Interviewing The Insurance Agent

[@KelvinLearnsInvesting]

Hi guys, I just want to address this. I apologize for not making myself clear, the views of the insurance agent doesn't represent my views. It's just to present the agent's point of view. In the video, the agent mentioned about ILP and unit trust. Like many of you I also don't like ILP and unit trust too as I feel that they are expensive. (I'm very glad you guys are really smart on this). Many of you also pointed out that I am advertising for the agent. I agree with this, and I've remove the method to contact him. PS: I know many of you guys look up to me to make good decisions, and I promise I'll do better next time.

[@SlashOMine]

Don worry kel. Any content is good imo. At least we get to hear their point of view. Importantly we need to make right decisions. Keep up the good work

[@ngobanghur9257]

Hey Kel, dont worry about it. Thank you for always sharing. Keep up the good work!

[@ciapok5016]

Don't fret about it! As long as your conscience is clear, continue doing what you're doing. Everyone got varied views about diff products anyways. Can't please the world, so the best u can do is to state your own views but with the necessary caveats. Cheers!

[@o0ohwyo0o]

Why so many ppl so butthurt? lol

[@jejunegamingtv1359]

i've got an ILP and I regretted getting it. But for people that doesn't have any financial plans and/or don't do your own investment, learn from your friends first BEFORE thinking of getting an ILP. ILP is your last resort.

[@deepsk6720]

i know its painful because i had one. Just eat the damages and invest bro. Look up ETF to trade in brokerage account as advised by kelvin.

[@KelvinLearnsInvesting]

I'm super glad most of you guys are smart about ILP. Personally I don't like ILP too. And I apologize for not mentioning my view in the video

[@ustradingdiary]

ILP have a few cons. No pro at all. 1) High management fees upwards to 2% per year 2) About 5% spread [You loss 5%of your capital immediately after you bought] 3) Huge penalties of closing the ILP (close to 10 percent) 4) Untransparent fees and insurance coverage fees. I guess you have to be world top Mathematician to figure out. Or maybe you cannot too, as they can under table take your money.

[@ustradingdiary]

A relative of mine bought the ILP. The China funds have close to 3 to 4 x returns. But he end up losing money. Because first insurance fees every years expense your holdings. Example you bought 1000 shares of the funds. Yearly, They will sell parts of your holdings to cover the insurance parts of Yr policy. So after year 1 Yr holdings becomes 950. Year 2 900. Year 3 860.... So after year 10 Yr holdings left are 300 shares. So even the funds multiple by 4 times. You only breakeven. Because remember if you sell the funds and close the insurance you will be charged with penalties of selling and huge spread price. And that is best case scenerios....... Imagine you bought the lousy funds...... Maybe after 10 years, all Yr money disappear...

[@ustradingdiary]

If my relatives use the same amount of money, bought a bit of terms insurance [basic coverage] and bought Etf with similar holdings. He probably 3.5 x the money. 100k becomes 350k.

[@KelvinLearnsInvesting]

You are absolutely right about ILP (and I am glad you know that haha, most people don't know that). Anyway, I wanna apologize for not mentioning my views about ILP in the video. I'll do better next time.

[@sumit6190p]

Just remember one thumb rule - Don't mix insurance and investment.

[@eightfoldsg]

Anyone else finds it really hard to take in advice from insurance agents? Since technically there is an unconscious conflict of interest (ie: commission based) - isn't it better we leverage them just as a transaction person rather than an advisor?

[@rockybukus]

ILP is not good but IPL is the best!!!!! I just did two IPL on my underarms today, no more armpit hair!

[@XkeysmasherX]

Thanks for bringing out the insurance side. :) I think insurance is impt as well (just had a sugery up to four digits, covered almost free by insurance) And for all you haters... Can u not? He does all the vids on investments, u all praise him like a god. He does one thing related to insurance... You all whack him like no tmr!? Haiyo Can just give constructive feedback la... Nobody ask u watch.

[@KelvinLearnsInvesting]

Haha, its ok la. I see everyone hates unit trust and ilp (i dont like it too) but i think there's some reason the agent likes it

[@kendrickcan3919]

I think that is where you are wrong. The issue is not about Kelvin inviting someone to talk about insurance. The issue is that this guy is not only selling insurance but is peddling financial products. Insurance is insurance. Financial products is financial products. They require very different skills sets and doesn't mean just because you can sell insurance means you are a good financial adviser. That is the problem of the current generation insurance agents where they are just doing everything under the sun just to get into the action.

[@UhOhYouGotCaught]

The best time to plant a tree was 20 years ago. The second best time is now.

[@pkpunk2184]

Can you do a video on term insurance till 99/100?

[@deepsk6720]

ILP is thrash. What beauty does ILP have? If ILP is so good why do they have penalties? I strongly believe the government should apply policy to separate savings and insurance. Unit trust is rubbish .

[@Lucas-wn5wm]

they got high expense ratio too

[@SlashOMine]

Ppl always can Easily outperform unit trust with snp 500 😂

[@trufflesmellgood9214]

Lol… ILPs need to go through IPL and extreme plastic surgery to realize their beauty. Agents are the cosmetics covering the ugliness of these products to catfish the ignorant.

