Inconvenient Insurance Pills to Swallow

1) No one in Singapore needs whole life insurance


2) Most insurance agents will immediately pitch you a whole-life insurance or an ILP (which you should not take). You should not continue dealing with them.

3) Most agents have extremely poor knowledge in financial planning and investing. Some don't even know the inflation rate and gives you bullshit numbers.

4) If you are lazy to settle your own insurance, you will pay an arm and leg for an agent to recommend an expensive product for you. Nothing wrong with that, if you're lazy.

5) If you are lazy to settle your own investments, you will pay an arm and leg for an agent to funnel it through an ILP to get subpar returns for you. Nothing wrong with that, if you're lazy.

6) Don't buy endowment plans.

7) BUYING. INSURANCE. IS. NOT. INVESTING.

8) If you need to buy insurance from anyone, DO NOT ASK YOUR INSURANCE AGENT "FRIENDS". Ask a non-commissioned agent for advice or better yet, a friend who is an insurance actuary.

9) You MUST have a shield plan (H&S)

10) Get term life insurance

11) If you need more term life coverage later on, layer it up

12) If you have a family history of critical illness, add CI coverage in

13) If you have a terrible family history of critical illness, get early CI coverage and go for regular screenings

14) If you have a blue collar job, get personal accident insurance and consider unemployment insurance

15) If you don't know anything, fricking google it.



--------------------------------

I recently had a debate with a friend about the insurance industry in Singapore, and that got me to make this post.

I really hate the insurance industry in Singapore. It's predatory *because of the screwed up incentive structure of products and agent commissions* and most consumers end up getting screwed.

Don't get screwed.

If you're an agent, try not to screw people, unless you really don't like them.

That is all. Dismissed.

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