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I will LOVE to talk more on T Harv Eker’s seminar.

However, I feel this strong urge to answer the query in the comments section of my previous post.

“Mr Tan Kin Lian, ex-CEO of NTUC Income for past 30 years, thinks consumers should avoid a product like Revosave.

He suggests that consumer is better off buying term for insurance and investing in a widely diversified, low cost fund for investment.

What do you think?”

I will dissect this question into 2 components.

1) “Mr Tan Kin Lian, ex-CEO of NTUC Income for past 30 years, thinks consumers should avoid a product like Revosave.”

Every client has different objectives, different needs and different wants.

It is the absolute duty of the advisor to recommend appropriate financial instruments for the client.

Revosave is a hybrid financial product encompassing on protection, savings, investment and even the way you spend your money.

Revosave may be suitable for the client, or may not.

It alls depend on the client’s profile.

I quote from his blog…

“We have to recognise the following facts:

* Some people like this type of plan, that offers several features put together. This is why the other insurer was able to sell the product very successfully. Their customers appear to be willing to accept a lower return.
* The product from NTUC Income probably offer a better return compared to the competitor’s product

Lesson:
1. If the customer likes this type of product feature, let them buy it from NTUC Income (instead of the other insurer).
2. If the customer wants a better return, they can buy an plain endowment or ILP.”

2. He suggests that consumer is better off buying term for insurance and investing in a widely diversified, low cost fund for investment. What do you think?”

I will suggest a combination of both whole life policy and term insurance.

Insurance is not something that you can compromise.

It is something important, and act as a contingency when in need.

Lots of people who advocate the idea of having term insurance, lapse it when they are out of job or when recession occurs.

What if, at that very point of time, tragedy were to struck, and your term insurance have lapsed, how would you survived that?

If you have at least whole life insurance, there will be cash value for you to sustain the policy.

You will still be covered for Death, Permanent Disability or 30 critical illnesses.

You add in a term insurance to enhance your coverage.

That will do good.

Hope that answers your query

My other related posts that may interest you:

• Queries On Revosave Savings Program
• NTUC Income Revosave Savings Program
• NTUC Income Ideal Plan: Just Some Questions And Answers