[@kaidollarsense]

Can't agree more.

[@ZonageBRM]

theres three ways to cure ourselves when we fall sick - Study medicine and DIY, do nothing and pray we recover, or visit the doctor and pay for his expertise. similarly, for people intending to invest, they either - Read up and DIY, do nothing and pray that the 'trade' button will be automatically pressed, or get an ILP to leverage on a trusted advisor's expertise. As a matter of fact, if u would bother doing a tiny bit of research, u will find out that theres different kinds of ILP out there for different needs. But ultimately, if your intention of getting an ILP is to accumulate money or for savings purposes, then i strongly believe that the government doesnt need to do anything but rather that u gotta look up/read up/ask PROFESSIONALS about the instruments and plans that are out there rather than supporting your views based on hearsays from amateurs

[@sumit6190p]

00:56 Switching career from promising animator to an Insurance agent seems a weird choice of career switch.

[@SoGoN]

the salary difference between an animator and an insurance agent is huge. You work really hard as an animator but your salary is pretty bad here in Singapore, the same amount of effort in an insurance agent gives you way higher monetary returns. So if money is a major driver, the choice is clear. I'm an animator in Singapore.

[@sumit6190p]

@@SoGoN Ohh thanks for the info didn't knew insurance agent pay is decent in SG.

[@SoGoN]

​@@sumit6190p The average salary of an insurance agent is actually around S$5,500 whereas an average salary of an animator in Singapore is only $3,600. I have known a huge number of animators in Singapore that switched their career to something totally non-related like insurance agent.

[@SoGoN]

It's sad but it's the situation in Singapore although the pay for Animators has been rising over the years to match the global rates.

[@ngchongsin2009]

Are you able to do a comparison for cpf investment in unit trust A. Poems B. Fundsupermart C. Endowus

[@KelvinLearnsInvesting]

Huh, sounds interesting, lemme try to plan it out

[@nbkw48]

Kelvin as a longtime lurker on your channel, just a thought: as you're blowing up and starting to grow a lot(well deserved), you need to realize you have a lot of clout and influence. Use it carefully and responsibly. Not just regarding this video but all recent videos you did for other channels. Stick with who you are as that is what drew people to watch you in the first place. Don't become another "finance KZbinr". Be careful with how you may end up endorsing things you may not even truly support.

[@KelvinLearnsInvesting]

Ah yeah, point taken. Thanks for reminding me about that.

[@KelvinLearnsInvesting]

Hey hey, is there any way for me to dm u? Wanna ask u something

[@ngchongsin2009]

ILP is design to terminate at the age of around 50+ years old. If you continue till say 70years, it will be extremely expensive. But over i think is s stupid design. I think the person who sell you might not even bother or aware of this.

[@yangmumingsg]

ILP’s sales, admin, other charges will eat you dead alive before you know it.

[@Wulingqunxia]

Insurance agent that recommend to buy ILP doesn't know what they are doing. Beauty my ass.

[@ZonageBRM]

Skeptics would buy insurance for their homes and cars but not for themselves lol.

[@1MW9]

what is your take on ILPs that are 100% investment, with no insurance components?

[@KelvinLearnsInvesting]

ILP's fee is extremely expensive, it would be bad to do investment on ILP. If you needed that, a roboadvisor would be much better

[@ustradingdiary]

Guess u watch my comment above on ILPs. Pretty much explain every thing

[@weknowhatyoudo5129]

I get my insurance ... on the internet. Never see a person.

[@sunderamurthe7852]

Unit trust high commission right but i still hold on it been many years but what's your adivise KELVIN?

[@KelvinLearnsInvesting]

I think like Desmond mentioned, it depends alot on your insurance agent's skill, if he's bad, then then unit trust performance you are holding will suffer. If u think that's the case, you can either stop the unit trust or find a better agent.

[@trufflesmellgood9214]

Rather than relying on the ‘expertise’ of the agent, either DIY or at least transfer to a robo. This agent’s story can’t be any clearer; he joined the industry to learn about managing finances. His learning curve probably came at the expense of the monies from his clients. The expense ratios of UT is already high enough. Besides the annual management fees which are factored into the NAV, you’re also paying for platform fees/account maintenance fees (depending on which platform being used), trailer fees, upfront sales charge or wrap fees (for those without upfront comm.). You’re in the red even before your monies work for you.

[@sunderamurthe7852]

@@trufflesmellgood9214 tq bro I thought so too,moreover it's our money put in a profitable way.peace out.🙏

[@huseyinturan4011]

Hi Kelvin, thank you for all this informative videos… Please could you do one regarding CRYPTO TAXATION TERMS IN SINGAPORE 🇸🇬? What is considered as a „long term investment“(1 week?1month?1year?) Do I need to pay taxes on my profits as a day trader? What if I buy Crypto monthly and do staking? I hope you could help me with this kind of questions, I would appreciate it a lot. Thank you very much.

