Wednesday, March 22, 2017

Today I Defeated an Insurance Agent. Can You?

"Excuse Sir, can you help me do a survey? Only 3 questions"

Sorry, I'm really urgent, I need to pee.

"Oh okay Sir, nevermind then..." *sad, dejected face*

When I came out of the toilet, he was still lingering around, so I went up and told him I'll do his 3 question survey.

"Ok, thanks! Are you working?"

Yes I am working now. Okay 1 question done. 2 questions left.

"No no Sir, that wasn't the survey question! Give chance can?"

Okay, can can. Faster, what's the first question?

"Which bank do you have an account with?"

*I peep over at his paper. The only choices were DBS, POSB, OCBC, UOB and others*

Erm... DBS, OCBC, SCB, Citibank, Maybank...

"Wa, so many? I just tick DBS and OCBC...."

Sure, whatever you want to do.

"Do you know what is your interest rate from your bank account?"

Yup, 1.85%.

"Oh, the OCBC 360 right? Well did you know if you save $300 every month blah blah blah.... you can get $1000 instead of $60?! Do you want to hear more about it?"

Oh really now. What kind of product is that?

"A savings product!"

You mean an endowment plan?

"Ah yes, an endowment plan"

No thanks. I don't need an endowment plan.

"Oh... Why is that?"

I do my own investments.

"What kind of investments do you do?'

Shares, ETFs, unit trusts, other stuff.

"Actually I also have unit trusts that pays out 7-8% annually, as cold hard cash. COLD HARD CASH! Not re-invested, so you can take that money and spend".

Erm. No thanks, it's okay, I don't need to pay someone to pick a unit trust for me. I buy my unit trust through POEMS with 0% fees.

"Erm okay, what about insurance? Do you have insurance?"

Yes, I have insurance.

"Okay, by who?" *He is wearing a Prudential shirt, by the way*

Aviva, AXA.

"Shall we review your insurance? Maybe we can get you some cheaper insurance."

Erm, I don't think so. I have the MHA group insurance.

"Oh... okay. What about health insurance?"

Yeah, I'm with AXA for my health insurance.

"Is your insurance for B wards? We can upgrade your insurance to a better ward."

It's for private hospitals.

"Oh... Can I ask why AXA and not the others?"

AXA has the Basic rider that covers for any deductibles and co-payments.

"Prudential has the same thing too!"

No, not really. Prudential's one has extra stuff like daily hospital cash and other things that I think are useless. Prudential's health insurance is about 10-20% more expensive than AXA.

*Insurance agent stunned with mouth open*

Anyway, I think that should be about it, right?

"Sorry, what kind of work do you do? Are you in Finance? Do you work in a bank?"

Haha, no I don't work in a bank. Anyway, I'll go now then.

"Okay... bye."

Endowment: FAILED
ILP: FAILED
General Insurance: FAILED
Shield Plan: FAILED

In all honesty, they are asking the right questions. It just so happened that I had all the right answers.

16 comments:

  1. If I were the agent, I would think "wasted my saliva" :)

    Anyway, I was walking pass a bank and a man asked if I would be keen on a pdt that pays 2%+ annually. I asked if this rate is guaranteed. He replied projected. I said ok and continued walking

    ReplyDelete
    Replies
    1. Hehe, must have a more positive outlook on life... it was a learning experience! If his pitch could draw me in, I really wouldn't mind to see what he has to offer, although I know it's usually a misrepresentation of the facts to boost up numbers, especially taking "projected" and always talk as if it is guaranteed!

      Delete
  2. Why you go traumatize people.

    ReplyDelete
  3. Hi gmgh,

    Haha, I used to that but I don't anymore.. Old already, and realised that people are doing a job so I'm not so pissed off by their persistent manners.

    I rmb an incident when they started selling me an endowment. So they asked me how much I'm saving per month as part of the questions. I told them 6k. They said no, they are asking about savings, not income. I said yup, 6k savings per month. They must have thought I'm trolling them and they said thanks and walked off. Lol

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  4. Hi GMGH,

    Hahaha, I think you are doing right, give the poor guy a lesson that his sales pitch does not work for everyone and he should do his homework well. At least you bothered to reply him :)

    ReplyDelete
  5. Lol...

    Interesting that he thinks that you work in a bank (I think he's making a random guess based on your financial knowledge).

    The truth is, bankers and those in the financial sector knows less about investing and financial literacy compared to some others. Don't believe me? Just look at the profile of the financial bloggers, especially those in Singapore. How many of them are actually bankers? It seems like the bulk are engineers or IT experts. haha

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  6. "Sorry, what kind of work do you do? Are you in Finance? Do you work in a bank?"

    You defeat insurance agents.

    ReplyDelete
  7. Haha good one GMGH!

    I spoke to a relationship manager recently and within 5 minutes he wanted to know where I worked too because in his words, "You're the most savvy client I've ever had" :D

    @kate you're right, I'm also a software engineer haha.

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  8. I forgot to add teachers as well. Lol

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  9. I just don't like that they are really not interested in the survey. They just wanted a chance to 'open' a customer. The whole conversation is premised on a lie. How sincere is that?

    ReplyDelete
  10. Can’t believe you have put it so well that even a newbie like me can understand it. Many many thanks.

    Currency Exchange

    ReplyDelete
  11. Hello Everyone,

    This is HKSH-Mavin Lending Co., a reputable company with the pledge fulfilled to give financial lending a new definition. Our goals has always been to bring efficient lending services to the door step of every genuine and eligible applicant, being an individual, companies or cooperate organizations from any part of the world that is in quest for a loan for person purpose, business start-ups, business expansion, etc.

    If you are in need of loan for legitimate purpose, do not hesitate to contact us via email: hksh.mavin.lendingco@gmail.com for more details and procedures.

    Thanks,
    Advert Dept.(HKSH-Mavin Lending Co.)

    ReplyDelete
  12. Hello Everyone,

    This is HKSH-Mavin Lending Co., a reputable company with the pledge fulfilled to give financial lending a new definition. Our goals has always been to bring efficient lending services to the door step of every genuine and eligible applicant, being an individual, companies or cooperate organizations from any part of the world that is in quest for a loan for person purpose, business start-ups, business expansion, etc.

    If you are in need of loan for legitimate purpose, do not hesitate to contact us via email: hksh.mavin.lendingco@gmail.com for more details and procedures.

    Thanks,
    Advert Dept.(HKSH-Mavin Lending Co.)

    ReplyDelete
  13. Hi gmgh,

    What UT do you buy at POEMS? what do you think of buying from about fundsupermart instead?

    Same anon who commented on your GMGH Insurance Review 2016 post :) thank you

    ReplyDelete

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