Friday, May 09, 2008

The best life insurance plan available?

Sometimes I am being asked this question, "What is the best life insurance plan available?" Deep from my heart, the best plan could be from any life insurance company. All our life insurance companies in Malaysia are controlled by our Government Central Bank. All plans are subjected for approval before they could be marketed. In simple logic, when you pay little premium for maximum covers and benefits, the investment returns will be much lesser. If you intend to have a much higher investment payout, by paying the same premium, you have to reduce the covers and benefits. Definitely you can't be paying lesser premium to have higher covers and benefits, plus a maximum investment returns later.

If a specific company or an agent who claims that his company has the best policy plan in town, he is almost like not telling the truth or perhaps he hasn't done his homework yet. My best advices to those who intend to buy life insurance, buy from an agent who is committed, knowledgeable, sincere, honest, kind and willing to serve you with a smile. Ask yourself whether you are comfortable with him. Most likely your senses can tell. Never deal with an agent who has intention to switch or twist your existing policies. In fact, the older your policies, the better they are. Some unethical agents use all sort of tactics and ways to persuade you to change for newer plans. These are the black sheep of the industry who should be penalised from selling.

I hope these little information could be useful as a guide to those who intend to purchase life insurance. One final advice - "Buy Life Insurance when you don't need it coz when you need it, you can't buy."

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