Tan Kin Lian used to be my hero and I started this blog after being inspired by his blog. I like his online work helping to answer Singaporeans’ queries on matters regarding insurance policies.
Recently, I was reading Tan Kin Lian’s blog and came across his posting “Consumers who deserved to be ripped off”. I was quite angry when he made that comment because most people would find it difficult to understand the mechanism of the various insurance policies.
In the olden days, there was a lack of information available to the public for consumers to make informed choices. Thus, most of us would rely on our insurance agents to help us make the best financial decisions. In today’s Information Age, we can obtain information from online easily.
Make no mistake, I totally agreed with him that we should all buy term policies and hospitalization plan for protection purposes. The rest of the money can then be used for investing or consumption.
But what I am unhappy was that he made all these comments to the public after he stepped down as CEO from NTUC Income in 2008. I have been a loyal NTUC Income for 13 years and bought 3 life insurance policies during Mr Tan’s reign as CEO.
I don’t ever recall him coming out and advocate people to buy term policies instead of life policies back then. In fact, he used to be the face of NTUC Income, until of course he stepped down as CEO. Because of him, I have bought three life insurance policies from NTUC Income. I wish he had made all these comments to the public back then rather then now.
This incident reinforces in my belief that I have a social mission to serve through this blog. My vision is that Singaporeans would be able to level their financial literacy through SG Wealth Builder and not be ripped off by greedy financial planners.
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