I am a fresh grad starting work soon. Should I buy insurance through agents from GE, AIA or Prudential? How do I know which is the most suitable? - Seedly
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KK

Asked 3w ago

I am a fresh grad starting work soon. Should I buy insurance through agents from GE, AIA or Prudential? How do I know which is the most suitable?

Should I ask through financial advisors? How do I know which insurance company have the best plan suited for me?

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Hi KK,

The most important thing as Hariz has already mentioned is that you need to find someone you are comfortable with and you can work with. You will be sharing a lot of confidential information so that the advisor can plan properly for you. You might even share information that you do not want anyone else to know, not even your spouse (which I have seen happen)

Insurance products are very competitively priced, and while there were some type of plans that had quite a big gap in pricing between different companies in the past, that gap has now come down considerably.

Take it from me, bad advice can kill your finances. I've been on the receiving end of that many years ago (and from an IFA too) before I joined this industry. The competency of the person matters more than than the types of products he can distribute. Don't be afraid to ask questions till you get the answers you need. Any competent advisor must be able to answer your questions and justify his advice.

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Hi KK, coming from an Independent Financial Advisor Rep, I can say that almost all insurers are the same. It's a very competitive industry and products don't differ by much.

Instead, it would be wiser to work with someone who you trust and is knowledgeable. Great advice is more important than the best products.

The advantage IFAs have is that we can pick and choose from different insurers to give a more optimised solution, which can hopefully save you or make you more money, but if you receive bad advice, the best products would still not fit your goals.

So look for trusted advisers with trusted advice. And even if they can only distribute from one single insurer, it wouldn't matter that much. It's only a bonus if they can distribute multiple insurers.

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Boon Peng
Boon Peng
Level 6. Master
Answered 3d ago

Given that insurance industry is a very competitive market, the pricing of all financial products wouldnt differ much. Even if the price does differ, you could perhaps get additional benefits which other insurer are not able to offer.

For me personally, I chose to buy insurance from my friend even though it is slightly pricier than if I were to buy a life plan online. The idea is to have someone who really understands your financial situation in and out. Most important, you can trust the person because insurance is a long term commitment, and the person is advising you how your money should be managed.

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Ang Pei San
Ang Pei San
Level 3. Wonderkid
Answered 2w ago

Congrats on your graduation and stepping into a new phase.

Glad that you are looking into planning now.

Yes, do look for someone that you are comfortable with and if you need help, I'm sure any of us will be glad to help you.

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FM
Francesca M. Soh
Level 4. Prodigy
Answered 2w ago

Kk i understand where you’re coming from. However, as mentioned, the products in the market now are rather similar. If something unexpectedly should happen, they all protect you financially. Simple as that. The biggest difference is choosing the advisor you want to work with - it can be someone you’ve known forever, trust, respect etc. And from there whoever you’ve chosen, they will definitely help you along the way.

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I strongly agree with Hariz. There are benefits to be in an IFA set up - they have a larger suite of financial tools apart from the traditional insurance range. But if you are simply looking just for insurance-related advisory, any competent consultant will be able to structure it for you. What is important is that you need to be comfortable with the person you are working with as the relationship will go on for a long time.

I answer most fundamental questions on personal finance and insurance-related questions through the use of my calculators here:

https://www.aaronleow.com/calculators

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