Insurance agents who look after your interest

Dear Mr Tan,

After reading your blog for the past few months and comments posted by insurance agents, and based on my personal encounters with agents over the past years, I have come to the following conclusions (please correct me if I am wrong):

1. Insurance agents made a good fortune by earning high commissions on insurance policies
2. Many drive expensive cars and travel in style for overseas trips and holidays.
3. They oversell on critical illness and other insurance policies and push customers to buy big policies.
4. They push customers to buy the most expensive medical insurance (is it to earn a higher commission?)
5. The insurance policies give a poor return and locks up the customer for many years.
6. The scare us with horror stories of how people are devasted by prolonged sickness or death.

Are they behaving ethically?

REPLY:

You have described one category of insurance agents. They look after themselves at the expense of their customers.

There is another category of insurance agents who serve their customers well and look after the interest of their customers. They sell insurance products that give good value to the customers (compared to similar products sold in the market). They work very hard to earn a modest income.

You should select an ethical agents who can look after your interest.