Recently my daughter bought an insurance from her friend. She shown me her policy (see photo).
I was impressed by the policy. It was a very professionally done. The policy covered the following areas:
- Financial Goals Analysis
- Your current Financial health
- Risk management
- wealth accumulation
- asset allocation.
I remember many years ago when I bought some policies. I just completed a form. The policy was just a few sheets a paper. I should say the insurance company has improved a lot on the presentation of the policy.
2 comments:
MAS requires fact-finding and financial needs analysis to be done, as many people had complained that in the past, they did not know what their agents sold them, or worse, their agents sold them policies that did not meet their needs, or went against their investment objectives.
But, some clients do not want to give full disclosure as their assets & liabilities, etc.
In the end, how well the financial needs anaylsis and recommendation is done, will depend on the amount and accuracy of info that the client gives, and the skills of the agents in analysing and recommending suitable plans to meet their client's financial needs.
As situations and circumstances change over time, the client's financial needs and policies also need to be reviewed regularly to ensure that their financial plans are progressing as planned.
I agree. Basically the policy must meet the clients needs otherwise it defeats the purpose of buying one. Secondly, buying a policy must be affordable to the client to be meaningful.
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