Remembering Seng Guat Neo

I went to the wake of Seng Guat Neo, who passed away recently due to a sudden illness. I knew her for about 25 years; she was active in selling insurance for NTUC Income as a part time organiser, and was the President of the Summit Club for many years.

Mdm Seng, as she is popularly known, is passionate about helping people to buy insurance to get protection for their family and to get an attractive return on their savings for the future. She worked extremely hard and was not deterred by the low rate of commission paid to her for her efforts, so that her clients can enjoy good value from the insurance policies. Many of her clients were doctors and nurses working in her workplace. She served them over the years through her personal service and care.

I met her husband and daughter. We recalled the values of the old days where the welfare of the policyholders was the driving force that make many people like Mdm Seng worked so hard.

I met another long time organiser at the wake. He disliked the new products that were introduced recently, as the premiums were higher and the policies provided a poor return to the policyholders. He will only sell the products that give a fair return to the policyholders, such as the single premium products. He believed in placing the interest of his clients above his own personal interest. He has reduced his selling activities considerably in recent years.

Tan Kin Lian

President Obama pushes for Financial Reform

Dear Mr. Tan,

The President pushes for one of the pillars of his new economic foundation: reforming our financial system to look out for consumers, not just banks.

I admire how the American's strong showing in protecting consumers. Obama openly pointed how consumers, even CPA certified, got "cheated" by the financial institutions' pages and pages of fine prints, unfair rates hikes, unfair dealings, etc.

Obama said

• He do not want them to compete by figuring out how much they can fool ordinary Americans.
  
  
• The Financial Consumer Protection Agency is not for big banks, financial firms, but for hardworking Americans.

President Obama Pushes for Financial Reform
http://www.youtube.com/watch?v=OgiWAYGpRNA

Kudos to the Obama Administration!

Fixed and variable annuities

This article explains the concept of fixed and variable annuities.

Squeeze on the middle class

The middle class is being squeezed by stagnant income and higher expenses. This report refers to the situation in America. It applies to Singapore as well, except that both the middle and lower income classes are being squeezed.

This is caused by the widening income gap, brought about by deregulation, globalisation and the free market. This is bad for the future of society.

Sunshine Empire

Read this story.

Pitfall of private medical insurance

Read this story.

Sudoku Challenge, 7 and 14 Nov 2009

The contest rules and application form can be found here. Closing date: 20 October 2009