View Poll Results: Which company do you sign up your personal life policy with ?

Voters
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  • AIA

    15 27.27%
  • NTUC

    12 21.82%
  • Predential

    18 32.73%
  • Great Eastern

    4 7.27%
  • AVIVA

    6 10.91%
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Thread: Which insurance is good ?

  1. #81

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    [QUOTE=Funny]
    Quote Originally Posted by alwayschampion

    Yup. By rite and under the law of contract, this is the way. Honour the contract of death and total permanent disability due to accident, not critical illness related when the 1st premium payment is paid to the insurance company. Regardless of underwriting going on proceeding the approval of the policy. (This is my understanding and what I had learned abt insurance). Ask ur agent for confirmation.
    In this case, the agent is holding on to the premiums when the person is paying in cash. However, the premium have not reach the company account yet. Which party is accountable for this ?

  2. #82

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    [QUOTE=alwayschampion]
    Quote Originally Posted by Funny

    In this case, the agent is holding on to the premiums when the person is paying in cash. However, the premium have not reach the company account yet. Which party is accountable for this ?
    I am more familarise with AIA rules and regulations. Abt other company, I am not so sure. Nw, Agents in AIA is not allowed to handle cash any more. So depend on the scenerio. Usually checks and credit cards contain evidents of premium being paid to AIA. But depend on the day, like if the policy sign on wkends, then the agent can't pay to the company on time till the next working day. The company will decide whether to honour the contract or nt. Usually they will. As for the agent delay of payment, then the company have the rite not to honour the contract. Usually, they try to honour it loh. The agent hav to be responsible for their client. Quite a lot of things depend on the agent loh. Juz ur bad luck if the company dun honour the contract due to the agent negligent. So choosing a trust worthy agent is important loh. A gd agent will think of the client interest.
    Last edited by Funny; 23rd June 2005 at 07:37 PM.

  3. #83

    Lightbulb

    who cares whether the cash reaches the ins co.? the financial planner(aka insurance agent) is an agent of the insurance co he represents. there is an agent and principal relationship between them. as long as the agent has the authority to receive cash/payment on behalf of the principal(ins co), your question does not arise.

    if i were in the position of a potential client, i would expect a receipt issued on the spot from the agent(issued on behalf of the ins co) for the cash/cheque paid.

    [QUOTE=alwayschampion]
    Quote Originally Posted by Funny

    In this case, the agent is holding on to the premiums when the person is paying in cash. However, the premium have not reach the company account yet. Which party is accountable for this ?

  4. #84

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    [QUOTE=reachme2003]who cares whether the cash reaches the ins co.? the financial planner(aka insurance agent) is an agent of the insurance co he represents. there is an agent and principal relationship between them. as long as the agent has the authority to receive cash/payment on behalf of the principal(ins co), your question does not arise.

    if i were in the position of a potential client, i would expect a receipt issued on the spot from the agent(issued on behalf of the ins co) for the cash/cheque paid.


    That's a good way to ensure.

  5. #85
    Member shawnlim's Avatar
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    Quote Originally Posted by alwayschampion
    I am interested in signing one

    Please share with me your experience and view of each company.

    I would be appreciate if you can share the pro and cons as in differences between the companies.

    I have these in mind.

    - AIA
    - NTUC
    - Great Eastern
    - AVIVA
    - Predential

    I hope we can all understand better.
    As long as they pay out when something happens to you, every ins companies are more or less the same

  6. #86
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    I go for Prudential as I know the agent better and I usually have in mind what plans to buy.

  7. #87

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    Agent play an important part. Which one do you rate the company service good as in when you call in to enquire something.

  8. #88
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    Default Which Inurance is good?

    Hi I am also a policyholder of many companies and I guess like some of you mentioned, we should not only consider the price factor but also the advises from our insurance agents.

    My agent actually runs a firm which represents many insurer. You may want to take a look at the website.

    http://web.singnet.com.sg/~yeopat/

  9. #89

  10. #90
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    i know a very capable agent from Prudential. pm me for her contact if anyone is keen

  11. #91

  12. #92

    Default Re: Which insurance is good ?

    anyone heard of asialife ?

  13. #93

    Default Re: Which insurance is good ?

    so how does one cancel a policy? stop making payments or need to write letter to insurance company to stop?

  14. #94

    Default Re: Which insurance is good ?

    I think the proper should be sending letter to them. And why do you want to cancel, it is not recommended

  15. #95

    Default Re: Which insurance is good ?

    Recent statisitcs AIA ratings drop to double A ratings instead of triple A ratings

  16. #96

    Default Re: Which insurance is good ?

    I have updated some info to share. Do share if you have any.

    http://forums.clubsnap.org/showthrea...58#post1328258

  17. #97
    Senior Member dominator's Avatar
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    Default Re: Which insurance is good ?

    my thoughts....
    is never to buy insurance from friends or relatives....or anyone which you know.

    why?
    simple as that: if something bad happened to you and you need to make a claim, high chance your so call friends/relatives agent will help you "spread" your claim or rather illness/mishap to other friends or relatives as well

    of cos if you won't mind other people knowing then no problem!
    well, saying from true experience because my friend got terminal illness and he was shock when the so call friend cum insurance agent told his problem to other friends...my friend was very disturbed by it because he prefered to keep it a secret.

    Again depends on individual...some may like or may not like others to know about personnal problem.
    Cleanse your thoughts, not by the foods you eat.

  18. #98

    Default Re: Which insurance is good ?

    Quote Originally Posted by dominator
    my thoughts....
    is never to buy insurance from friends or relatives....or anyone which you know.

    why?
    simple as that: if something bad happened to you and you need to make a claim, high chance your so call friends/relatives agent will help you "spread" your claim or rather illness/mishap to other friends or relatives as well

    of cos if you won't mind other people knowing then no problem!
    well, saying from true experience because my friend got terminal illness and he was shock when the so call friend cum insurance agent told his problem to other friends...my friend was very disturbed by it because he prefered to keep it a secret.

    Again depends on individual...some may like or may not like others to know about personnal problem.
    Agents are not suppose to release any infomation on their clients from a simple thing like his full name to address to mobile no.

  19. #99
    vince123123
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    Default Re: Which insurance is good ?

    So what are your remedies if the agent releases this kind of information?

    Quote Originally Posted by alwayschampion
    Agents are not suppose to release any infomation on their clients from a simple thing like his full name to address to mobile no.

  20. #100

    Default Re: Which insurance is good ?

    a quick note..

    for life policy, the definition of the 30 critical illness are now standardise for all insurance firms so there is one less factor to consider..

    from the homework i did the last time:-

    NTUC Income covers you the longest and the premium is most competitive and also allows you to convert your life policy to annunity if you want ( there is some hype recently on annuity..something worth looking at).

    GE used to be good for endowments but recently kinda of lacking in product development and also the rate of reinvestment is only average.

    Prudential - the only plan i like is the prulife ltd as i only pay 15yrs of premium.. of cos, there is some trade off but my view is that i am more able to pay off my premium during this period cos probability of me being laid off is quite unlikely... the worst plan in my opinion frm them is prucash..

    AVIVA's revestment rate for cash due to you is relative high prob cos it is uk -related. the last time i put back they give me 5% i/r when FD rate is only 1%. GE only giving 3%..

    Be careful with ILP got a lot of hidden charges.... last i check only NTUC will invest for you money dollar for dollar, the rest got some hidden cost or other charge.. the money guy writing for The Newpaper say their expense ratio and charges is the lowest.. all this said still need to see their manager performance

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