facebookI am looking to buy a WL, Term and CI insurance for myself and a WL and Hospitalization insurance for my son. What would be reasonable to ask from the agent, given the decent commission he will make? - Seedly
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Anonymous

Posted on 12 Aug 2020

I am looking to buy a WL, Term and CI insurance for myself and a WL and Hospitalization insurance for my son. What would be reasonable to ask from the agent, given the decent commission he will make?

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2 answers

Discussion (2)

Hey there!

What you are asking, I presume is the kind of coverage that will be sufficient? If thats the case, do aim for these as a general rule of thumb:

  • Death Benefit: 10x of your annual income for WL, Term plan should cover your liabilities and/or what you want to leave behind in the unfortunate event of your passing

  • CI coverage: 5x of your annual income. This is to cover for your essential working years in the event you're unable to work due to a CI occurrence, the CI payout can help you tide through and pay for medication, treatment etc.

Hospitalization plans work similarly across the board: They cover for admission and surgical costs. Your plan should come with a rider to cover for deductibles (ward-associated costs) and co-insurance (10% of bill less deductibles). The good thing is that hospital plans are payable by Medisave while the rider is usually payable by cash.

Another note regarding an agent's commission: You are not just paying for a product. You are essentially paying for, potentially, a lifelong financial advisory that transcends beyond insurance products. I have personally given advice on investment-related and personal finance tips because we are here to add value, sometimes beyond the financial aspect.

Financial planning is an integral part of life. You can reach me here to find out more.

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Ask what? For his money?

Have you ever asked your doctor for some of his doctor fees after he does his surgery?

Pay for the advice they're giving you, come on.

If your advisor wants to give you as some form of token of appreciation sure. If you're flat out asking for it, then just go buy directly from the insurer please.

Instead support his business by recommending friends and family and ask for referral fees instead. At least your advisor builds his business at the same time. Win-Win.

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