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. #101

    Lightbulb Re: Which insurance is good ?

    did you evaluate these cos on claims experience?

    Quote Originally Posted by ruthpoh
    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

  2. #102

    Lightbulb Re: Which insurance is good ?

    there are other options to consider. only cancel a policy as a last resort.

    Quote Originally Posted by AixisOfJustice
    so how does one cancel a policy? stop making payments or need to write letter to insurance company to stop?

  3. #103

    Default Re: Which insurance is good ?

    Quote Originally Posted by reachme2003
    did you evaluate these cos on claims experience?
    i have yet to make any claims from any the companies.

    actually i find it difficult to evaluate on this variable cos all the agents i spoke to quote me some sob story and claims exception that they say happen in their company.. so it is relatively qualitative in nature and the statistics are not easily avail. maybe you got some advise in this area...

  4. #104

    Default Re: Which insurance is good ?

    Quote Originally Posted by vince123123
    So what are your remedies if the agent releases this kind of information?
    Any agents like to voice out on this ?

  5. #105

    Default Re: Which insurance is good ?

    I got this from the Channelnewsasia Online:-

    SINGAPORE : Enhancing market conduct standards is the way forward in the insurance industry.
    Senior Minister Goh Chok Tong said it would be the key to maintaining the dynamism and healthy growth of the industry.

    Mr Goh made the comments at the 50th Anniversary of the Singapore Insurance Employee's Union on Saturday.

    After 50 years of developing the industry, insurance workers have built themselves a market that has total premiums of S$17 billion in 2004, while total assets managed are worth S$87 billion.

    Since the insurance industry was liberalised five years ago, it has grown in breadth and depth with new players in the market.

    Consumers are also enjoying more choice.

    But Mr Goh said looking ahead there are trends that are worth taking note of.

    He said consumers are becoming more sophisticated, with a clear understanding of complex insurance products and they know their rights.

    With an aging population, consumers also need better medical coverage.

    The third area is the widening network for sales and distribution.

    Banks are also now offering insurance even while customers make their deposits.

    As for the future, Mr Goh said enhancing its standards can be achieved by a three-way partnership between the employers, employees, unions and associations.

    Mr Goh said: "There should be no compromise on standards. Employers need to take the lead in raising professional and ethical standards of the industry by setting the right tone, encouraging a culture of openness and having zero tolerance for unethical behaviour. Investment in employees to enhance their skill sets helps ensure service and delivery quality."

    He said employees should not wait for their employers to train them, but instead take the initiative to upgrade themselves. - CNA/de

  6. #106
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    Default Re: Which insurance is good ?

    Anyone that fits your requirement is good insurance.

    NOT just the company that is important
    NOT just the agent
    NOT just the product

    Its a combination of all 3 factors.

    Every year there will be a company having the highest sales, the one with the strongest financial rating blah...blah......

    Every company has top performer agent, good agent and not so good agent, but what you need is someone you are comfortable with, you know that you are going to get good advice from and when you are in need of insurance help, he or she is able to help you make claim promptly.

    All insurance companies have decent products. Its only how the financial adviser get the neccessary information from you (provided you give real information) to really tailor made the product/s to suit your current needs as well as cater for future growth.

    Usually you need a combination of different to suit your different requirement. Just like lenses. A 10x zoom lens may give you a wide range of coverage, lower cost but may not produce the quality you wanted.

    Don't let your friends tell you what you need and don't need just because they just bought some insurance recently unless they are working as financial adviser and really understand your current financial situation and your future plans.

    A not so good adviser always say their product is the best in town. Remember the Best Lens in town may not be the one you need.

    Low premium may not mean low coverage, high premium may not mean high returns.

    Go read up and ask the adviser to educate you on what is Term / wholelife / Investment link / General insurance before taking up anything.

    I think the one who takes time and effort to educate me about what kind of financial / insurance product categories available in the industry before he tell me what plan is suitable for me is someone I can trust.

  7. #107
    Senior Member azul123's Avatar
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    Default Re: Which insurance is good ?

    I always go for th ebig boys AIG or AIA, have any of you read the T&Cs of local insurer? I mean really read it. Do your comparison and you'll soon realise that though products are same or close the T&Cs written by local insurer are heavily lop-sided towards them. I have to say local companies (be it Telcos or large local companies) write the T&Cs in the most kiasu way.

    Just a simple Travel Insurance will be good enough to compare. Some people may think that it's the insurance agent that serves you is the most important on the contrary it is what's written on paper is what is most important. Go for the big boys, their T&Cs are of International standing.

    ../azul123.

    P.S. I am not an insurance agent nor affiliated to an Insurance company.

  8. #108

    Default Re: Which insurance is good ?

