Posted on: 22-09-04 10:43:45
Let me narrate a real-life incidence that happened to one of my acquaintances who has recently moved from India.
He was approached by one of our desi life insurance agents and was sold a 10-year term insurance policy of Company A.
After 1 year the same agent returned and told my friend that now there is a better term insurance from a reputed Company B (annual premium was nearly $10 less than that of Company A) that would be suitable for him. And he was sold another policy. Let us see what happens next year.
The morale of the above story is that unscrupulous life insurance agents only think of their benefits and do not bother to evaluate customers' needs and objectives. That is why it is so important to consult a reputed agent or broker and that too after checking with one or two references.
We can discuss everything here but actual decision should be left to the experts.
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Man's Best Friend 
Quote:
Orginally posted by YoursTruly
Let me narrate a real-life incidence that happened to one of my acquaintances who has recently moved from India.
He was approached by one of our desi life insurance agents and was sold a 10-year term insurance policy of Company A.
After 1 year the same agent returned and told my friend that now there is a better term insurance from a reputed Company B (annual premium was nearly $10 less than that of Company A) that would be suitable for him. And he was sold another policy. Let us see what happens next year.
The morale of the above story is that unscrupulous life insurance agents only think of their benefits and do not bother to evaluate customers' needs and objectives. That is why it is so important to consult a reputed agent or broker and that too after checking with one or two references.
We can discuss everything here but actual decision should be left to the experts.
Hi Teja,
I agree with you that their could be some unscrupulous life insurance agents doing what you mentioned and try to sell the Life Insurance without evaluating customer's needs and objectives and we should deal with them or any other professional by getting and checking references.
However, it is also a fact that over time the life expectancy has increased causing drop in insurance premium for certain products such as term life. So if the agent changed the policy by saving them $10 per month and increasing their coverage for another year, he did your friend a favour. Ofcourse, he also made some money for him self in the process.
I would request all people who have term life policy and have taken a couple of years ago, should get them re-evaluated and also get their needs and analysis donefor proper coverage and find if they could save themselves a bundle by changing the term policy to another company of repute or by increasing the coverage or extending the term without having to shell out extra bucks.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Hello,
I would like to narrate a real life experience.
My cousin couple got a Life insurance cover from RBC about a year back. It was a TERM policy.
Since they are not much into Financial jargons they went ahead with what all new immigrants come across - i.e fellow Insurance agents.
In the meanwhile, a few weeks back another closely known Insurance agent contacted them and suggested to switchover to UNIVERSAL mode.
Each person with face amount of 250,000 $
The couple as per the advice of this gentleman gave consent and handed over the previous Insurance covers for upgradation. (More so because the earlier agent had stopped working for RBC)
Surprisingly yesterday when the Agent came to handover the new Insurance Policies, he once again came up with a proposal of having a Joint Policy (Destiny) i.e of an face amount of 500,000 $.
He explained the benefits of opting this product and blahblah.
All this development eventually confused my cousin and he has requested the Agent to give him some time to reconsider.
What I mean to convey thru this post is that it is very difficult to know the real intention of an Insurance Agent - because ultimately he is gonna think about his commission .
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Enjoy ur life !
Quote:
Orginally posted by YoursTruly
Let me narrate a real-life incidence that happened to one of my acquaintances who has recently moved from India.
He was approached by one of our desi life insurance agents and was sold a 10-year term insurance policy of Company A.
After 1 year the same agent returned and told my friend that now there is a better term insurance from a reputed Company B (annual premium was nearly $10 less than that of Company A) that would be suitable for him. And he was sold another policy. Let us see what happens next year.
The morale of the above story is that unscrupulous life insurance agents only think of their benefits and do not bother to evaluate customers' needs and objectives. That is why it is so important to consult a reputed agent or broker and that too after checking with one or two references.
We can discuss everything here but actual decision should be left to the experts.
Your friend got 10$ less and He can switch over without any reduction in coverage .. no much hassles .. no loss of savings.
This again proves that we need to keep Life risk cover separate from investment. IF at all u want a life insurance ... fo for term.
there is a carrot of tax free growth but you r bound for life long and missed payments can make difference. If you r not able to pay ... all is gone. And anyway cash value of universal life is always very low .. only it goes high due to assumed and continuous interest rate taken for calculation.
