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Asked on 27 Feb 2020

Insurance agency "culture of fear"?

Https://www.businesstimes.com.sg/companies-markets/peter-tan-ran-agency-like-a-cult-prudential-witness

if agents cannot be of their own mind, what make you think they will have your best interests?

insurance agents cannot be trusted. remember, no one will care for your own well being more.

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Well I guess there's always black sheeps in the industry, but I believe one should be able to tell the sincere ones from the black sheeps, so always dyodd when choosing your agent.

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šŸ‘ 1

The conflict comes when the advisor NEEDS the business.

IF the business is just a want, and not a need, there is noting to be thinking about (conflict of interest, putting their interest over theirs) generally for most people.

Of course, we still have unethical rich people. So, even if they are rich, it doesn't change their behaviour to not be black sheeps.

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Davin
Davin
Level 7. Grand Master
Answered 4w ago

Work with the agents that you feel comfortable with although most of them are commission based. I still believe there are good agents out there but you really need to do some judgement when u talk to them.

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N
Ninja
Level 6. Master
Answered on 27 Feb 2020

Well said! Black sheeps are just one part of the deflection. Another myth is that they served half with best interest and half with pure commissions target. Nothing wrong with that because they need to eat to survive

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MT2020
MT2020
Level 7. Grand Master
Answered on 27 Feb 2020

There will be black sheeps in every industry. It is up to you to trust your own judgement and do not associate yourself with them.

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šŸ‘ 0

We are not in a perfect world and thus these kind of things do happen. It's also the same case in regards to the general perception of insurance agents, as many have been burnt before.

But there are good people around, so do have a little faith, they are trying out there to salvage the damage that has been done

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Rais M
Rais M
Level 7. Grand Master
Answered on 27 Feb 2020

There are always black sheeps in the market. Not all insurance agents are that bad.

I had a bad insurance agent once that do not have my best interest. It is indeed a bad experience cause what she focus on is what she can sell to earn commission and not what I need. Can you imagine the agent insist on only selling savings plans of $300 per month and when I ask about accident and hospitalisation plans, I was simply ignored.

Fortunately, one of my friend sell insurance and he happens to be someone I could trust. Now he manages all my family members policy and I know should anything happens to any of us, he is there to assist us too.

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Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 27 Feb 2020

Agree that there's a conflict of interest because they are making a living afterall, but I think there are still good agents out there who are ethical and trustworthy.

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šŸ‘ 0