Recently, metup with an Independent Financial Advisor ("IFA") and a tied agent from Manulife to buy life insurance critical illness policy and medical insurance for my new born. For critical illness life policy, the IFA came up with 4 products from 4 different insurance companies whereas the Manulife agent came up with only the Protector 20 plan. I compared the protection value, cash value and lifetime premiums and finally decided on the Vivolife policy from NTUC Income. The policy from NTUC Income is a balanced one in terms of protection and extremely high guaranteed cash value.
The Manulife agent was pretty upset. She persistently ring up to try to change my mind. Now, she mentioned that she has another better product called the Ultimate Protector series that can beat Vivolife and that Manulife has one of the best annual investment return out of all the insurance companies. Also, she told me that IFA also sold products that give them the highest commission and begin her pitch that IFA and tied agents are the same. Also she insisted another meetup face to face and did not want to send the soft copy of the proposal over. So, in the end, gave the agent another chance. Was almost swung by her sales pitch but due to my previous bad experience with insurance agents, my internal alarm rang non stop and I told her I will need to take time to relook the detailed proposal.
Ultimately, I discovered that the Ultimate Protector policy from Manulife has very poor cash value upfront. The guaranteed portion is just too pathetic. If one can assume that the investment returns from Manulife is spectacular every year, then it will be unbeatable. I still prefer guaranteed portion. Also disullionised with the bad mouthing by one agent against another agent...it's pretty much a dog eat dog world it seems. The moral of the story is to be extremely skeptical when dealing with any insurance agents lest one become the ultimate fool.
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