Anonymous

26 Jul 2019

∙

My insurance agent (who was my friend) quit. What should I do?

My friend who was an insurance agent made me buy some policy from him. I did so out of friendship. Now, he has announced that he is shifting to another industry and is handing over my portfolio to someone else that I don't know of.

Now, I don't really trust this friend anymore. Feel a bit cheated, like MLM peer pressure. Should i just cancel this savings plan? I have other plans with other agents at the moment.

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Alan Kor

26 Jul 2019

Do you understand how your plans works? What are your insurance products about?

Do go and understand if you have no clue.

Insurance agents have no obligations to service you. Their sole purpose is to sell consumers insurance products and pocket the commissions.

Also, do not ever mix insurance with investment as these products are very expensive and comes with mediocre coverage and neligible returns.

Do your own due diligence as it is your hard earned money.

Cheers!

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Eric Chia

26 Jul 2019

Senior Financial Consultant at Prudential

Just like to ask prior to buying from your friend, have you known or been in contact with other friends or agents? There are good ones out there you just need to find someone you can trust to seek advice.

Do you surrender the savings plan? It depends. Be educated on the pros and cons before making the decision!

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Clarence Chua

26 Jul 2019

Financial Planning Specialist at Prudential Assurance Singapore

I am sorry to see that you felt that way when purchasing the plan.

Do not surrender the plan for t...

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