Posted on: 24-09-04 22:24:36
Now I am confused more than ever.
First a person with ID 'Bally Minhas' from Mississauga would comment something quoting my post. I reply to the same then another person with ID 'Pallavgt' from ITALY would quote my reply giving indication that both IDs are of the same person as is evident from point number 5 of Pallavgt's post.
Quote:
originally posted by pallavgt
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5. I am sorry if u took it as a personal attack. I once again state that I am only contributing for giving my input which is all there at other threads also.
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Then another person with ID 'Rajni Minhas' from Mississauga would own the post written by 'Pallavgt' from Italy.
Quote:
originally posted by Rajniminhas
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error correction
I made previous post on this thread as PALLAVGT. Take it as my contribution.
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I fail to understand why some one would use 3 IDs simultaneously in the same thread one after another showing location as Mississauga in two cases and Italy in third.
What could be the reason (motive) behind this?
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote by rajniminhas
. Flexibility: Yes there is but the policy holder must also know pitfalls of lapsing a policy. please add this item. i mean policy lapse after your cash value is gone in paying unpaid premiums.
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Thanks for the tip- will definitely add this into my article. It was one I wrote for a company I worked for. Basically highlights the major points. UL is very complex and I always shudder when I see a person has bought one such plan to cover his mortgage- and believe you me I have seen tons.Sickens me to know that there are so many agents out there who push this onto people who don't really need it.
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Quote by yours truly
The regulators take it very seriously if a sales person is found lacking in his duties towards consumers.
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Extremely true but how many such sales people are reported? I have seen people with so many policies who don't need them- yet the salespeople are running around loose. Because there is no way to enforce this conduct of ethics, tons of agents get away by selling policies that are not needed.
Get a load of the pressure certain MF companies are under now like AGF, Investor's Group, CI and AIC to name a few. If the managers and CEOs of these companies can do unethical things why not mere salespeople? At least that's the buzz in the industry.
BKB
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Get what you want by helping others get what they want
Hi BKB,
I really enjoyed your crisp primer on life insurance. Why not post an article on Canadiandesi detailing various nuances of life insurance products? Let desis hear from an expert like you with vast experience in the industry.
Why not become Massood of insurance?
Now coming to ethics in the insurance business: it is a fact that the insurance industry is not as severly regulated as the securities industry. The OSC takes a more proactive approach than OIC. However, some recent developments from FSCO indicate that things are going to change for the better.
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Man's Best Friend 
Dear Mr Entrepreneur:
Your 2 articles on life insurance are extremely good. The one on UL is very clear.
IT is really meant for people who have excess money and not for the common man. I also have seen many people with such policies who could not make the minimum payments and the policy lapsed . Being new immigrants they did not want to pick a fight with the agent, so the agent got his commission minus any charge back. But the real culprit- the one who makes a lot of money- is the insurance company. They got the main brunt of the money for however long the duped person paid the premium, let's say 6 months, to enrich their coffers. The agent got a pittance as he was staddled with a charge back.
Personally , more than the agent, the rich insurance companies should be taken to task. Sure the negative comments on this thread for agents are valid, but the real culprits are the insurance companies.
Another very important point not mentioned in your post on UL is that the money in there is protected against creditors. It is mentioned in your prior post, but should be included in the one on UL.
I recommend the UL to many business people exactly because of this particular beauty.I am not an insurance agent- but it would seem you are.
I concur with Mr Teja that you should put that article on the Canadian desi site permanently. Include the part about lapsing and creditor protection. The current article on UL is very very poor. Please talk to the moderators to have your article posted instead. As a business account manager for a scheduled bank, I think it will do more service than the present article.
Also the link to insurance and RESP on the main page has no article on RESP. It is on RRSP. Please rectify the title.What with RESP season coming up, perhaps an article should be pasted on the site.
By the way, I have seen your contact email on another thread.May I send an email asking for information?
Desimisri
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while in Rome do as the Romans do
Goodmorning Mr Entrepreneur.
I have been here 3 years now and never had life insurance before. Since at the outset I was working with Sears, The Bay and the like making little money while I was studying, I didn't have enough money. About 8 months ago after being recertified here, I got a well paying job and decided a month ago to take a $200,000 policy so that in case anything happened to me- my parents who have done so much for me will get the money in Dubai. I was sold a UL as the agent told me that I can increase it anytime, and should I get married I can include my husband and later also include any children. She said it was very flexible.
