Recently I had a feeling something was wrong with my insurance policies. The agent I was using is actually my friend. When she left the original insurance company I was under, she moved my policies over to her new company. Since then she had been rather pushy when she wanted to hard sell, but left me alone when there was nothing to be done.
Last year I got to know a guy who later joined that company. I find him rather good to speak to and he comes across as sincere and genuine, none of that hard selling and pushiness. Plus he really goes out of the way to help. Hence I transferred all my policies over to him, and asked him to check out and give his professional advise.
Last night he told me that something was indeed wrong with my investment policies. Due to the financial crisis last year, my investment policies have lost quite a bit. That is very bad news indeed! After my loss last year, I thought things are at least getting better, but now even my CPF funds have made quite a loss!
He said because I put all my eggs in one basket, as advised by my other agent. Hence, he has to transfer all the funds out and put them into different funds so the risk is lower and returns higher. But it will take another few years to break even at least, let alone generate returns!
I gave him carte blanche to do as he pleases as I have been under him for a year and he has proven to be pretty well-versed in his industrial knowledge, much better than the other agents I have come across. The few friends I recommend him to all sing praises of him too!
What really pisses me is that my other agent did not bother telling me I have made a loss! Even as a friend, she did not deem to let me know. If I did not have the gut feeling to check out the policies, I would never have found out! She was so pushy last year when she wanted to introduce a new product, and kept pressurizing me to set up an appointment with my mum and her together until I really lost my cool, but when it comes to things like this, she did not even tell me?!
Now I can only keep my fingers crossed that everything will start to be well again and I will not make too big a loss this time! I depend on those to buy my own place and retirement next time, so they have to grow and not lose! A lesson learnt : never ever put all my eggs in one basket!
Last year I got to know a guy who later joined that company. I find him rather good to speak to and he comes across as sincere and genuine, none of that hard selling and pushiness. Plus he really goes out of the way to help. Hence I transferred all my policies over to him, and asked him to check out and give his professional advise.
Last night he told me that something was indeed wrong with my investment policies. Due to the financial crisis last year, my investment policies have lost quite a bit. That is very bad news indeed! After my loss last year, I thought things are at least getting better, but now even my CPF funds have made quite a loss!
He said because I put all my eggs in one basket, as advised by my other agent. Hence, he has to transfer all the funds out and put them into different funds so the risk is lower and returns higher. But it will take another few years to break even at least, let alone generate returns!
I gave him carte blanche to do as he pleases as I have been under him for a year and he has proven to be pretty well-versed in his industrial knowledge, much better than the other agents I have come across. The few friends I recommend him to all sing praises of him too!
What really pisses me is that my other agent did not bother telling me I have made a loss! Even as a friend, she did not deem to let me know. If I did not have the gut feeling to check out the policies, I would never have found out! She was so pushy last year when she wanted to introduce a new product, and kept pressurizing me to set up an appointment with my mum and her together until I really lost my cool, but when it comes to things like this, she did not even tell me?!
Now I can only keep my fingers crossed that everything will start to be well again and I will not make too big a loss this time! I depend on those to buy my own place and retirement next time, so they have to grow and not lose! A lesson learnt : never ever put all my eggs in one basket!
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