| NTUC Income Change in Bonus Structure |
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| Written by Wilfred Ling | ||||||
| Thursday, 05 June 2008 | ||||||
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As some of you might have heard - either through friends, media or through Income directly - about Income change in its bonus structure to its existing participating policies incepted prior to 1993. I have been getting feedback from existing policyholders with regard to the unhappiness to this change. (All of these unhappy policyholders are not my client actually.) From my understanding, most of these unhappiness has to do with the misunderstanding with regard to the rights and obligations of the insurer. Before anyone makes any irrational decision, please consult a financial adviser before doing so. Insurance policies cannot be surrender like selling away an investment - due to insurability risk. This is to say that upon terminating a policy, a person may no longer be able to buy another one. I have seen too many cases of clients begging - literally - to be insured but they cannot because of health reasons. None of the policies I sold are affected by change in Income's bonus structure. However, if you or you know of anyone who is affected and feels unhappy about it, feel free to ask him or her to see me for an unbiased consultation.
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