I have seen the single premium whole life product issued by at least two large life insurance companies.
It is quite unfair for the insurance company to penalise the policyholder by 25% of the single premium on early termination and to take almost 10 years to reach the break-even point. The actual cost of the life insurance protection is quite low. There is no need for this heavy penalty.
I hope that the MAS will consider the fairness of this product. After all, they did ask the top management and board to be responsible for "fair dealing outcomes" for their policyholders.
I cannot stretch my imagination to believe that such terms can be considered to be fair. It may be legal, i.e. written in the contract under "caveat emptor", but it is not fair to impose such terms on unwary customers.
Tan Kin Lian
Friday, October 16, 2009
Illustration for my financial planning book
I need someone to put in some illustration for my financial planning book. I hope to get some voluntary service (which will be acknowledged) but I am also willing to pay a modest fee. Interested? Please send email to kinlian@gmail.com
Avoid defamation
I like to ask commenters to avoid statements that can be considered to be defamatory. Please avoid using specific names against commercial or government entities.
Be positive in your postings. Identify what is right, rather than focus on what is wrong. Avoid putting any person or organisation in a bad light.
Be positive in your postings. Identify what is right, rather than focus on what is wrong. Avoid putting any person or organisation in a bad light.
Bullying
From Wikipedia
Bullying is repeated acts over time that involves a real or perceived imbalance of power with the more powerful child or group attacking those who are less powerful. (U.S. Dept. of Justice, Fact Sheet #FS-200127)
Bullying can be verbal harassment, physical assault, or other more subtle methods of coercion such as manipulation. Bullying can be defined in many different ways.
Although the UK currently has no legal definition of bullying, some US states have laws against it. Bullying is usually done to coerce others by fear or threat. Bullying can be prevented when children are taught social skills to successfully interact with people. This will help them to be productive adults when interacting with bothersome people. Bullying in school and the workplace is also referred to as peer abuse.
In colloquial speech, bullying often describes a form of harassment perpetrated by an abuser who possesses more physical and/or social power and dominance than the victim. The victim of bullying is sometimes referred to as a target. The harassment can be verbal, physical and/or emotional.
Sometimes bullies will pick on people bigger or smaller than their size. Bullies hurt people verbally and physically.
Bullying is repeated acts over time that involves a real or perceived imbalance of power with the more powerful child or group attacking those who are less powerful. (U.S. Dept. of Justice, Fact Sheet #FS-200127)
Bullying can be verbal harassment, physical assault, or other more subtle methods of coercion such as manipulation. Bullying can be defined in many different ways.
Although the UK currently has no legal definition of bullying, some US states have laws against it. Bullying is usually done to coerce others by fear or threat. Bullying can be prevented when children are taught social skills to successfully interact with people. This will help them to be productive adults when interacting with bothersome people. Bullying in school and the workplace is also referred to as peer abuse.
In colloquial speech, bullying often describes a form of harassment perpetrated by an abuser who possesses more physical and/or social power and dominance than the victim. The victim of bullying is sometimes referred to as a target. The harassment can be verbal, physical and/or emotional.
Sometimes bullies will pick on people bigger or smaller than their size. Bullies hurt people verbally and physically.
Article about Profitable Group
Hi Mr. Tan
Why did you withdraw your blog? Are you a coward?
What are you going to do with the defamatory statements in the Profitable Group website that are attacking you personally? Will you sue them?
Did you do any research before you post the article?
REPLY
My blog article was extracted from the Guardian website. Someone, presumably an investor, sent the article to me, requesting for it to be posted. I checked against the link and found that it was posted in the Guardian website.
Several of the statements refer to land banking in general and not specifically to Profitable Group. There were a few statements referring directly to Profitable Group but they looked quite factual to me. So, I posted the article in my blog.
When Profitable Group said that the article contained untruths, I removed it from my blog immediately. I also offered to post any correction that they wish to send to me. In particular, I asked for any correction that they sent to the Guardian article to be sent to me.
It is not a matter of cowardice. It is a matter of being fair. I do not hold any malice towards Profitable Group or any of its directors and do not wish to damage their reputation through any unintended mistake.
I have seen the statements made by Profitable Group in their website that do appear to attack me personally. I do not intend to take legal action against them for these statements. I will let the public make their own judgement about my character. Let the truth prevails. Let the facts speak for themselves.
Tan Kin Lian
Why did you withdraw your blog? Are you a coward?
What are you going to do with the defamatory statements in the Profitable Group website that are attacking you personally? Will you sue them?
Did you do any research before you post the article?
REPLY
My blog article was extracted from the Guardian website. Someone, presumably an investor, sent the article to me, requesting for it to be posted. I checked against the link and found that it was posted in the Guardian website.
Several of the statements refer to land banking in general and not specifically to Profitable Group. There were a few statements referring directly to Profitable Group but they looked quite factual to me. So, I posted the article in my blog.
When Profitable Group said that the article contained untruths, I removed it from my blog immediately. I also offered to post any correction that they wish to send to me. In particular, I asked for any correction that they sent to the Guardian article to be sent to me.
It is not a matter of cowardice. It is a matter of being fair. I do not hold any malice towards Profitable Group or any of its directors and do not wish to damage their reputation through any unintended mistake.
I have seen the statements made by Profitable Group in their website that do appear to attack me personally. I do not intend to take legal action against them for these statements. I will let the public make their own judgement about my character. Let the truth prevails. Let the facts speak for themselves.
Tan Kin Lian
Thursday, October 15, 2009
Benefit Illustration - Single Premium Whole Life policy
A customer sent me a Benefit Illustration for a Single premium Whole Life policy. My analysis is shown here. It shows the key points that you need to see in the Benefit Illustration.
Hi Mr Tan,
Thanks you so much for the detailed analysis. I think a lot of people who bought insurance policy did not look deep into the details and think it through. I think your analysis is very detailed, step by step and easy to understand. I hope more readers can benefit from your experience and make informed decisions on their future financial planning.
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