Is anyone else super annoyed by the way companies are bundling insurance together with their product/service? ? - Seedly
 

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Asked by Anonymous

Asked on 27 Mar 2019

Is anyone else super annoyed by the way companies are bundling insurance together with their product/service? ?

After you sign on the dotted line it's too late to back out. E.g. Borneo Motors bundles AXA insurance for their new cars. If you say, but I don't want to insure with AXA as the cost is too high, they will tell you...in that case, you need to pay back $1k to get out of this arrangement. Same with the DBS housing loan. After the paperwork is done, you get a letter saying...oh by the way, you need to pay for Chubb insurance every month. How is this legal? Doesn't this mean consumers have no rights?

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Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 7. Grand Master
Answered on 08 Apr 2019

If you didn't like it, don't sign the paperwork.

Even insurance companies offer standalones. Don't judge them all by one example. That's why there are so many in the first place.

No offense, but you don't know enough about the industry to assume that comment is true. In any case, that's why I have a job.

But that also means you have to pay a distribution cost to a Financial Advisor. So you kind of have to decide - are you going to do the work or is someone going to have to do it for you?

Personally I'd pay, because my time is money.

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