Skip to main content

LIA will publish guidelines on insurance agent recruitment

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. 
Labels:

Comments

  1. Jack JohnsonJuly 30, 2019 at 12:43 AM

    Insurance Agent SingaporeWe are singapore based insurance services platform; We provide a platform where you can find best insurance agent / brokers in Singapore. We provide Medical, Home, General, Motor, Medical, Travel, Accident insurance and more services. Contact us at – 65 96 756 403 and sign up today!
    ffers Taxi, Van, Car, minicab and transport according to your need. Book now!

    ReplyDelete
  2. Moin khan chouhanSeptember 13, 2019 at 10:37 PM



    Home Insurance Singapore


    We are singapore based insurance services platform; We provide a platform where you can find best insurance agent / brokers in Singapore. We provide Medical, Home, General, Motor, Medical, Travel, Accident insurance and more services. Contact us at – 65 96 756 403 and sign up today!


    https://www.fpl-online.com/

    ReplyDelete
  3. Ziana RoyJuly 20, 2020 at 11:55 PM

    Thank you for sharing such great information.
    It has help me in finding out more detail about critical illness cover

    ReplyDelete

Post a Comment

Popular posts from this blog

Manulife's Life Protector Plus

Manulife has a participating whole life policy called Life Protector Plus that is designed to provide high coverage at affordable premiums. For a male non-smoker age 27, coverage of $240K can be obtained at a monthly premium of $194. How it provides such a high coverage is with something called the Minimum Death Benefit (MDB) factor that depends on the entry age of the policy holder. Each band of entry age has a different MDB factor. Age 0 to 30 = 2.4 Age 31 to 35 = 2.15 Age 36 to 40 = 1.90 Age 41 to 45 = 1.65 Age 46 to 50 = 1.40 Age 51 to 55 = 1.20 So the basic sum insured for a guy age 27 is actually 100K but due to the MDB factor of 2.4, his coverage is increased till $240K until he is age 65. Thereafter, the MDB factor drops to 1.0 Do note that with any surrender of reversionary bonus or coversion of policy to reduce paid up, the MDB factor will drop to 1.0 This MDB factor also applies to the Critical Care Enhancer Rider (for critcial illness) up to age 65 too.
Post a Comment
Read more

AIA Signature - Protection for the priviliged few

I received a letter from AIA recently. It reads: In appreciation for your continued loyalty and support, we'd like to extend an exclusive invitation to you to apply for our first premier accident plan - AIA Signature. The AIA Signature plan offers you our highest level of accident protection, with coverage up to $500,000. The invitation is for a select group of priority AIA policyholders, of which you are one. Available for a limited time, this exclusive offer is valid from 15 Oct 09 to 28 Nov 09 and is strictly by invitation only. With AIA Signature, you can enjoy: A high coverage amount of up to $500,000 for Accidental Death, Dismemberment and Permanent and Total Disability Accidental Medical Reimbursement of up to $2000 Premiums do not increase with age And the above coverage is yours at only $400 until age 75. No health questions ask and no medical examination is required. I am not too sure what is so special about this accident plan because accident plans normally do not requi
2 comments
Read more

PruWealth Endowment Plan

As stated in its benefit illustration, PruWealth is a participating regular premium endowment insurance plan.  Unlike other endowment plans, PruWealth is meant to be long term wealth accumulator that matures only when the life assured turns 100 years old.  That means the plan does not mature in your typical 20 to 30 years that is common in other endowment plans.  Of course, that depends too on the age you are when you purchased the plan. Some interesting features of this endowment plan are as follows: There are various options of premium paying terms ranging from 5 years, 10 years, or 20 years. This basically means it is a limited pay plan where you just need to pay regular premiums for a certain number of years and can stop paying thereafter. Death benefit will always be higher than the amount of premiums put in.  This is typical of any endowment plan so I won't elaborate any further.  Surrender value comprises both guaranteed and non-guaranteed components. For a 10 year lim
1 comment
Read more