Unethical practise by agents.

I have to write this....

Bee Lang and Chin Yen are sister and brother. Twenty years ago, when both turned 21 of age, their father who was my client, effected both a Life Policies as a love gift for them. Both are happily married now. The father being a responsible person never failed to pay their premium until today. Recently both terminated and cashed out their plans with our company. As I was the servicing agent and by fate I am still around and very active in my business still, I contacted both siblings to find out their real intention of stopping these old plans.

As usual from my experiences, many unethical insurance agents from all various insurance companies, encourage their unsuspected prospects to terminate their old plans for new. Most of the time, these unethical agents are new comers to the trade and the unsuspected are also their close friends. They claimed the old plans are unpractical, whereas the new plans have all the benefits and higher returns. I am sure, they don't even know how the old plans work and be paid accordingly. When I sold those covers, may be they were just little babies still sucking their mother's milk. Today, they declared....they are real financial experts or advisers or consultants who could give the best for their clients. How true...time will tell! Unless they can write and sign a full declaration, stating that for the rest of their lives time, they will remain in this life insurance business, promising not to switch or leave this profession. Otherwise I will take them as only opportunists who might not be permanent in our business. Whether they truly take care of their clients' interest is questionable!

For the buying public who reads my blog, I would like to offer some advices about handling of life insurance. Never listen to any agents who encourage you to terminate an existing program. The older the plan, the better they are because the return will excel faster. Those plans taken by Bee Lang and Chin Yen had exceeded 20 years. All plans which are more than 20 years, have higher surplus dividend and special returns than those which are not. That agent who recommended to stop these plans, are definitely not honest and sincere in his/her selling. Not forgetting the premium has cheaper cost because they were taken when the clients were extremely young then. Before intending to terminate any covers, please consult the principle office or the original servicing agent. I am sure, they will be honest to give you the best ideal advices and suggestions. And not succumb to those unethical practices. Perhaps these shortfalls are due mainly to human weaknesses: selfish, not honest, greediness, insincerity, ignorance and self interest.

My dream for my fellow colleagues - "It has always been my belief that a man should do his best, regardless of how much he receives for his services or the number of people he may be servicing or the class of people served." - Napolean Hill