Some insurance agents or financial advisers curse me for exposing the bad features of the life insurance products that are on the market today. They write in my Facebook, "how can an veteran of 30 years who has benefited from the business in the past, now talk bad about the business?"
To these naive or crooked advisers, let me tell the honest truth.
When I was in the insurance business, the products offered to consumers take away less than 1.5% from the yield. If the insurance fund earn 6.5%, the consumers take a yield of 5%.
Today, more products take away 3 to 4% from the yield. Some even take away as high as 6 to 8%; which is like daylight robbery.
When the life insurance industry is "robbing' people in this fashion, it is my duty to warn consumers to avoid these products.
Many new insurance agents may not be aware that the products are so bad. They are naive. I like to advise them to calculate the reduction in yield, using the example, shown in this article
http://tankinlian.com/admin/file.aspx?id=716&IID=722
Look into the mirror and and ask if you really want your client to suffer this type of loss?
Remember, you have the option of selling the proper insurance package to them as shown here:
http://tankinlian.com/admin/file.aspx?id=725&IID=731
Some insurance agents already know the truth, but they like to sell the bad products to earn the high commission. They behave like crooks; I detest them - as much as they hate me.
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