How many SCRUPULOUS
AGENTS ARE THERE!!It is not much of a jargon.. it is made dificult by there own so called cutomised product.. the bottle is different .. inside it is same 40%
Beware!
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trying to find real persons
Quote:
Orginally posted by Pramod Chopra
Hi Teja,
However, it is also a fact that over time the life expectancy has increased causing drop in insurance premium for certain products such as term life. So if the agent changed the policy by saving them $10 per month and increasing their coverage for another year, he did your friend a favour. Ofcourse, he also made some money for him self in the process.
I would request all people who have term life policy and have taken a couple of years ago, should get them re-evaluated and also get their needs and analysis donefor proper coverage and find if they could save themselves a bundle by changing the term policy to another company of repute or by increasing the coverage or extending the term without having to shell out extra bucks.
LIFE EXPECTANCY:
The Actuary tables( what is that? ) does not change over a period of one year.
In such a dramatic fashion to reduce premium by 10 $ a month!!!!!!!!>>??????
Please do not five a call for review with possibility of netting some UL policies and your commissions .
Sorry for being negative in terms of so many AFFLUENT people here. let us discuss and guide.. it is charcha and not more KHARCHA>
ANYBODY NEEDS TO DISCUSSS THEIR insurance .. please contact ..
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trying to find real persons
Quote:
Orginally posted by windsorguy282003
i found ranjiminhas comment quite sarcastic. I think if zen guy has given his opinion to seek professional advise, there is nothing wrong with it. i personally use this forum as one of the advisors to issues i face but again, matters like life insurance should be handled in a professionla way
I had just quoted an artickle from TORONTO STAR.
If it is sarcastic then TORONTO STAR MAY BE SUED
Anyway ther is no sarcasm in it. And it has some serious issues raised.. even though it is targeted.
That just means that the problem is SO BAD THAT A REPUTED MAIN NEWSPAPER OF THE COUNTRY HAS PUBLISHED IT.
PLEASE NOTE:
If you need indepth discussion on any line of this article.. continue to extent this thread or contact personaly for a personal review.
Quote:
Orginally posted by bally minhas
Quote:
Orginally posted by Pramod Chopra
Hi Teja,
However, it is also a fact that over time the life expectancy has increased causing drop in insurance premium for certain products such as term life. So if the agent changed the policy by saving them $10 per month and increasing their coverage for another year, he did your friend a favour. Ofcourse, he also made some money for him self in the process.
I would request all people who have term life policy and have taken a couple of years ago, should get them re-evaluated and also get their needs and analysis donefor proper coverage and find if they could save themselves a bundle by changing the term policy to another company of repute or by increasing the coverage or extending the term without having to shell out extra bucks.
LIFE EXPECTANCY:
The Actuary tables( what is that? ) does not change over a period of one year.
In such a dramatic fashion to reduce premium by 10 $ a month!!!!!!!!>>??????
Please do not five a call for review with possibility of netting some UL policies and your commissions .
Sorry for being negative in terms of so many AFFLUENT people here. let us discuss and guide.. it is charcha and not more KHARCHA>
ANYBODY NEEDS TO DISCUSSS THEIR insurance .. please contact ..
Hi,
It seems I am missing somthing here.
Where did I mention about the actuary tables ? Though these do not change that often but I know for sure that the Insurance companies have brought their rates down for TERM INSURANCE. I advised only those people to get their Term Insurance evaluated who took it a couple of years ago. And that's exactly I did when I got my Term Policy evaluated and I could increase the coverage without increasing my premiums.
Where did I mention any thing about UL (Universal Life) insurance?
Where did you get the impression that I asked any one to contact me to discuss their Term Insurance Policy so that I can net some UL policies and make commission?
To me it seems that this could be in your mind when you asked people to contact you to discuss their policies. ARE YOU IN THE BUSINESS OF SELLING INSURANCE?
As far as I am concerned, I am a Mortgage Broker and NOT an Insurance Agent. And I hope you also know that for selling Insurance you have to have a license and I hope you also know that a person can not simultaneously held both Mortgage Borkering License and Insurance License.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
