When I last wrote about getting life with the term insurance, and now, I started my insurance agency so that I could have purchased it directly, which caused quite a stir because these articles were being frantically circulated to the economics of the baby's words Do not trust most financial advisors. Not surprisingly, I have a lot of hate mail from insurance agents, but that will not stop me from writing this article because I think it's important that all Singaporeans start learning how to smart (rather than swing) to buy their insurance.
If you want to know why, you might want to see why I wrote for DrWealth the best financial advisor eventually ... myself.
The biggest mistake people make when buying insurance is to blindly trust their agents without having to worry about reading the terms and conditions, excluding the terms, or asking questions they should ask.
Most insurance agents just emphasize certain parts of the policy to you, but rarely spend enough time running each important detail.
Take a look at what's happening recently to my friend's friend. His 60-year-old father was diagnosed with pancreatic cancer and only undergoes verbal confirmation by his insurance agent before proceeding with the procedure and can apply for as much as 600,000 a year.
Note that the agent is the same person who serves the family from the beginning to the end. This happened, however.
Read the rest of the story below to find out more.
Names have been omitted to protect the family's privacy.
Here's AIA's letter in full.
Lesson learnt?
Never simply trust what your agent tells you.
Make sure you know what you're buying and what you're entitled to. Don't be afraid to ask the hard questions about claiming procedures, coverage in different situations, etc.
Remember, the best financial advisor is ultimately yourself.
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