Top 5 Questions to Ask Insurance Agents Before Purchase a Policy

[@KCLauMoney]

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[@jasongopal3081]

When I was younger ie early 20s I was quote various Saving plans and medical plans. My initial insurance agent was also working a full time job so when I had surgery and had to utilized my medical card, he wasn’t fully available for me. Subsequently I met another agent and to this day I bought various policies from her and for all my kids. She very proactive and I am happy to give her my business. It’s hard to find a proactive and yet not pushy insurance agent. Recently she’s able offer better life insurance quotes when I am offered other MLTA policies from the bank. Also, she did a comparison table to highlight the pros and cons of her policy and the banks policy. Thanks KC I’ve been binge watching your videos since I found your channel.

[@KCLauMoney]

Glad to hear your story. Thanks for watching!

[@chellelee2158]

KC . I'm actually an insurance agent since year 2008 till now. I really never buy even one saving plan for myself because I know well the plan. Is not what I want and need. Real insurance is for protection is not for saving. I will share it to my clients. Because what you said is real. I dare to share your video to my clients because I doing the right thing. Outside really a lot of insurance agents sell insurance is based of their commission need but not based of prospect need. Of course, I want to earn commission too but I always do based of clients need. Let my clients knows that they choose me as their insurance agent is a smart choices. Thanks for your sharing..

[@KCLauMoney]

Wow .. thanks for sharing. Your clients are very fortunate to have you.

[@chellelee2158]

@@KCLauMoney welcome and thanks.

[@jiannronggui4391]

Very nice content KC, I appreciated you share the knowledge and information about purchasing an insurance policy. As we know many of us, our first insurance bought by parents. I'm completely don't know what is the detail, the courage of the policy. I rely 100% on the insurance agent, whatever he sell to me, I just buy lol. Recently I go thru all the policy I found out there are few policy, it is worth for me or not suit for me. And the return of the investment is not high ever. So I meet another insurance agent to talk about it, which is my friend. I realized he are a better insurance agent compare to my agent. He is explain to me in detail what should I have, what should I not to purchase more. He draw a clearer picture to me. What is the advantage and disadvantage of all the policy and some of little suggestion to save some money in a year. I really felt he sell me WHY should I buy rather than just WHAT to buy. As an insurance agent, I think it is very important treat yourself as a financial/wealth planner to customize the plan for the customer. Because every single advise can save the customer money.

[@KCLauMoney]

Glad to hear your experience and the lessons along the way.

[@praqcash]

Good Video and Good Awareness KC. I am also an insurance agent and have no qualms on your questions. Agent commission is clearly stated in all official quotations as well. So there is nothing to hide. Different company different way of packaging their products; also how basic premium and how GSR premium works to reduce regular premium outlay. All customers still have option to buy their TERM policies up to 500,000 directly from all the major insurers online. No need agent advice, no need to worry about commission being paid to agent. Choices are there for all types of clients. Thank You KC.

[@KCLauMoney]

Thanks for sharing the most updated situation about the insurance industry. I couldn't agree more with your summary: CHOICES are there for all types of clients.

[@wongkh4511]

wonderful that we can truthful and transparent info. Will be watching more for greater info, thank you KC

[@yohanesliong4818]

Thank you for being transparent! It's very helpful for me as I will have a Zoom meeting with an insurance agent later in the afternoon.

[@KCLauMoney]

Wish you the best.

[@Leon-ms4fc]

As an investor myself, I believe in the saying"buy term, and invest the difference". Thus when I went shopping for insurance, I was looking for individual plans with total premium not exceeding 10% of my salary. Majority of the agents gave me ILP, and most either exceeded my budget or did not meet my targeted coverage. At the end my agent from GE gave me the plan I was searching for. So I happily sign up with him for medical insurance. As for term, I came across HLA online term which meets my requirements. PA and CI was bought years earlier by my parents and I felt those are cheaper with similar coverage compared to the ones in the market now. 😅

[@reaalkept276]

a properly structured IUL is buying term and investing the difference . most people will just piss away the difference they should be investing

[@nklai1123]

I get many sales call from HLA agents and they only promote savings plan. Almost all of them will explain the return is higher than fixed deposit. They are promoting it as investment. I encountered two very ridiculous agents. The first agent mentioned the return is 20% p.a., you don't want? Well, its for the first year but not every year. The second agent proposed I pay the six years premium in one lump sum. Clearly they are the bad apples in the industry. It is a sad situation that most agents especially rookies are putting their personal interest above clients. They are not selling what clients need. Anyway with the introduction of robo-advisor like Sunlife, FSMone etc, people will have more options. Your video is very beneficial for those who are planning to buy their initial insurance policy. When buying insurance policy, we must be rational and not blinded with personal relationship.