[@KelvinLearnsInvesting]

There's no tax on crypto or stocks in sg. By long term i mean 10 years above

[@huseyinturan4011]

@@KelvinLearnsInvesting so even as a crypto day trader no taxes on profit?

[@KelvinLearnsInvesting]

Dont have

[@genzuk]

hope this is the last time we see this kind of content on your channel...

[@KelvinLearnsInvesting]

Ah yea..

[@rockybukus]

To be fair, ask yourself if you are trashing insurance just because of your bad impression on insurance or because of one bad policy you took up. Many of us don't even understand the various types of insurances available and we simply make a blanket statement saying that insurance is bad or a scam. It is not fair to criticize insurance when you don't even fully understand it. Besides, how many of us can truly live without any insurance. Have you ever come across families that are saved by the insurance payout because their late spouse bought a policy before their passing or someone who is too sick to continue working but has the insurance payout to help them while they recuperate or live their last days? I know you must be thinking that I'm selling insurance but I'm really not. I'm just voicing out my opinion from a neutral ground because I think it is unfair to trash insurance like that.

[@CableArtzSG]

Totally agree , you can't wake someone who is pretending to sleep.

[@iwanhertono696]

Wah, now wednesdays got videos too!

[@noelchoh3744]

This video is really doing a disservice. Some of the products mentioned are inefficient or just down right bad. You have some good content. Why smear your channel like this.

[@trufflesmellgood9214]

Totally agree. Allowing such content to be published and not highlighting the cons is akin to turning a blind eye to injustice. Furthermore you’re ending off the video by directing people to this FA? Goodness…

[@KelvinLearnsInvesting]

I totally understand what you mean. Thanks for bringing this up!

[@Malkuth120]

Confronting?? You were playing ball with him. I liked your videos because they were educational and neutral. Now it just feels like this is a gigantic sponsored ad for your friend. You seriously didnt question him on anything he said including the ILP. Thats not how discussions with your insurance agent is supposed to go

[@KelvinLearnsInvesting]

He already said it suits a different purpose, bcos it gives him more flexibility. The purpose of this is not to argue who's right, or to advertise like u said, but rather to give a different view how an agent thinks, then we make our own informed decision about it

[@Malkuth120]

@@KelvinLearnsInvesting I can respect your intentions for this video. But i think you need to understand something very clearly, people who watch your videos could possibly be people who trust you and do not know anything about insurance. When you slap a "ILP" on your title, then directly put his link in ur description so people can contact him, couldn't this be taken as a form of endorsement for ILPs with this certain agent? Also, i cant really shake the feeling that this is just a badly scripted QnA session, when he says he has an ILP for a different purpose, first thing that comes to mind is "what purpose"? In the end i didn't really get anything from this video, except for a link which i can use to contact him. Does this not seem like an ad?

[@KelvinLearnsInvesting]

Ah i see, point well taken

[@KelvinLearnsInvesting]

@@Malkuth120 To add on, i have added pinned my views at the top, as well as remove the method to contact him. Thanks for letting me know your concerns once again

[@michaeleng3905]

Any ILP insurance seller cannot be trusted , just my personal humble opinion

[@kendrickcan3919]

Hi Kelvin, this video is super boring la. Who wants to listen to an insurance agent selling financial products? And who trust an insurance agent with financial advice? An insurance agent is an insurance agent. A financial adviser is a financial adviser. The problem today is that in order to sell more products, even insurance all going into financial products and then getting their agents who are not trained in financial products to be trained and many will not make good financial advisers as that is why they started as insurance agents to begin with.

[@KelvinLearnsInvesting]

Ahh point taken. In that case, what kind of interviews would u guys be interested in? :D

[@kendrickcan3919]

@@KelvinLearnsInvesting Hi Kelvin, keep financial services and insurance separate. If you want to talk about insurance, go ahead as there is a lot of knowledge there as well in terms of whether do people have sufficient coverage and what is important and what is not, etc. Nothing wrong with doing an entire series on insurance coverage and the different types and who will suit which type, etc. and how to maximise our dollar for the insurance products, etc. As for interviews, for a start, probably good to interview those proven successful retail investors and what did they do and how can we do the same?

[@dicksontay7761]

Was my comment deleted?

[@KelvinLearnsInvesting]

Hmm? i never delete any comment. I notice sometimes youtube doesn't pass the comment, not too sure why

[@dicksontay7761]

@@KelvinLearnsInvesting Yup, high chance is youtube. second time comment gone. Oh well...

[@lsg9264]

I m looking for insurance agent to buy medical insurance

[@madl0ver]

@@admin8989 Hahas how can I contact you?

[@Lucas-wn5wm]

dont put all your money in the same bag #teslatothemoon.

[@johny2967]

Hey, is the insurance agent your friend? How much did he pay you to advertise on his behalf?

[@KelvinLearnsInvesting]

Is my friend, didn't pay. I wanted to do it to let u guys understand more about an insurance agent

[@mrfarmer8895]

Is this a sponsored video?

[@KelvinLearnsInvesting]

Not sponsored

[@KelvinLearnsInvesting]

Lemme add on, i realized you think that way because i added a way to contact him in the end. I have pinned my views in top comment and removed the method to contact him