Yup! I agreed with swimcraze. Is the service and sincerity of the agent. Some ppl buy insurance becos of friends & relatives. This is not the correct way. In the end, they bought something that they do not need. Even if the relatives or friends buy them due to their close relationship, the insurance agents should see to their needs & affordability.
The most basic things for insurance needs should b life policy follow by health, accident, saving and investment. If u have all these kind of policies, you are more or less just enough insured(stil depend on your needs). Although some ppl suggest term insurance instead of life. This depend on situation and needs. They say life returns is low compare to outside investment. This I do agreed. But the thing is do they know how to invest? Are you the expert in investing? Can u make sure that you will not lose your hard earned $? Term insurance do not have any return unless u r dead. Term insurance get more and more expensive when u get older. Can u still afford it when u grow older with no return?
Life policy force u to save and the premium is level. No matter how old they r, they still pay the same so the younger u buy the cheaper it is. This is good for ppl do not know how to save and invest. U never know what is going to happen. If anything happen, u pay little $$ for the premium and get some $$ for ur love ones. Is always the ones that are living suffer the most.
Eric69 say that insurance agents ask u to buy becoz of commission. Not all insurance agents are ilke that. Perhap, u have not meet a good one yet. It is true that they earn commission thru selling policies. Insurance have to make a living too. They are also humans. Their career life are not easy.U tot they sit in the office, the money will drop thru the sky. This is the harsh reality that they have to face, GOT WORK THEN GOT $. The higher the premium the more they earn and the more policies they sell the more they earn( Of coz lah).
All insurance agents must go thru personal financial review for all their clients(is a must requirement by MAS), so therefore, they are cannot anyhow sell policies that does not meet clients needs and sell high premium policies to clients.
It is also stupid for insurance agents not to meet clients affordability. Lasping of policies due to clients poor affordability will affect insurance agent performance also. Usually the affordability is 10% of the client pay.
Don't always buy policies due to which one is the cheapest. As the saying " monkey gets peanuts". Sometimes, hard to compare also. U can't compare orange to an apple. Sometimes ppl will say that insurance are cheating ppl $. How come cannot claim when they are hospitalise or get illnesses. This is because they do not take note of what they are buying and do not understand the terms of the policies. They are too many kinds of policies. Different kinds meet different needs. So u got to tell ur insurance agents what u really want to cover when things happen.
Claimant and efficiency of the company also important. GOOD INSURANCE AGENTS serving u is the most important. U must be at ease with ur own insurance agent, have to clear your every doubts with them and treat them like ur friends.
So happy buying for ur protection needs.