Insurance premium higher than her pay

[dancingshoes]

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

 

[biondi]

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

 

[frenchbriefs]

at least shes gonna retire rich.

 

[frenchbriefs]

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.

 

[zookeeper]

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

 

[rambo22]

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