I read another adviser’s article talking about the “dangers” of term insurance, specifically the non-payment of premiums, accidental or otherwise.
The writer tries to drive home the point by including anecdotes of term policy owners forgetting to pay premiums, and even a case of an “improper” GIRO arrangement leading to the term policy lapsing and dramatically just when the person needed it the most.
I refer to the following letter sent to Straits Times forum by Ms. Jessie Loy:
Banks should not act like insurance agents
RECENTLY, my husband and I were looking to buy some insurance policies. As we had previous bad experiences buying through insurance agents who were keen on pushing only their own companies’ products, we thought of buying through banks instead.
Since most banks are now positioning themselves as one-stop centres offering a suite of financial products, we thought they would be independent. We were wrong.
Here is a pie:
Financial products are almost always zero-sum games between the client, his financial planner, and the product provider. It is nothing more than deciding how to cut up a pie to be shared. Thus, I have a pet theory which I shall call my very own “Seth’s Pie Theory”.
I did some random Googling and came across 5 recruitment adverts from different companies and firms within the financial services industry. This is how recruitment is done in this industry: