Let me narrate a real-life incidence that happened to one of my acquaintances who has recently moved from India.
He was approached by one of our desi life insurance agents and was sold a 10-year term insurance policy of Company A.
After 1 year the same agent returned and told my friend that now there is a better term insurance from a reputed Company B (annual premium was nearly $10 less than that of Company A) that would be suitable for him. And he was sold another policy. Let us see what happens next year.
The morale of the above story is that unscrupulous life insurance agents only think of their benefits and do not bother to evaluate customers' needs and objectives. That is why it is so important to consult a reputed agent or broker and that too after checking with one or two references.
We can discuss everything here but actual decision should be left to the experts.
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Man's Best Friend
Quote:
Orginally posted by YoursTruly
Let me narrate a real-life incidence that happened to one of my acquaintances who has recently moved from India.
He was approached by one of our desi life insurance agents and was sold a 10-year term insurance policy of Company A.
After 1 year the same agent returned and told my friend that now there is a better term insurance from a reputed Company B (annual premium was nearly $10 less than that of Company A) that would be suitable for him. And he was sold another policy. Let us see what happens next year.
The morale of the above story is that unscrupulous life insurance agents only think of their benefits and do not bother to evaluate customers' needs and objectives. That is why it is so important to consult a reputed agent or broker and that too after checking with one or two references.
We can discuss everything here but actual decision should be left to the experts.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Hello,
I would like to narrate a real life experience.
My cousin couple got a Life insurance cover from RBC about a year back. It was a TERM policy.
Since they are not much into Financial jargons they went ahead with what all new immigrants come across - i.e fellow Insurance agents.
In the meanwhile, a few weeks back another closely known Insurance agent contacted them and suggested to switchover to UNIVERSAL mode.
Each person with face amount of 250,000 $
The couple as per the advice of this gentleman gave consent and handed over the previous Insurance covers for upgradation. (More so because the earlier agent had stopped working for RBC)
Surprisingly yesterday when the Agent came to handover the new Insurance Policies, he once again came up with a proposal of having a Joint Policy (Destiny) i.e of an face amount of 500,000 $.
He explained the benefits of opting this product and blahblah.
All this development eventually confused my cousin and he has requested the Agent to give him some time to reconsider.
What I mean to convey thru this post is that it is very difficult to know the real intention of an Insurance Agent - because ultimately he is gonna think about his commission .
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Enjoy ur life !
Quote:
Orginally posted by YoursTruly
Let me narrate a real-life incidence that happened to one of my acquaintances who has recently moved from India.
He was approached by one of our desi life insurance agents and was sold a 10-year term insurance policy of Company A.
After 1 year the same agent returned and told my friend that now there is a better term insurance from a reputed Company B (annual premium was nearly $10 less than that of Company A) that would be suitable for him. And he was sold another policy. Let us see what happens next year.
The morale of the above story is that unscrupulous life insurance agents only think of their benefits and do not bother to evaluate customers' needs and objectives. That is why it is so important to consult a reputed agent or broker and that too after checking with one or two references.
We can discuss everything here but actual decision should be left to the experts.
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trying to find real persons
Quote:
Orginally posted by Pramod Chopra
Hi Teja,
However, it is also a fact that over time the life expectancy has increased causing drop in insurance premium for certain products such as term life. So if the agent changed the policy by saving them $10 per month and increasing their coverage for another year, he did your friend a favour. Ofcourse, he also made some money for him self in the process.
I would request all people who have term life policy and have taken a couple of years ago, should get them re-evaluated and also get their needs and analysis donefor proper coverage and find if they could save themselves a bundle by changing the term policy to another company of repute or by increasing the coverage or extending the term without having to shell out extra bucks.
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trying to find real persons
Quote:
Orginally posted by windsorguy282003
i found ranjiminhas comment quite sarcastic. I think if zen guy has given his opinion to seek professional advise, there is nothing wrong with it. i personally use this forum as one of the advisors to issues i face but again, matters like life insurance should be handled in a professionla way
Quote:
Orginally posted by bally minhas
Quote:
Orginally posted by Pramod Chopra
Hi Teja,
However, it is also a fact that over time the life expectancy has increased causing drop in insurance premium for certain products such as term life. So if the agent changed the policy by saving them $10 per month and increasing their coverage for another year, he did your friend a favour. Ofcourse, he also made some money for him self in the process.
I would request all people who have term life policy and have taken a couple of years ago, should get them re-evaluated and also get their needs and analysis donefor proper coverage and find if they could save themselves a bundle by changing the term policy to another company of repute or by increasing the coverage or extending the term without having to shell out extra bucks.
LIFE EXPECTANCY:
The Actuary tables( what is that? ) does not change over a period of one year.
In such a dramatic fashion to reduce premium by 10 $ a month!!!!!!!!>>??????
Please do not five a call for review with possibility of netting some UL policies and your commissions .
Sorry for being negative in terms of so many AFFLUENT people here. let us discuss and guide.. it is charcha and not more KHARCHA>
ANYBODY NEEDS TO DISCUSSS THEIR insurance .. please contact ..
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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