    Quote Originally Posted by azul123
    I always go for th ebig boys AIG or AIA, have any of you read the T&Cs of local insurer? I mean really read it. Do your comparison and you'll soon realise that though products are same or close the T&Cs written by local insurer are heavily lop-sided towards them. I have to say local companies (be it Telcos or large local companies) write the T&Cs in the most kiasu way.

    Just a simple Travel Insurance will be good enough to compare. Some people may think that it's the insurance agent that serves you is the most important on the contrary it is what's written on paper is what is most important. Go for the big boys, their T&Cs are of International standing.

    ../azul123.

    P.S. I am not an insurance agent nor affiliated to an Insurance company.
    Good point there.

  9. #109

    Default Re: Which insurance is good ?

    Quote Originally Posted by azul123
    I always go for th ebig boys AIG or AIA, have any of you read the T&Cs of local insurer? I mean really read it. Do your comparison and you'll soon realise that though products are same or close the T&Cs written by local insurer are heavily lop-sided towards them. I have to say local companies (be it Telcos or large local companies) write the T&Cs in the most kiasu way.

    Just a simple Travel Insurance will be good enough to compare. Some people may think that it's the insurance agent that serves you is the most important on the contrary it is what's written on paper is what is most important. Go for the big boys, their T&Cs are of International standing.

    ../azul123.

    P.S. I am not an insurance agent nor affiliated to an Insurance company.
    I thought most insurance has the T & Cs for travel insurance. Almost all follows a standards. Correct me if i'm wrong.

  10. #110

    Lightbulb Re: Which insurance is good ?

    reading T&Cs alone is not the only factors in deciding. not many of us, even if we are able to understand, will read them. it is not easily disgestable. big boys' insurers eg, AIA, has their share of consumers' woes as well. eg. investment linked products.

    well, insurers here will soon be included in the net of our consumer protection act. one more hurray for consumers.

    Quote Originally Posted by azul123
    I always go for th ebig boys AIG or AIA, have any of you read the T&Cs of local insurer? I mean really read it. Do your comparison and you'll soon realise that though products are same or close the T&Cs written by local insurer are heavily lop-sided towards them. I have to say local companies (be it Telcos or large local companies) write the T&Cs in the most kiasu way.

    Just a simple Travel Insurance will be good enough to compare. Some people may think that it's the insurance agent that serves you is the most important on the contrary it is what's written on paper is what is most important. Go for the big boys, their T&Cs are of International standing.

    ../azul123.

    P.S. I am not an insurance agent nor affiliated to an Insurance company.

  11. #111

    Lightbulb Re: Which insurance is good ?

    you are not right on this point.

    Quote Originally Posted by alwayschampion
    I thought most insurance has the T & Cs for travel insurance. Almost all follows a standards. Correct me if i'm wrong.

  12. #112

    Default Re: Which insurance is good ?

    Quote Originally Posted by reachme2003
    you are not right on this point.
    Then what should it be ?

  13. #113

    Lightbulb Re: Which insurance is good ?

    each insurer has their own t&cs although there may be some similiarities as well as some differences between them. with some similiarities, one should not conclude that there is some 'standard'.

    Quote Originally Posted by alwayschampion
    Then what should it be ?

  14. #114

    Default Re: Which insurance is good ?

    ok there is a miscommunication. I mean that there is a certain standard guidelines imposed by the goverment for travel insurance. Correct me if i'm wrong

  15. #115

    Lightbulb Re: Which insurance is good ?

    what standard guidelines?

    Quote Originally Posted by alwayschampion
    ok there is a miscommunication. I mean that there is a certain standard guidelines imposed by the goverment for travel insurance. Correct me if i'm wrong

  16. #116

    Default Re: Which insurance is good ?

    Quote Originally Posted by reachme2003
    what standard guidelines?
    As in what a travel insurance should have for a consumer and that meets the consumer needs.

  17. #117

    Lightbulb Re: Which insurance is good ?

    sorry, not that i know of.

    Quote Originally Posted by alwayschampion
    As in what a travel insurance should have for a consumer and that meets the consumer needs.

  18. #118

    Default Re: Which insurance is good ?

    Quote Originally Posted by reachme2003
    sorry, not that i know of.
    its ok

  19. #119

    Default Re: Which insurance is good ?

    Anyone know about the Manulink investor ?



    On the web says
    No insurance charges or policy fee
    Guaranteed acceptance regardless of your health status

  20. #120

    Default Re: Which insurance is good ?

    Buying insurance is like buying an expensive parachute. Everybody will say that the parachute they bought is the best and the most trustworthy. Who will say otherwise? So don't buy just because other people say their insurance is good. Make the decision yourself.

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