I am looking for some consumers to come forward and send a reply to the letter from the President of the association representing the life insurance agents. http://www.straitstimes.com/STForum/Story/STIStory_599561.html
Jeffrey Tan said consumers to get the advice of the insurance agent who will help them to select the most suitable products to meet their needs. From the questions sent to me, it seemed that many consumers were confused about the product that has been sold to them, and when they learned at a later date about the poor yield on the life insurance policy, they regretted having made a bad decision.
If you have suffered this unfortunate situation, I ask you to come forward and write a letter in reply to Jeffrey Tan. This will help to clean up the bad practices where many insurance agents continue to take advantage of the ignorance of the consumers.
If you are willing to share your experience, you can write a draft to me at kinlian@gmail.com. I will help you to polish up the letter.
Tan Kin Lian
Saturday, November 6, 2010
Bread Talk and Bread Life
I saw two shops in a mall in Jakarta that have similar name. Bread Talk was probably the original company. Bread Life follows the same concept. The Bread Life shop has many customers, and the Bread Talk shop was almost empty.
Cheated on inferior products
A consumer bought a few boxes of local sweets in a store at 8 yuan. Later, she saw the same product sold at another store for 3 yuan. She bought a few boxes at the lower price to average down. She was told later that the cheaper product could have expired. Her immediate remark was - I have been cheated. She felt that it the product had passed the expiry date, the store should not have sold the product to her without telling her.
Cheating is to sell a product without disclosing relevant information or providing misleading information about the product to the consumer.
If a consumer can felt cheated of a few dollars in a consumable product that has expired, how would the consumer feel if he or she has been sold a financial product that locks out the savings for 30 years and takes away 50% of the savings, amounting to more than $200,000, without being told? Is this cheating or not cheating?
It is important also to look at the degree. There is no much harm of being cheated of a few dollars. But if one is being cheated of a large sum, one should pursue the matter rigorously.
Tan Kin Lian
Cheating is to sell a product without disclosing relevant information or providing misleading information about the product to the consumer.
If a consumer can felt cheated of a few dollars in a consumable product that has expired, how would the consumer feel if he or she has been sold a financial product that locks out the savings for 30 years and takes away 50% of the savings, amounting to more than $200,000, without being told? Is this cheating or not cheating?
It is important also to look at the degree. There is no much harm of being cheated of a few dollars. But if one is being cheated of a large sum, one should pursue the matter rigorously.
Tan Kin Lian
Global Economic Turmoil
I expect a global economic turmoil within the next few years. My views are expressed here. I will be happy if I am wrong, but it is better to be prepared in case it materialises.
Family3
A consumer asked for my views about the Family3 policy. He was approached by an agent and was not sure if this is a good policy to buy.
I advised the consumer to read my FAQ on Family3 in my website, www.tankinlian.com/ask.aspx. (Search for Family3). There are a few FAQs written on this policy.
I also advised the consumer to read my book, Practical Guide on Financial Planning, available at www.tankinlian.com/ishop and to attend the educational talk on financial planning organised by FISCA (www.fisca.sg).
I hope that consumers will spend some time and money to be educated, so that they do not buy the wrong insurance product from an insurance agent who is unable to explain the product to the consumer and cannot be trusted to give the right advice to the consumer, due to the conflict of interest.
Tan Kin Lian
I advised the consumer to read my FAQ on Family3 in my website, www.tankinlian.com/ask.aspx. (Search for Family3). There are a few FAQs written on this policy.
I also advised the consumer to read my book, Practical Guide on Financial Planning, available at www.tankinlian.com/ishop and to attend the educational talk on financial planning organised by FISCA (www.fisca.sg).
I hope that consumers will spend some time and money to be educated, so that they do not buy the wrong insurance product from an insurance agent who is unable to explain the product to the consumer and cannot be trusted to give the right advice to the consumer, due to the conflict of interest.
Tan Kin Lian
How people vote
Contributed by DareToAct
In "Why empathy matters?", the author J D Trout pointed out that it is dangerous to think that people know what they want and can choose what they want. "When we choose poorly, these failures do not have a pure pedigree. They are part individual irrationalism, part unconscious influence, and part lousy choices."
When we are unhappy with the behavior of our first choice, or that the logical "right" choice disappoints, we might behave irrationally, especially under influence, and choose one of the lousy choices available.
Underestimating the potential of irrational voting can be detriment to any incumbent.
DareToAct
In "Why empathy matters?", the author J D Trout pointed out that it is dangerous to think that people know what they want and can choose what they want. "When we choose poorly, these failures do not have a pure pedigree. They are part individual irrationalism, part unconscious influence, and part lousy choices."
When we are unhappy with the behavior of our first choice, or that the logical "right" choice disappoints, we might behave irrationally, especially under influence, and choose one of the lousy choices available.
Underestimating the potential of irrational voting can be detriment to any incumbent.
DareToAct
Is exclusion of liability for injury caused by negligence lawful?
I refer to the letter "Indemnity forms unfair to participants" by Mr David Kwok Ng Kan (Nov 1).
Given the prevalence of this practice in the workplace and educational institutions,
perhaps it should be made a criminal offence
for anyone to purport to exclude liability in such circumstances.
Peter Wadeley
http://www.todayonline.com/Voices/EDC101103-0000045/Is-exclusion-of-liability-for-injury-caused-by-negligence-lawful?
My view
I agree that it is unlawful for a party to exclude liability in circumstances where they were negligent. The exclusion is unfair to consumers and goes against the established law of negligence.
Instead of waiting for Parliament to pass a new law, the relevant authority has existing power to tell these parties that they are doing something that is illegal. The relevant authority should step forward and exercise the powers that they already have, instead of standing by and watch.
Given the prevalence of this practice in the workplace and educational institutions,
perhaps it should be made a criminal offence
for anyone to purport to exclude liability in such circumstances.
Peter Wadeley
http://www.todayonline.com/Voices/EDC101103-0000045/Is-exclusion-of-liability-for-injury-caused-by-negligence-lawful?
My view
I agree that it is unlawful for a party to exclude liability in circumstances where they were negligent. The exclusion is unfair to consumers and goes against the established law of negligence.
Instead of waiting for Parliament to pass a new law, the relevant authority has existing power to tell these parties that they are doing something that is illegal. The relevant authority should step forward and exercise the powers that they already have, instead of standing by and watch.
Subscribe to:
Posts (Atom)