Insurance premium higher than her pay

An endowment insurance plan bought two years ago by Madam Corinne Han has proved a costly mistake.

The Prudential policy, which Madam Han, 57, bought at United Overseas Bank (UOB), requires her to pay yearly premiums higher than her annual pay.


http://www.straitstimes.com/business/insurance-premium-higher-than-her-pay

That is why never buy insurance from banks. The salesperson are interested in commission only.

at least shes gonna retire rich.

Back in 2013, when she visited UOB, she had $350,000 on hand due to a divorce settlement.

But after accounting for legal fees and loan payments, she would be left with about $100,000, insufficient to pay for the total premiums of $200,000.

looks like she got suckered more by her lawyers and bankers.

advice to daft and stupid sinkies ladies,if u over 50 years old and have alot of money dont tell anybody,theres tons of yang yins out there waiting to be your godson.

Who is the financial consultant/planner who sold her the plan?

MAS must act

certainly over selling and mis-advising

I thought nowadays insurance agents need to fill up many forms
whenever they close a policy