the following is extracted from http://tankinlian.blogspot.com:
Whole life policy
Hi Mr Tan,
I follow your blog quite regularly. I came across an article addressing whole life or term -- which I know you have addressed many a times on your blog.
http://www.lioninvestor.com/whole-life-or-term/#comments
I am wondering if you find this appropriate to share on your blog? It offers a differing perspective.
My view
The article is probably written by an insurance agent. They make a living by selling whole life insurance with a high commission paid upfront to them. They will make these type of arguments to hide the true facts and mislead the public.
A whole life policy is all right, if this priced fairly to the consumer, i.e. no upfront commission and a fair profit margin to the insurance company (but this has to be tightly regulated). Furthermore, the cash value has to be tightly regulated, similar to the asset share method adopted in Malaysia.
However, our regulatory environment does not protect the consumer for these abuses. So, it is best to avoid the whole life policy.
my comments:
firstly, there is a grave error by mr tan kin lian in labelling the writer of the blog (http://www.lioninvestor.com/whole-life-or-term/#comments), mr martin lee as probably written by an insurance agent. for the record, mr martin lee is my adviser and fellow ifa in promiseland independent pte ltd. we are independent financial advisers and if required, we will shout this out on top of the highest mountain in the world.
and following this, mr tan continued in his blog and i quote:
"they make a living by selling whole life insurance with a high commission paid upfront to them. They will make these type of arguments to hide the true facts and mislead the public."
i find this to be totally uncalled for. and i have to put on record that i have absolutely nothing against mr tan kin lian but as an ifa, i cannot just stand idly by and watch as the earth spins on it's daily axis when my adviser and fellow ifa, mr martin lee's true identity has been most incorrectly labelled to be an insurance agent (and here again, i have to add that i am not anti-insurance agents).
and last but not least, mr tan kin lian is of course, always entitled to his own opinion/s. |
