Insurance policies are tools used for wealth protection purposes.
They pay medical bills and offer financial support to us and our family members in times of need so that the bulk of our personal wealth can remain in our piggy banks. But for decades, the general population in Malaysia do not buy into this idea. There were people who perceived insurance as taboo, fraud, or a product bought for the benefit of others except for ourselves. Financial literacy was low and selling wasn’t easy for insurance agents back then.
So, what was the solution?
One of them is to pitch the product according to the client’s interest: “investing to build wealth”. It is more lucrative and efficient to sell insurance policies as “wealth accumulation products” than a tool for wealth protection. As a result, it is common for clients to buy policies that are quite low in sum assured but absurdly high in premiums!
Lately, I received an email from one who is in such a case.
Thus, I’ll share how misconceptions on what insurance is can keep us poor and the solutions that we can undertake to position ourselves for greater financial security and wealth. I’ll discuss:
– How ILP works and how premiums are being allocated?
– Consumer Tips & Best Practices for Your ILPs.
– The Smarter Way to Invest and Plan for Retirement
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