[@KCLauMoney]

They are in the business for making money, not providing protection planning for clients.

[@nklai1123]

@@KCLauMoney Making money by deceiving people is like cheating and very unethical. That's why proper financial education is very important. I have bought 'Funny Munnee' and 'Top Money Tips For Malaysians' for my kids and hopefully they will be good in making and managing their money.

[@KCLauMoney]

@@nklai1123 I am grateful to have your support. Your children are lucky to have a very wise and supportive parent.

[@alvinhlh]

Be careful about the promises. Ask them carefully how much is the returns in total over the investment period, in dollars and cents, including the cash value at end of tenure / surrender. And how that totals up against your total premiums paid. Not just HLA, but I came across another brand recently with very confusing terms... one of it being "cashback" (that actually came out from your premium). They sell you the impression that at the end of the investment period (20 years or 30 years of whatever), you get back your total premiums paid + the wonderful cashback + up to XX% investment returns. Turns out, the cashback came from your cash value, and the XX% returns are not your true returns. Listen carefully and ask, they will say "fund performance". Fund performance of 9% per annum does not mean they give you all 9%. From the 9%, you might only get 4-5% or less (which is always communicated to you in terms of dollar and cents so that you don't notice that they're not giving you the whole 9%). In my experience, after much clarification with the agent, he finally admitted that the cashback is taken out of the remaining cash value, and also, he himself did not realize that the investment returns was a lot less than the 9% fund performance. He was under the impression that the customer got the full 9%. This was only noticed when I made a simulation on the spot on MS Excel and showed him that the returns from his plan is no different from getting 3.5% per annum averagely from FD on the same amount of premiums. His last defense was to argue that banks can't give 3.5% on FD anymore. What also surprises me is that the agent himself was not aware of the misdirection. This goes to show that agents themselves are misguided by the companies into believing the unbelievable payouts. What I discovered: 1) If it's too good to be true, it is 2) Insurance companies may outperform the bank, but unlikely by THAAAAAAT much 3) The term "Fund performance" is a phantom number. No one knows how it WILL perform. And if it does, how do you know it really did perform at the claimed performance? Even if it did, why does it matter, the returns that you get are less, and you have no way of verifying any of it (the fund perform 10% bro, but you know lah we gotta pay our fund manager, building rental, admin costs, tea lady, agent commission, taxes, coffee supplies, fund manager's car benefits....etc) 4) The agents themselves do not fully know what it is they are selling. In 20 years time when you discover that you have been fooled by creative terms and jargon, good luck going after the agent. 5) Be vigilant. Do not go ahead and commit decades of premiums over an hour of promises. Work it out yourself. You are your only defense.

[@KCLauMoney]

@@alvinhlh That's why I don't go to McDonald to ask for a Char Kuey Teow. 😀👍

[@enghuahlean3688]

It is very true that good n knowledgeble insurance agent is very hard to come by.most r only interested in their comission n don't understand their products.many mislead their clients n make them give false info to the insurance co. so the policy can b approved.

[@KCLauMoney]

Yes you are right. In the business world, there are always the good and the bad. Some are just interested in the short-term profit. As Buffett said - "Take the high road; it's far less crowded."

[@conanteo78]

Both Interesting and informative! What a talented financial educator. 👏👏👏

[@KCLauMoney]

Thanks for checking it out :)

[@rethnamalar]

Very true, everyone should watch this!

[@AndysBeverageCompany]

Love this video I learned so much

[@itsDionie]

Enjoyed watching your video, I learned a lot in a short period of time.🎉

[@KCLauMoney]

Thanks for checking it out.

[@rizqdanniel824]

If i may, would you tell us what insurance do you have? What brand of insurance do you have?

[@kahwaiho8590]

Awesome KC. Good info indeed.

[@jasonnajarro7971]

Every helpful. I’ll let you know how it goes.

[@minma02262]

Since there is no more mountain hiking, now change into piano and singing. Still great content!

[@KCLauMoney]

you are right. Not much hiking now as it is too hot in summer.

[@raviedwardchandran]

Great KC.❤️❤️❤️

[@lizasilverio2192]

Hi Sir is that book can buy also thru online. Send me link Show me.thank you sir for that nice.👏👏👏👏

[@KCLauMoney]

Yes, you can get my book Money Smart online here, sold by my publisher: KCLau.com/MoneySmart

[@JWS367]

Today, possible that an agent proposes 20 pay or 10 or 5 pay feature just to maximize their commissions? red flag?

[@KCLauMoney]

Those kind of plans are most probably saving plans. Low protection, high premium.

[@guestleather9442]

thanksssss

[@sherab326]

You are irritating with your piano

[@KCLauMoney]

Sorry about that.