23 Sep '11, 7am

How financial advisors can trick you into signing thousands of dollars away

A consumer came to see me about her investment. She wanted to invest her salary for retirement. A financial adviser sold her an investment plan. Later, she learned that it was a life insurance policy. She did not realise that the benefit illustration contained a number called "distribution cost". This was defined to be the expenses of the insurance company. As the monthly savings is large, the distribution cost amount to $40,000. This was not explained to her by the financial adviser as the amount that is taken from her savings to pay commission and expenses of the company. When she realised it after contributing for 18 months, it was too late for her to stop the policy. The total amount is lost. It was a big shock to her - to lose so much of her savings! It represents her hard earned saving for 18 months! Many people bought a life insurance policy without knowing what the...

Full article: http://tankinlian.blogspot.com/2011/09/distribution-cost....

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