However since then many people have told me why I took up a UL now. I should have taken term and then converted to UL as you have suggested.
On Saturday I called up the agent and she told me that it was too late to change. The blood tests had already been done and my policy is about to be issued this coming week.
Can you please let me know if this is true? Also she has promised me that the insured sum will be paid in Dubai, should anything happen to me. My parents will not have to come here to collect. I have named them as beneficiaries. I am told by friends to get that in writing from them.
I have your eamil. may I send you an email asking more detailed questions?
Please answer asap. Or if anybody else out there can help me, I would really appreciate it- Mr Pramod? Rajniminhas?Yours truly?
Dubaidesie
Quote:
Orginally posted by dubaidesie
Goodmorning Mr Entrepreneur.
I have been here 3 years now and never had life insurance before. Since at the outset I was working with Sears, The Bay and the like making little money while I was studying, I didn't have enough money. About 8 months ago after being recertified here, I got a well paying job and decided a month ago to take a $200,000 policy so that in case anything happened to me- my parents who have done so much for me will get the money in Dubai. I was sold a UL as the agent told me that I can increase it anytime, and should I get married I can include my husband and later also include any children. She said it was very flexible.
However since then many people have told me why I took up a UL now. I should have taken term and then converted to UL as you have suggested.
On Saturday I called up the agent and she told me that it was too late to change. The blood tests had already been done and my policy is about to be issued this coming week.
Can you please let me know if this is true? Also she has promised me that the insured sum will be paid in Dubai, should anything happen to me. My parents will not have to come here to collect. I have named them as beneficiaries. I am told by friends to get that in writing from them.
I have your eamil. may I send you an email asking more detailed questions?
Please answer asap. Or if anybody else out there can help me, I would really appreciate it- Mr Pramod? Rajniminhas?Yours truly?
Dubaidesie
First let me state that now I am fully satisfied that true picture of Insurance is coming out.. thanks to enterpreneurs!! and others.
1.Regarding your policy, your agent is just trying to sideline the issue by saying that money shall be paid in dubai etc.
2. Even if your agent says that it is too late.... to change or cancel with refund... you should insist on cancelling. I would say that it is always your decision but u would appreciate that a true friend would always give correct idea instead of being defensive.
When u cancel.. u loose only this initial money .. and in longer term u willl save thousands!! and would also have flexibilty with u .. this is the reakl flexibilty one needs .
ability or flexibility does not mean ability to add husbands name etc.. these r minor issues avalable to all policies... if needed.
3. I have still the view that no UL policy is good. there r other ways of investing money.. unless u r totally ignorant about money investing.. I have myself FORCED one personn to go for UL since I know him in deatil and he used to spend all his money. Also he does not know much about money investing and best saving. But this is rare.
4. what if ur husband already has an insurance.. do not worry i do not mean to confuse u
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trying to find real persons
Hi Dubaidesie,
I have replied to your queries that you sent me vd email.
However, I am answering the 2 questions you posed on this forum for others’ benefit.
All companies will allow you to review the policy and give you a grace period usually 60 days to cancel if you wish with full refund. If you know the company, you can fax directly to them and cancel it even if you have not received the policy in your hands. Just give your name and the agent’s name as you will not have the policy no. as yet.
I do not know about insurances being payable in Dubai, but I will find out. In theory, I do not see why not. I know many companies will pay in India without the beneficiaries being here in Canada. However they do prefer if the beneficiary comes here to collect. It all depends on how well your agent services your beneficiaries.
I will also caution you that there have been cases of fraud where others have collected the money instead of the beneficiary, esp if the beneficiary is overseas, but that is rare.
Power of attorneys are easily obtainable in India and I need not express what mischief can thereby be wrought.
It is doubtful that the company will give you in writing separately that the insured amount is payable in Dubai, but you can try. If they don’t, use it as an excuse to cancel your policy. But you really do not need an excuse. Just cancel it if you will. My suggestion to you is still take on a renewable and convertible term insurance policy for ten or twenty years. At your age, as per email, the premium for 20 years is very low. If later you wish to change it you may, once you better understand the nuances of whole life and universal life. Always start with the simple and then get involved with the more complicated.
Please see my email for more info.
BKB
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Get what you want by helping others get what they want
