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Insurance Industry Statistics Q2 2011
LIA has released its quarterly report on the life insurance industry for the second quarter of 2011. Sales for the industry is once again booming, but does that mean that Singaporeans are becoming more well insured?
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Perceived Cost vs Actual Price of Insurance
IM$avvy carried an article from The Business Times – What turns off Gen X and Gen Y on life insurance – which talks about the reasons why few Singaporeans aged between 20 to 40 wish to purchase insurance.
As stated by the article, a survey found out that most people are put off by insurance because of the high price tag they perceive insurance to carry.
Banks Should Not Act Like Insurance Agents: ST Forum
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.
Seth’s Pie Theory
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”.