Tuesday, May 08, 2007

Thanks to Insurance Agents in Malaysia

When talk about life insurance, it is a very damn sad thing. Reason is because many people do not know the purpose is. Even if they do, they understand insurance as an investment tool. Thanks to all insurance agents in Malaysia to educate all of us to use insurance as an investment tool. This is usually what they say, you pay X amount of money and you get back more than X amount of money after some year + protection throughout the years. Wow, who doesn’t want? Some even say is a guarantee investment. Please ask them to get lost. They are not trying to help you.

I met many insurance agents. They come to you just to serve one single purpose which is to sell the most expensive insurance to you and get the most commission out of it. Why I know this is true? Reason is I never seen a single insurance agents who sell term insurance to me. Term insurance is the most basic kind of protection and also the cheapest. Since it is the cheapest, why I want to promote it since I get less commission out of it? Therefore, 99% of the insurance agents will never ever mention term insurance to you at all. Indeed, term insurance is the only solution and able to give you the full protection with the minimum payment and this exactly what most of the youngster need. Try to ask around, who buy term insurance? Not even single one. Maybe if you find one, then that person is me.

My heart is even broken, when I try to ask them for term insurance and they tell me it is not worth to buy because they do not get any return out of it unlike in whole life. What the heck is going on in this industry? What kind of answer is that? I simply cannot continue writing anymore. I’m hurt now. If I’m feeling better next time, I probably share with you on why term insurance is a better choice especially if you do not have enough money to get the full protection. Remember to ask those insurance agents to get lost who try to promote you insurance as an investment tool. One funny thing, they some more claim insurance investment return is even higher than mutual funds and also fixed deposit in bank. Some said the investment return is guaranteed. Oh, my god. That is what happening in Malaysia


Anonymous said...

Hello, after reading the post of May 08 and May 13, I would like to comment that...

1. People buy insurance because they want to continue living and not dying. If they do not have an insurance coverage (as you said it is for protection), they will only add up the burden to their family. Unless, if their family is rich, then it will not be a problem.

2. Comparison on Term & whole life Insurance...I do read the information from Financial magazine and believe that both products have the pros and cons. If a person has low income and need protection, I suggest they should take Term. However, if the person income is average, they should go for whole life, as for long term, all the money paid for the insurance will get back (can be savings with protection).

This is just my point of view...

Anyway, I found that there is some information is very useful in this blog.
Keep blogging!

Thanks! :)

ChampDog said...

1. I don’t really remember I blog about this topic. When I read back my old post, it is kind of funny and I should have written a better one.  I’m not sure if mentioned buying insurance for dying. I think I would probably mean that insurance for your dependent if you die. They still can survive without you. That’s the purpose of life insurance. Yes, it is a protection and I totally agree that if you’re rich enough, insurance is not for you because you already able to protect yourself and you don’t need buy for one.

2. I bet if the person income is average, the insurance coverage will not be enough too if they go for whole-life. Yes, there are pros and cons. If you buy term, then you have to invest the difference and if you buy whole-life treat it as saving would be a right thing to do. Remember we can buy both term & whole-life at the same time together to balance out the pros and cons. This is what I did.

Thanks. I wish I could have more time in blogging but I guess I have to stop for a while. I’m grad that you find at least some information is useful.  Take care.

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