Dear Mr. Tan,
My daughter who has recently started work, was approached by an insurance agent from X at MacDonalds. The agent gave a long sales talk to my daughter. She was not clear about what the product was, and was coerced into buying the policy.
I told her to cancel the policy, as a large part of her hard earned money will be used to pay commission to the agent. I advised her to read your blog and understand insurance and investments better, before she make this type of financial decision.
Many young people have been approached in this manner. In many cases, the agent who sells them the policy was their friend or classmate.
It is true that they will waste their hard earned money buying the wrong, expensive product that gives a poor return.
It is better for them to buy Term insurance or personal accident insurance first. They can accumulate their savings in the bank account and decide later on how to invest it.
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