Read this article
http://www.bloomberg.com/news/2010-10-14/u-k-antitrust-regulator-to-ban-banks-from-selling-most-credit-insurance.html
The banks are banned from selling the credit insurance on the grounds that they are offering an over-priced product that is unfair to consumers. The ban is to ensure that the consumer can get products at the best market rate by shopping around.
When will this type of protection come to consumers in Singapore?
Thursday, October 14, 2010
Gmail and multiple inboxes
I use Gmail to receive and send out my e-mail. I have two other mailboxes under SMU (where I teach as an adjunct professor) and in my corporate website (www.tankinlian.com). In the past, I often forget to log into the other inboxes to retrieve my e-mail.
Recently, I configured Gmail to retrieve my e-mails from these other inboxes. It was quite easy. Now, all my e-mails are retrieved from the three inboxes automatically. I am able to respond to all e-mails promptly. For those who are still logging to multiple inboxes, you should consider this approach.
Some people told me that they maintain a separate inbox to receive their junk mail. But they have the risk of over-looking to reply to genuine e-mails sent to these mailboxes. I prefer to retrieve all my e-mails daily and to delete the junk mails. GMail has a way of identifying most of these junk mail and transfer them to the spam box.
Tan Kin Lian
Recently, I configured Gmail to retrieve my e-mails from these other inboxes. It was quite easy. Now, all my e-mails are retrieved from the three inboxes automatically. I am able to respond to all e-mails promptly. For those who are still logging to multiple inboxes, you should consider this approach.
Some people told me that they maintain a separate inbox to receive their junk mail. But they have the risk of over-looking to reply to genuine e-mails sent to these mailboxes. I prefer to retrieve all my e-mails daily and to delete the junk mails. GMail has a way of identifying most of these junk mail and transfer them to the spam box.
Tan Kin Lian
Currency linked investments - AVOID
I received an e-mail from my bank about this investment. I wish to advise investors to avoid all types of currency linked investments. Please read my FAQ on currency linked investments in www.tankinlian.com/ask.aspx (search for Dual Currency Investment).
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Currency Linked Investment
ENJOY POTENTIAL RETURNS OF UP TO 8.8% P.A.*
* Only applicable to the following AUD currency pairs: AUD-SGD, AUD-USD and AUD-NZD for 2-week and 1-month tenors. 8.8% p.a. is based on an AUD-USD currency pair with 2-week tenor.
This is valid from now till 22 October 2010. To find out more, please contact your Treasures Relationship Manager or
Ask Mr. Tan
I have written my articles and FAQs about insurance and investments and posted them in the "Ask Mr. Tan" section of my website (www.tankinlian.com). You can click on the tab "Ask Mr. Tan" on the right panel of this blog to go into this section. You can search for an article using a keyword, e.g. "benefit illustration" and see the articles that have this keyword in the title or description.
Do search for these articles and read them, for your own future well-being. Do not waste your hard earned savings on bad financial products, including life insurance products that take away too much of your savings.
Do search for these articles and read them, for your own future well-being. Do not waste your hard earned savings on bad financial products, including life insurance products that take away too much of your savings.
Huge profits of life insurance companies
Someone who worked inside a large life insurance company operating in many Asian countries told me, "Mr. Tan, do you know how much profits a life insurance company makes in each of the various countries? It is a lot of money. So many tens or hundred of millions each year. This is why they can afford to pay so much upfront money to tie up with banks to sell their insurance policies, or to buy over other life insurance companies! ". He also told me that Singapore is one of the more profitable countries for the insurance company!
I am aware that the life insurance companies are very profitable, because they take away so much of the future savings of the policyholders - while the regulators are asleep.
Just imagine! If the accumulated savings for a policyholder is $500,000 and $200,000 is taken away from this policyholder, especially in an investment-linked policy (just look for the "effect of deduction" in the benefit illustration) and you will know how profitable the insurance company can be. If the insurance company sell 100,000 policies, the profit from these policies (including the portion shared with the agents) would amount to $2,000,000.00 over 25 or 35 years. Remember, the profits of the insurance company comes from the policyholders who became that much poorer by putting a blind trust in their brand name!
Learn about the benefit illustration here:
Participating policy
Invesment linked policy
If you want to learn a better way to safeguard your own financial feature, read my book on financial planning. It could save you up to $200,000 over a lifetime!
Tan Kin Lian
I am aware that the life insurance companies are very profitable, because they take away so much of the future savings of the policyholders - while the regulators are asleep.
Just imagine! If the accumulated savings for a policyholder is $500,000 and $200,000 is taken away from this policyholder, especially in an investment-linked policy (just look for the "effect of deduction" in the benefit illustration) and you will know how profitable the insurance company can be. If the insurance company sell 100,000 policies, the profit from these policies (including the portion shared with the agents) would amount to $2,000,000.00 over 25 or 35 years. Remember, the profits of the insurance company comes from the policyholders who became that much poorer by putting a blind trust in their brand name!
Learn about the benefit illustration here:
Participating policy
Invesment linked policy
If you want to learn a better way to safeguard your own financial feature, read my book on financial planning. It could save you up to $200,000 over a lifetime!
Tan Kin Lian
Half truths about Life Insurance (3)
Agents use half truths to get their friends to buy a life insurance policy. Here are some of the half truths that they give.
For a long time, I thought that it was the agent who learned how to mislead their friends. After talking to many undergraduates, I now suspect that they (the undergraduate who sell the policies) were not aware about the truth of life insurance. They were taught to tell the half truths by their agency managers. They (the new agent) thought that they were giving good advice to their friends, but they did not realize that the actual truths was quite far away from what they were saying.
I hope that the new agents will read my book on financial planning or attend my talk. Then, they can decide if they still wish to sell the policies that take away so much money from their friend's future savings. If they do not wish to harm their friend's future, the agent should consider taking another occupation.
Tan Kin Lian
For a long time, I thought that it was the agent who learned how to mislead their friends. After talking to many undergraduates, I now suspect that they (the undergraduate who sell the policies) were not aware about the truth of life insurance. They were taught to tell the half truths by their agency managers. They (the new agent) thought that they were giving good advice to their friends, but they did not realize that the actual truths was quite far away from what they were saying.
I hope that the new agents will read my book on financial planning or attend my talk. Then, they can decide if they still wish to sell the policies that take away so much money from their friend's future savings. If they do not wish to harm their friend's future, the agent should consider taking another occupation.
Tan Kin Lian
Preparing for the General Election
Read this portal for up-to-date information about the preparations for the general election and the issues that will be raised.
Singapore General Election Portal
Singapore General Election Portal
Donate to philantrophy
A senior accountant in Indonesia asked me this question, "Mr. Tan, why does Mr. Lee wish to continue to draw a big salary in Singapore? Does he need the money? Surely his family is already well off?". I was not able to answer this question. That was before I learned that Warren Buffett had pledged to donate his wealth to philantrophy. Maybe, Mr. Lee will do the same?
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