Beware of bad products

Hi Mr. Tan,

Someone described in your blog, that life insurance as "legalised rip-off". Is this a fair statement?

REPLY:

There are many insurance products that give good value to consumers. They serve a need and are priced fairly. Read this FAQ:
http://www.tankinlian.com/faq/choice.html

There are other products that are bad for consumers, as follows:

1. They are designed to maximise profit for the insurance company
2. They pay high commission to the agent to sell the product
3. The agent are trained to use emotion to sell the product
4. The product has many complicated features that have doubtful value
5. The agent worked hard to push the product
6. The agent and the insurance executive will not buy the product for themselves

You should identify and avoid the bad products (including bad products sold by banks).