Life Insurance Association will publish guidelines regarding agent recruitment. The rules intend to provide a framework for the recruitment of rival agents by insurers in Singapore and to curb any mis-selling by these new agents who are required to hit their sales target at the new firm. The move comes after the mass migration of 300 or so Great Eastern (GE) insurance agents - nearly 10 per cent of its agency size - to rival AIA's newly set up financial advisory arm, AIA Financial Advisers. What do you do if your insurance agent was one of the GE agents who migrated to AIA? You should take any advice they give on replacing our surrendering any existing insurance policy you have with a great pinch of salt. Replacing or switching of policies is rarely beneficial for the insured so be warned.
A blog about insurance, investments and financial planning in Singapore