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<<You are making this statement, because you only knows some insurance product. You've conveniently forgot to add that most Whole Life>>
Here we go again:
A) Whole life = term life + savings / cash back
Except that if you save the premium difference between whole life and term life and put into FD, you make MORE MONEY.
Oop, I forgot. You are SELLING Insurance as per your post.
<<ILP covers Dreaded Diseases. >>
B) Yes, pay more to insurance agent in order to buy UNIT TRUST.
<<TPD>>
C) Read the FINE PRINT. It ONLY covers disability under CERTAIN circumstances. In USA, as long as you cannot WORK under ANY medical condition, you are covered.
Very clever of you, a whole sentence which is meant to be understood as a whole, you break it into 3 parts to answer them. Very clever of twisting.
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<<- Consumers have the right to ask what's covered, what's not covered.
- Consumers have 15 cooling days to read the policy thoroughly before agreeing on it, else they can cancel the plan and get full refund.
- Don't blame agents on this. Do car sales man tell you the weakness of his car? Do sales engineer tell you what his product cannot do in detail? Do real estate agents tell you the house got bad feng shui? This is SALES.>>
D) Why should we listen to you to BEGIN with if you ARE NOT going to tell us what is NOT covered??
I don't force you to listen. It is common sense, sales people do not tell all unless asked. And if they don't tell the truth, after being asked, that's cheating.
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<<What about other incidents then?
- Medical expenses.
- Lost of income due to dreaded diseases.
- Housing loan debt, debtor passed away.>>
E) So?? Is that the ONLY kind of financial emergency that you can thunk of?? Of course, you are SELLING insurance. You ARE NOT going to tell when insurance does not work. We have to find out ourselves.
<< I can only think of one.
- Lost of income due to bad economy>>
F) You are either YOUNG and FOOLISH or DISHONEST. So, why should we listen to you??
G) Who say that economy has to be BAD for you to lose your job??
Interesting how you slice and dice my reply to answer it.
If you don't lose your job due to bad economy, chances are you're able to find a new job pretty quickly, unless you have your own personal problem.
Tell me then, OLD & WISE dreamer, what incidents you think is not covered by insurance?
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<<Imagine cases above, how would you finance them? would you rather
- Use your own saving?>>
H) "Bait and Switch" again. If you BUY all the insurance and cover to the MAX, you will go bankrupt FIRST.
Did I advice forum readers to buy ALL the insurance and cover to the MAX? Where you get the impression?
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<<Financial planning rule is set aside 10% of your income for Insurance. >>
I) Which is a bunch of BS. If a person cannot save 10% to 15% of their gross income to BEGIN with, why should they spend 10% on insurance?? In fact, if they do not have 10% to 15% savings, they will go bankrupt spending 10% on insurance.
That is the person's own financial planning. I could never ask a poor person to insure themselves, they SURVIVE on ALL their income, they can't even save.
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J) Here we go again. Another sell tactic. You are INTERESTED ONLY in selling versus what is GOOD for the financial health of your customer.
K) Did you ever ask your customer whether they have EMERGENCY FUND before asking them to buy insurance??
We're obliged to fact find the customer. Consumers nowadays are very picky and smart. They could read a thread like this and ask millions of questions to agents. They are more knowledgeable in investment that they think they are better at doing their own investment then letting the pro do it for them. You have never sell insurance before, you would be surprised to find that most potential customers are not as dumb as you think.
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L) Given that MOST young people is having problem saving money to begin with, I doubt they have ANY emergency fund. So, how does buying insurance and putting them in deeper hole help them??
Depend on situation, when you are out of job, the next thing you would want is to be admitted to hospital or diagnosed with any dreaded diseases. If think another way round, if you are out of job, the next BEST thing to happen is you have a big insurance coverage and you're diagnosed with dreaded diseases.
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M) You NEED to pay insurance premium in order to be covered. For people with NO SAVINGS, how long can their insurance last of they lose their job / income.
Depending on their policies and mode of payment, and how long have they purchased the insurance plan. In some cases, policy holders no longer require to pay the annual premium for PARTICIPATING LIFE POLICIES after 20 yrs. The cash bonus accumulated is more than enough to cover the future premiums.
Nov 8 2008, 04:18 AM
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