Recently I met a client who has a family of total 5 persons. The client paid $45,000 every year for insurance because the agent convinced them that they are well covered with such policies. The bulk of these policies were bought 10 years already. The sad part is that they family is poorly covered and underinsured. Many of such policies were considered "junk". Huge amount goes into ILP and endowment. No comprehensive H&S and no disability income. No life time cover for critical illness too. Even death coverage will expiry eventually due to the escalating cost of insurance in an ILP. By my estimate, if the family had met an ethical and competent adviser, perhaps the premium saved would probably be more then $200,000 in cumulative amount. In Singapore, it is possible to buy a decent HDB flat with just $200,000. I feel so disguisted by the way certain agent deceive their clients.

Literally speaking, the agent practically cream off a huge part of their wealth. It is a no wonder that many people don't have enough saving for retirement, so much goes into useless insurance.