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Investment-Linked Plan

Why Some People And Their Family Just Hate Insurance

This is true! There are people who simply just hate insurance (except for car insurance because this is made compulsory). And for these people, no matter how much you persuade, how many articles, how many real life incidents you can share to showcase the importance of getting insurance… they are just not interested!

I have personally came across some of them and through a few series of conversations, I have managed to compile a few suggestions on why they hate insurance… I will also be giving some of my opinions on how to resolve this hatred.

Reason #1: I Can’t Claim Anything From The Insurance Plans That I Have Bought

This is one top reason why people just hate insurance, they pay and pay for so many years of premium, and till one fine day that they can make a claim, it’s either that their claim is invalid or being rejected.

Reason #2: I Lost Money Because Of My Insurance Plans

This is very typical especially for Investment-Linked Plans and Term Insurance. This is also typical for any early withdrawal/surrender of insurance plans (e.g. whole life insurance, endowment plans).

Reason #3: I Buy So Much Insurance Plans Yet Nobody Is There To Take Care Of Them

Because of the high turnover rate in the insurance industry, the chances of people having their insurance plans become “orphaned” literally became higher as well.

That’s why when there’s some form of urgency, they can only depend on themselves and do not know what they can do next. And the two reasons above will apply as well.

*If you have other personal reasons for you to hate insurance, I hope you will share it with me with your comments below.

Personal Opinion To Reason #1


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What Does It Mean When You Say No To Insurance

Have you ever wondered what does it mean to you when you decide to say No to a Financial Planner, who is doing up a financial needs analysis and at the same time recommending some insurance plans to you?

The Role Of A Financial Planner

Basically the role of a Financial Planner is to make you realize or indirectly disturb you emotionally with a Problem (concern about Medical Bills, not enough for Retirement or the means to save enough for your Child’s University Education) through a Financial Needs Analysis Process.

And after doing so, he will recommend a set of solutions to the above problems by means of  committing to a certain range of Insurance Product – Endowment, Investment-Linked Plans, Medical Insurance and/or Critical Illness Insurance.

The objective of this post is not to tell you much about what a Financial Planner does for a living and here I will assume that the Financial Planner who may be attending to you is capable of doing what he/she is required to do in Financial Planning.

But rather, I will focus on, if the Financial Planner has actually done well (to make you realize that you have a problem) but in the end you decide to say one of the Few Common Nos’ (known as Objections to us) like:

  • I Do Not Need Insurance
  • I Have No Extra Money For Insurance
  • I Would Like To Wait

So let’s get down to the first No…

No to Life Insurance!

What Does It Mean To You When You Say That You Do Not Need The Insurance…

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It’s Either You Understand ILPs Or You Don’t

Do you know what’s Investment-Linked Plans (ILPs)?

Whatever the case is, this plan can either help you to make your money work real hard and make you smile or totally dry up your money (suffer a loss) and leave you cursing (at the company or the Planner).

I am writing this post with great disheartening that there are many Planners who are still selling this plan to Clients who are:

  • totally non-risk takers (risk averse)
  • short term savers
  • ignorant of the sale charges of the plan and the advisory fees (commission)
  • thinking that this kind of plan is a pure Savings plan and the funds that they put in (monthly or lump sum) are 100% capital guaranteed which means that they will still get back their sum invested if no bonuses are given or the funds are not performing at all!
Do You Know What You Are Investing?
So Do You Know Really What You Are Investing?

My Chat With A Client Who Cried

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