT education policies and Retirement policies.

as i see, FD could not fight inflation, inflation risk remains bro.
current market highest 3.6% which lock in a year
even RM10,000 x 3.6% = 360 A Year, which is only RM0.98/Day only.
it's morel likely you put the ten thousands under your bed O.o

endowment is something like PENSION
cos majority of us working in private sector...we have EPF but not PENSION
thus buy endowment only if you wish to get "paid" each month after your retirement age(eg; 55-75)

ps : you also get few times lump sum amount of $$ + insurance protection

if you are someone who can manage your finance well in your younger age, then endowment not SUIT you!!

does endowment worth better than FD?
Lots of people are comparing Fd and saving plan, this good that bad whatever.
Either long term or short term, to all forumers, which one you prefer if you have a 50k right now?

Will you diversify or will you just Save ALL IN FD?

endowment is something like PENSION
cos majority of us working in private sector...we have EPF but not PENSION
thus buy endowment only if you wish to get "paid" each month after your retirement age(eg; 55-75)

ps : you also get few times lump sum amount of $$ + insurance protection

if you are someone who can manage your finance well in your younger age, then endowment not SUIT you!!

You think I m wrong, do your homework. 

i m having an endowment plan from GE...so wat u think?