The premium for private Shield plan has increased for the past few years. I am not aware about the actual increase. To hide the increase, some insurance changed the benefits provided, so that the policyholders cannot make any comparison.
I thought that the increase is due to higher claims. But, someone from the inside told me that the premiums are being increased to give a higher profit margin to the insurance company. I was surprised! I thought that any increase would have to be approved by the Ministry of Health, and they will check to make sure that the increase are justified (as Medisave money is being used).
For consumers who find the increase to be unjustified, it is better to switch back to basic Medishield. This advice is specially important for older people You can save more than 50% of the premium and also pay a lower deductible when you are treated in hospital. Read this article. http://tankinlian.com/admin/file.aspx?id=229
You also avoid the stress of having your claims rejected. Read about "rejected claims" in www.tankinlian.com/ask.aspx. Do not pay more in premium and still suffer from uncertainty and stress!
Wednesday, October 13, 2010
Branding and Trust (2)
An agency manager who has worked for two decades in a large international life insurance company told me:
"I know that the products of my company give a poorer yield to my customers compared to other products available in the market. In many cases, the difference can be up to 20% of the projected maturity amount.
However, I am able to sell my products because I can find customers who are not aware about the difference, which happens most of the time. The customers buy my life insurance products because they trust the international brand name of my company.
If the customer knows about the difference, I can still convince some of them to buy from me, because they trust an international name better.
I do lose a small number of cases from customers who know, but there are so many customers who are ignorant or will pay more for the brand name. I ask them - can you be sure that the competitor company will still be around in 30 years time?
It is easy for me to convince the young people, because they can be easily swayed by the big international brand name".
My view
Two years ago, when AIG went bankrupt and had to be bailed out by the US government, several AIA policyholders panicked and asked for my advice. Are their life time savings with AIA safe? I told them that AIA has a separate fund in Singapore and their money is safe.
Lesson: It is important for consumers to avoid paying a high cost for an international brand name because they can also get into trouble. Why are paying more and still not get the peace of mind?
Read this letter sent by a parent to the son:
http://tankinlian.com/admin/file.aspx?id=205
Read my book on financial planning (www.tankinlian.com/ishop) and learn a better way to save for your own future.
"I know that the products of my company give a poorer yield to my customers compared to other products available in the market. In many cases, the difference can be up to 20% of the projected maturity amount.
However, I am able to sell my products because I can find customers who are not aware about the difference, which happens most of the time. The customers buy my life insurance products because they trust the international brand name of my company.
If the customer knows about the difference, I can still convince some of them to buy from me, because they trust an international name better.
I do lose a small number of cases from customers who know, but there are so many customers who are ignorant or will pay more for the brand name. I ask them - can you be sure that the competitor company will still be around in 30 years time?
It is easy for me to convince the young people, because they can be easily swayed by the big international brand name".
My view
Two years ago, when AIG went bankrupt and had to be bailed out by the US government, several AIA policyholders panicked and asked for my advice. Are their life time savings with AIA safe? I told them that AIA has a separate fund in Singapore and their money is safe.
Lesson: It is important for consumers to avoid paying a high cost for an international brand name because they can also get into trouble. Why are paying more and still not get the peace of mind?
Read this letter sent by a parent to the son:
http://tankinlian.com/admin/file.aspx?id=205
Read my book on financial planning (www.tankinlian.com/ishop) and learn a better way to save for your own future.
Hong Kong Suspends Property From Residency Plan
Bloomberg News
Oct. 13 (Bloomberg) -- Hong Kong’s government will suspend investment property as a criteria to gain residency in the city and will introduce a rent-to-buy housing plan as it tries to cool the property market. Shares in developers tumbled.
The government will temporarily remove real estate from its Capital Investment Entrant Scheme, which was set up to encourage foreigners to invest in the city to gain residency, Chief Executive Donald Tsang said in his annual policy address today.
The government has in the past year announced a series of measures to rein in home prices that have surged almost 50 percent since the beginning of 2009 on the back of record-low mortgage rates and an influx of mainland Chinese buyers. The last round of measures, unveiled on Aug. 13, included raising down-payment requirements on mortgages for luxury and investment properties, and a pledge to increase land supply.
The Hong Kong Property Index, which tracks the city’s seven biggest developers, fell as much as 3.4 percent and was down 2.5 percent at 12:09 p.m., reversing an earlier gain.
The government will also continue to boost land supply and expects 61,000 new units to come onto the market in the next three to four years, Tsang said.
Tuesday, October 12, 2010
Franklin Covey Refills-The Choice is Endless | Franklin Covey Binders
Franklin Covey refills for the extensive Franklin Covey planner range offer a wide range of choice. You can choose between the design of your planner pages, the format, size, start date and Franklin Covey Planner group.Franklin Covey refills include a wider range of day planners and day planner refills.The day planners can be chosen to personalize your personal planner and your daily planner can form an important part of your personal and business management routine.
US housing crisis
Read this interesting story of the US housing crisis from 2006-08 and the actions taken by the top people in charge in the US government.
www.tankinlian.com/latest.aspx
www.tankinlian.com/latest.aspx
Easy to buy, hard to claim
Contributed by DareToAct
Delay, Denied, Defend by Jay M. Feinman.
A book on how insurance companies in the US used tactics to refuse claims. The author said that in 1990s, insurance companies hired consultants to help them redesign claim processes. It transformed claim departments from customer service centers to profit centers and changed claims adjustors job scope from "assisting customers" to "helping company save money".
The sad state is that consumers do not know enough to know that they have been taken advantage of. And those who know so do not know how to go about getting their money back. The most shameful thing of all is that insurance commissioners were busy making sure that the insurance companies have enough reserves set aside to pay for claims but did not do enough to ensure fair treatment of claimants.
DareToAct
Delay, Denied, Defend by Jay M. Feinman.
A book on how insurance companies in the US used tactics to refuse claims. The author said that in 1990s, insurance companies hired consultants to help them redesign claim processes. It transformed claim departments from customer service centers to profit centers and changed claims adjustors job scope from "assisting customers" to "helping company save money".
The sad state is that consumers do not know enough to know that they have been taken advantage of. And those who know so do not know how to go about getting their money back. The most shameful thing of all is that insurance commissioners were busy making sure that the insurance companies have enough reserves set aside to pay for claims but did not do enough to ensure fair treatment of claimants.
DareToAct
Singapore President
Contributed by DareToAct
In 1992, our constitution was amended to provide for an Elected President. In 1993, the late Mr. Ong Teng Cheong was elected as our first Elected President. In both 1999 and 2005, current President Nathan became President without the need for election as there were no other worthy candidates. For the past 18 years, I personally do not feel at all the difference with an Elected President. Am I the only one with this feeling?
DareToAct
My reply
A friend told me that in Singapore, we do meaningless things just for show. He said "wayang". It seems that a top person has an idea and it is implemented. Later, no one dare to ask, "is it still useful"?
In 1992, our constitution was amended to provide for an Elected President. In 1993, the late Mr. Ong Teng Cheong was elected as our first Elected President. In both 1999 and 2005, current President Nathan became President without the need for election as there were no other worthy candidates. For the past 18 years, I personally do not feel at all the difference with an Elected President. Am I the only one with this feeling?
DareToAct
My reply
A friend told me that in Singapore, we do meaningless things just for show. He said "wayang". It seems that a top person has an idea and it is implemented. Later, no one dare to ask, "is it still useful"?
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